The majority of executives around the world say they are willing to relocate internationally for job opportunities in today’s tumultuous economy.
According to Korn/Ferry’s latest “executive quiz,” 85% expect more job losses in the global labor market in 2009, and 78% expect unemployment to rise in Q4 2008. Given the perceived volatility in the labor market, executives report an extreme willingness to chase job opportunities around the world; 84% say they are willing to consider relocating, with 55% willing to move internationally for their next position.
“This is a very dynamic time in the global labor market, and while the overall demand for talent will certainly rise over time, job creation may be in different locations than today’s talent pools are clustered,†said Sergio Averbach, President of Korn/Ferry International, South America.
“In countries such as Brazil, Russia, India, and China, the world’s fastest growing economies, it’s not uncommon to see unemployment temporarily increase as labor supply and demand find a new equilibrium in such geographies and different industries,†said Averbach.
The results showed a contradiction when respondents were asked about their own company’s hiring plans. Nearly half – 47% – said their companies were hiring even in the current economic environment. Another 27% said their companies were in a hiring freeze. Only 26% stated that their company was currently downsizing.