asia snaps talent in the downturn - singapore … snaps talent in the downturn asians who flocked to...

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LY SMU Publication: The Straits Times, pp D2-D3 Date: 25 April 2009 Headline: Asia snaps up talent in the downturn Asia snaps talent in the downturn Asians who flocked to the West to study and work are returning to their own regions in growing numbers to find ,, mm wm better jobs and better lifestyle than what the West can offer M R VEDANTA Kumar, 22, could not find a job in the recession-hit United States after graduating from the Wharton School of the Uni- versity of Pennsylvania last year. Like many starry-eyed foreign stu- dents, he had hoped to gain international exposureby working at a leading multina- tional or bank in the country. But his final months of study, during which he vigorously searched for jobs, co- incided with the dramatic meltdown in the financial sector. Realisine his o~tions in the US would be limited, Ke turned his attention to his homeland of India. Initially reluctant to go home, given memories of difficult living conditions and potholed roads, he set his reserva- tions aside after he won a plum position at a leading MNC in Mumbai. "The compensation offered was com- parable with what I would have earned in the US, taking standards of living into ac- count," he told The Straits Times. His decision was vindicated within weeks of takmg the job in December. Even as the global downturn worsened, India's banking and financial service sec- tor weathered the storm. Mr Kumar was also thrilled with the change in the nation's once-blinkered cor- porate environment. People there were now more receptive to "returnees" like him who have spent time abroad. "My goal," he said, "is to buy a Ferrari within 10 years and I am sure I can do it." L i e Mr Kumar, thousands of Asian professionals have been flocking home to their countries of origin for work, with Western economies among the hardest hit by the global downturn. Western na- tionals areilso looking to Asia. This is dramatically accelerating the "brain gain" in this part of the world, a process that began a few years ago. "We are witnessing a strong interest in employment here by foreign profession- als from the US, Europe and Australia, some of whom have been made redun- dant in their home countries," said Mr David Jones, managing director of Robert Half International (Asia Pacific), a special- ised financial recruitment firm. "Through our website alone, we are seeing a rise of as much as 300 per cent in the number of CVs from the US, Europe and Australia in the past six months." According to Mr Roger Olofsson, asso- ciate director of Robert Walters Singa- pore, a recruitment specialist, the spike in job seekers from overseas has in- creased in recent months. "Earlier, most of the applicants from overseas were in the financial service sec- tor, but now we are seeing many more ap- plications in the skilled type of job func- tions such as fast-moving consumer goods, petroleum and pharmaceuticals," he said. What is giving these new applicants hope is that China and India are faring way better than other major economies, and appear to have the potential to pull along some regional economies as well. Beijing, which is implementing a four trillion yuan (S$880 billion) stimulus pro- gramme, is expected to post economic growth of between 5 and 8 per cent this year, while India is confident of turning in 7 per cent aowth. Open economies such as Singapore and Hong Kong are suffering more in the global downturn, but job seekers from ad- vanced economies such as the US and Britain are still trying their luck. Some of these job applicants are over- qualified but willing to settle for less pay, setting the stage for a job market shake-out, experts say. Hewitt Sinca~ore's country leader Tu- lia Smith saidthe resumes the manage- ment consulting fi is receiving now are from people whb have a lot of experience, sometimes in different markets: "But while there is opportunity for overquali- fied people, we are asking companies to assess if they are the right cultural fit." Comparing the matching process to high school romance, she said: "It's like the really cute guy wants to go out with yon when nobody else wants to go out with you. But then, as soon as the pretty girl is interested in him, he is not interest- ed in you. "So what we are teiling companies to do is make some really smart hiring deci- sions." SEEKING LUCRE AND LIFESTYLE Earlier this year, when 27 financial institu- tions from Shanghai went on an overseas headhunting trip to London, Chicago and New York, they were greeted with an overwhelmingresponse. Nearly 2,200 applicants, about 12 per cent of whom were expatriates in those countries, sent in resumes. "We were looking to hire only 27 peo- ple to fill our mid- or high-level positions but received 540 applications," said Mr Yang Qingzhong, human resource general manager of China's largest brokerage, Haitong Securities. "It's far beyond our expectations," he told China Daily. And their salary expecta- tions are not as high, he added. Other companies had similar experienc- es. Finally, 840 applicants found jobs. Besides regional giants China and In- dia, other Asian economies are attracting returnees and expat job seekers as well, and job inquiries are also coming from the Middle East, experts say. A flow in the other direction - the brain drain - emerged as a serious prob- lem in Asia in the late 1950s and 1960% as Asians from less developed economies left for universities abroad to improve their job prospects. Many stayed on, at- tracted by the cleaner and safer living con- ditions, though they maintained links with home. Now, as many return along with their BY SHEFAL~ REKHI FOREIGN EDLTOR children, they realise much has changed at home - glitzy shopping malls, far few- er power blackouts, swanky condomini- ums and luxury cars. The allwing plush lifestyle comes complete with maids, chauffeurs, security guards, golf on week- days and holidays at exotic locations. "Working overseas helped open my eyes to see and experience a different world, both socially-and professionally," said Mr Timothy Ho, 30, a manager who returned to Singapore earlier this year af- ter three years in the US. "At the same time, living there helped me to a~~reciate all the eood tbiincs in Raymond Toh, 34 Previous Job: Senior technology analyst, Goldman Sachs, London Cmnt Job. Vice-president, IT infrastructure, Credit Suisse, Singapore The Change: Nearly 14 Mr Toh left to study Mechanical Engineering in Manchester. He planned to return after that but a scholarship and job offer came before he completed his PhD at Imperial College in London. His