The majority of executives around the world indicated that they are willing to relocate internationally for job opportunities in today’s tumultuous economy, according to Korn/Ferry’s latest Executive Quiz. The Executive Quiz released by The Korn/Ferry Institute focused on perceptions about the labor market. The online survey was conducted in September and October, just as volatility in the financial markets elevated concerns surrounding unemployment around the world.
According to the survey findings, 85 percent of respondents said that they expect more job losses in the global labor market in 2009, and 78 percent expected 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; a surprising 84 percent of executives say they are willing to consider relocating, with 55 percent 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,â€ 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.”
The results showed a contradiction when respondents were asked about their own company’s hiring plans. Nearly half “ 47 percent“ said their companies were hiring even in the current economic environment. Another 27 percent said their companies were in a hiring freeze. Only 26 percent stated that their company was currently downsizing.