Look who wants stay back at home!
Banking and financial sector professionals, who have spent possibly a decade looking for lucrative overseas jobs and postings, are increasingly shying away from foreign assignments in the wake of the financial meltdown in Western economies.
They fear the incipient recovery in the world economy may be fragile and bumpy and prefer to stay put in home jobs with lower perks and salaries, shunning the glitzy world of high finance.
“Not only are the professionals reluctant to go outside India, there is an increasing exodus of professionals from developed markets into the country and other emerging markets,” Manisha Deva, client partner at global staffing and consulting firm Korn Ferry India, told Hindustan Times.
Angelo Pinto, head, human resources at French multinational bank BNP Paribas said the recovery in the Indian markets has been much faster than the global markets.
“There is a sense of comfort among professionals here especially as the economic recovery has been faster than expected,” he said.
A senior foreign bank executive, who did not wish to be identified, said that several of his colleagues were opting for “stability and safety” rather than take up an assignment in a foreign location fraught with risks.
“Risks are better addressed here with several fallback options and there is a sense of comfort among seasoned executives to work in a dynamic and emerging market,” Deva said.
Within foreign postings, the Arab nations have emerged as safer job havens over conventional financial hotspots such as New York and London.
“Unlike a few years ago, students are reluctant to go outside India for jobs as there is a huge level of uncertainty in the developed markets especially the US and UK,” Bhimaraya A. Metri, dean (graduate programmes) at the Management Development Institute said.