work at Goldman Sachs, in an IT project management role, was enriching but the desire to return tosingapore kept growing. e months of \\ searching, a suitable opening emerged in Singapore and Mr Toh took it UD in Tulv last vear. ~in~a~o;ewhich I started miss t hho- ment I touched down in Houston. "Aside from family and friends in Sin- gapore, it was the simple things which we normally take for granted, such as the wide variety of food and the convenience of hawker centres and coffee shops, that 1 missed the most." Liewise, another Wharton graduate Pankaj Diinodia, 25, needed little nudging from his family to return to New Delhi. And when he decided to set up an on- line network late last year to help others interested in returning, he was surprised at the overwhelming response. In the past few months, his company has al- ready placed nearly 450 expats of Indian origin in senior positions in the country, through a network of about 60 In- dia-based mentors and industry captains. "Indians are giving India a serious look," he told The Straits Times. There is also the reality of limited visa He is happy he made the options to stay and work in the United change, though financial markets in States, with Washington tightening regu- Singapore have yet to develop to lations after the Sept 11, 2001 attacks. the level of Britain. But the majority of those leaving the "When it comes to S are doing so out of necessity. the standard of living, Most are under 40 and are returning there is no because of better job prospects in their comparison." he said. home countries, according to a recent "It is a lot better study of 1,200 Indian and Chinese re- and affordable living tumees led by Mr Vivek Wadhwa, a sen- here. Besides, I was ior research associate at the Labour and looking for a challenge Programme at Harvard Law closer to home, to be a to maximise my on Valley won't be potential in a US," he said. "It cross-cultural environment. This works for me." With a doctorate from Lon- ST PHOTO. don's Imperial College and CHEW SENG 6'/2 years of work experi- KIM ence in Britain, MI Raymond Toh, 34, flew in to Singa- 1 pore last year as the new- A ly-appointed vse- president for IT Infrastruc- m e at Credit Suisse here. While it did take him a r while to get something he liked, he believes there will be opportunities for return- ees or expats with expertise in growing markets such as Singapore and Hong Kong. Many expats occupy senior manage- ment positions in the banking and finan- cial service sector here, he said, reflecting the shortaee of homecrown exoertise. Keen tocontribut6 he has been help- ing and mentoring other Singaporeans in - - Britain to return as well. Experts say the brain gain is not just because of individual choices, but be- cause of decisions made by nations, with some having embarked on brain gain ef- forts decades ago. According to Professor Jean-Piene Lehman, who teaches International Politi- cal Economy at Switzerland's IMD busi- ness school, Taiwan's late leader Chiang Kai-shek recognised the importance of building its economy to strengthen the is- land. As p a t of this process, and thanks t o generous US aid, Taiwan sent its best students to US universities. But only two out of 10 returned due to the island's bleak social, intellectual and political environment. Then Taiwan did several things: It es- tablished science parks and provided a eood environment for R&D: it created OD- iortunities for entrepreneurs through &- redation: and it ushered in democracv. -B~ the 'l990s, thanks to its returnihg brains, Taiwan became a h i - t e c h pow- erhouse, Prof Lehman wrote in a commen- tary piece for Project Syndicate, an inter- national newsDaDer svndicate. Likewise, ~ i u i h ~&ea's former author- itarian president Park Chung Hee, who is still revered in the country by many for re- building South Korea's economy from the ruins of the 1950-53 Korean War, led the brain gain initiative for his country. Besides setting up institutes and initiat- ing administrative reforms, he empow- ered returnees by assuring them of re- search autonomy. But although he laid the framework, thousands began to return only after the dictatorial regime of his successor Choong Doo Hwan ended in 1988. Singapore's brain gain initiative, led by Minister Mentor Lee Kuan Yew, has en- couraged many scientists and researchers to make the Republic their home. Among them are Dr Alan Colman of cloned sheep Dolly fame, who is execu- tive director of the Singapore Stem Cell Consortium, part of the Agency for Sci- ence, Technology and Research's (Asstar) Institute of Medical Biology: Professor Daniel Tenen of Harvard Medical School, who heads the National University of Sin- gapore's cancer facility; and geologist Ker- ry Sieh of the California Institute of Tech- nology, who heads Nanyang Technologi- cal University's earthquake centre. "Foreign talent is the yeast for M h e r sustainable development of Asian econo- mies towards becoming fully developed knowledge-based societies," explains Pro- fessor Thomas Menkhoff, who teaches Or- ganisationalBehaviour at Singapore Man- agement University. "Like in the early 1980%when Singa- pore invited countries such as France, the UK or Germany to set up technical train- ing institutes with a focus on precision en- gineering and other high-tech skills, the development of new, value-creating in- dustries such as the biomedical sciences or digital media is difficult to realise if you do not leverage on brains overseas." In the global competition for talent, Mr Gerard Chai, managing director (Sin- gapore and Indonesia) at top recruiter Korn/Feny International, said Singapore, Hong Kong and Shanghai are in the fist tier of job markets in terms of preferred location for executives. Beijhlg, Mumbai, Seoul and Tokyo comenext, he added. Other cities are also getting in on the act, among them Kuala Lumpur, Hanoi and Manila. As the new talents are absorbed in the years ahead, policymakers and city plan- ners expect them to lift standards of excel- lence and deepen the connections be- tween the East and West. In the meantime, the influx means a shakeup. Confident, demanding, cosmo- politan and fired by a desire t o make their mark, these new entrants are expected to pass on their sense of restlessness. But the issues of whether they will be here for the long term and if they will be accepted remain. There are already in- stances of hundreds who came and left. Mr Kumar, too, is keeping his options open. "Sometime in the future, I want to be an entrepreneur. And I'll go wherever there is potential for my passion to thrive," he said. - Source: The Straits Times O Singapore Press Holdings Limited. Permission required for reproduction.

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LY SMU Publication: The Straits Times, pp D2-D3 Date: 25 April 2009 Headline: Asia snaps up talent in the downturn

Asia snaps talent i n

the downturn Asians who flocked to the West to study and work are returning to their own regions in growing numbers to find

,, mm wm better jobs and better lifestyle than what the West can offer

M R VEDANTA Kumar, 22, could not find a job in the recession-hit United States after graduating from the Wharton School of the Uni-

versity of Pennsylvania last year. Like many starry-eyed foreign stu-

dents, he had hoped to gain international exposure by working at a leading multina- tional or bank in the country.

But his final months of study, during which he vigorously searched for jobs, co- incided with the dramatic meltdown in the financial sector. Realisine his o~tions in the US would be limited, Ke turned his attention to his homeland of India.

Initially reluctant to go home, given memories of difficult living conditions and potholed roads, he set his reserva- tions aside after he won a plum position at a leading MNC in Mumbai.

"The compensation offered was com- parable with what I would have earned in the US, taking standards of living into ac- count," he told The Straits Times.

His decision was vindicated within weeks of takmg the job in December. Even as the global downturn worsened, India's banking and financial service sec- tor weathered the storm.

Mr Kumar was also thrilled with the change in the nation's once-blinkered cor- porate environment. People there were now more receptive to "returnees" like him who have spent time abroad.

"My goal," he said, "is to buy a Ferrari within 10 years and I am sure I can do it."

L i e Mr Kumar, thousands of Asian professionals have been flocking home to their countries of origin for work, with Western economies among the hardest hit by the global downturn. Western na- tionals areilso looking to Asia.

This is dramatically accelerating the "brain gain" in this part of the world, a process that began a few years ago.

"We are witnessing a strong interest in employment here by foreign profession- als from the US, Europe and Australia, some of whom have been made redun- dant in their home countries," said Mr David Jones, managing director of Robert Half International (Asia Pacific), a special- ised financial recruitment firm.

"Through our website alone, we are seeing a rise of as much as 300 per cent in the number of CVs from the US, Europe and Australia in the past six months."

According to Mr Roger Olofsson, asso- ciate director of Robert Walters Singa- pore, a recruitment specialist, the spike in job seekers from overseas has in- creased in recent months.

"Earlier, most of the applicants from overseas were in the financial service sec- tor, but now we are seeing many more ap- plications in the skilled type of job func- tions such as fast-moving consumer goods, petroleum and pharmaceuticals," he said.

What is giving these new applicants hope is that China and India are faring

way better than other major economies, and appear to have the potential to pull along some regional economies as well.

Beijing, which is implementing a four trillion yuan (S$880 billion) stimulus pro- gramme, is expected to post economic growth of between 5 and 8 per cent this year, while India is confident of turning in 7 per cent aowth.

Open economies such as Singapore and Hong Kong are suffering more in the global downturn, but job seekers from ad- vanced economies such as the US and Britain are still trying their luck.

Some of these job applicants are over- qualified but willing to settle for less pay, setting the stage for a job market shake-out, experts say.

Hewitt Sinca~ore's country leader Tu- lia Smith saidthe resumes the manage- ment consulting f i is receiving now are from people whb have a lot of experience, sometimes in different markets: "But while there is opportunity for overquali- fied people, we are asking companies to assess if they are the right cultural fit."

Comparing the matching process to high school romance, she said: "It's like the really cute guy wants to go out with yon when nobody else wants to go out with you. But then, as soon as the pretty girl is interested in him, he is not interest- ed in you.

"So what we are teiling companies to do is make some really smart hiring deci- sions."

SEEKING LUCRE AND LIFESTYLE Earlier this year, when 27 financial institu- tions from Shanghai went on an overseas headhunting trip to London, Chicago and New York, they were greeted with an overwhelming response.

Nearly 2,200 applicants, about 12 per cent of whom were expatriates in those countries, sent in resumes.

"We were looking to hire only 27 peo- ple to fill our mid- or high-level positions but received 540 applications," said Mr Yang Qingzhong, human resource general manager of China's largest brokerage, Haitong Securities.

"It's far beyond our expectations," he told China Daily. And their salary expecta- tions are not as high, he added.

Other companies had similar experienc- es. Finally, 840 applicants found jobs.

Besides regional giants China and In- dia, other Asian economies are attracting returnees and expat job seekers as well, and job inquiries are also coming from the Middle East, experts say.

A flow in the other direction - the brain drain - emerged as a serious prob- lem in Asia in the late 1950s and 1960% as Asians from less developed economies left for universities abroad to improve their job prospects. Many stayed on, at- tracted by the cleaner and safer living con- ditions, though they maintained links with home.

Now, as many return along with their

BY SHEFAL~ REKHI

FOREIGN EDLTOR

children, they realise much has changed at home - glitzy shopping malls, far few- er power blackouts, swanky condomini- ums and luxury cars. The allwing plush lifestyle comes complete with maids, chauffeurs, security guards, golf on week- days and holidays at exotic locations.

"Working overseas helped open my eyes to see and experience a different world, both socially-and professionally," said Mr Timothy Ho, 30, a manager who returned to Singapore earlier this year af- ter three years in the US.

"At the same time, living there helped me to a~~rec i a t e all the eood tbiincs in

Raymond Toh, 34 Previous Job: Senior technology analyst, Goldman Sachs, London C m n t Job. Vice-president, IT infrastructure, Credit Suisse, Singapore The Change: Nearly 14 Mr Toh left to study Mechanical Engineering in Manchester. He planned to return after that but a scholarship and job offer came before he completed his PhD at Imperial College in London.

His work at Goldman Sachs, in an IT project management role, was enriching but the desire to return tosingapore kept growing. e months of \\ searching, a suitable opening emerged in Singapore and Mr Toh took it UD in Tulv last vear.

~ in~a~o;ewhich I started miss t h h o - ment I touched down in Houston.

"Aside from family and friends in Sin- gapore, it was the simple things which we normally take for granted, such as the wide variety of food and the convenience of hawker centres and coffee shops, that 1 missed the most."

Liewise, another Wharton graduate Pankaj Diinodia, 25, needed little nudging from his family to return to New Delhi.

And when he decided to set up an on- line network late last year to help others interested in returning, he was surprised at the overwhelming response. In the past few months, his company has al- ready placed nearly 450 expats of Indian origin in senior positions in the country, through a network of about 60 In- dia-based mentors and industry captains.

"Indians are giving India a serious look," he told The Straits Times.

There is also the reality of limited visa He is happy he made the options to stay and work in the United

change, though financial markets in States, with Washington tightening regu- Singapore have yet to develop to lations after the Sept 11, 2001 attacks. the level of Britain. But the majority of those leaving the

"When it comes to S are doing so out of necessity. the standard of living, Most are under 40 and are returning there is no because of better job prospects in their comparison." he said. home countries, according to a recent

"It is a lot better study of 1,200 Indian and Chinese re- and affordable living tumees led by Mr Vivek Wadhwa, a sen- here. Besides, I was ior research associate at the Labour and looking for a challenge Programme at Harvard Law closer to home, to be a to maximise my on Valley won't be potential in a US," he said. "It cross-cultural environment. This works for me."

With a doctorate from Lon- ST PHOTO. don's Imperial College and CHEW SENG 6'/2 years of work experi- KIM ence in Britain, MI Raymond

Toh, 34, flew in to Singa- 1 pore last year as the new- A ly-appointed vse-

president for IT Infrastruc- m e at Credit Suisse here.

While it did take him a r while to get something he liked, he believes there will

be opportunities for return- ees or expats with expertise in growing markets such

as Singapore and Hong Kong. Many expats occupy senior manage-

ment positions in the banking and finan- cial service sector here, he said, reflecting the shortaee of homecrown exoertise.

Keen tocontribut6 he has been help- ing and mentoring other Singaporeans in - -

Britain to return as well. Experts say the brain gain is not just

because of individual choices, but be- cause of decisions made by nations, with some having embarked on brain gain ef- forts decades ago.

According to Professor Jean-Piene Lehman, who teaches International Politi- cal Economy at Switzerland's IMD busi- ness school, Taiwan's late leader Chiang Kai-shek recognised the importance of building its economy to strengthen the is- land. As p a t of this process, and thanks to generous US aid, Taiwan sent its best students to US universities.

But only two out of 10 returned due to the island's bleak social, intellectual and political environment.

Then Taiwan did several things: It es- tablished science parks and provided a eood environment for R&D: it created OD- iortunities for entrepreneurs through &- redation: and it ushered in democracv.

- B ~ the 'l990s, thanks to its returnihg brains, Taiwan became a h i - t e c h pow- erhouse, Prof Lehman wrote in a commen- tary piece for Project Syndicate, an inter- national newsDaDer svndicate.

Likewise, ~ i u i h ~&ea ' s former author- itarian president Park Chung Hee, who is still revered in the country by many for re- building South Korea's economy from the ruins of the 1950-53 Korean War, led the brain gain initiative for his country.

Besides setting up institutes and initiat- ing administrative reforms, he empow- ered returnees by assuring them of re- search autonomy.

But although he laid the framework, thousands began to return only after the dictatorial regime of his successor Choong Doo Hwan ended in 1988.

Singapore's brain gain initiative, led by Minister Mentor Lee Kuan Yew, has en- couraged many scientists and researchers to make the Republic their home.

Among them are Dr Alan Colman of cloned sheep Dolly fame, who is execu- tive director of the Singapore Stem Cell Consortium, part of the Agency for Sci- ence, Technology and Research's (Asstar) Institute of Medical Biology: Professor Daniel Tenen of Harvard Medical School, who heads the National University of Sin- gapore's cancer facility; and geologist Ker- ry Sieh of the California Institute of Tech- nology, who heads Nanyang Technologi- cal University's earthquake centre.

"Foreign talent is the yeast for M h e r sustainable development of Asian econo- mies towards becoming fully developed knowledge-based societies," explains Pro-

fessor Thomas Menkhoff, who teaches Or- ganisational Behaviour at Singapore Man- agement University.

"Like in the early 1980% when Singa- pore invited countries such as France, the UK or Germany to set up technical train- ing institutes with a focus on precision en- gineering and other high-tech skills, the development of new, value-creating in- dustries such as the biomedical sciences or digital media is difficult to realise if you do not leverage on brains overseas."

In the global competition for talent, Mr Gerard Chai, managing director (Sin- gapore and Indonesia) at top recruiter Korn/Feny International, said Singapore, Hong Kong and Shanghai are in the f i s t tier of job markets in terms of preferred location for executives.

Beijhlg, Mumbai, Seoul and Tokyo comenext, he added. Other cities are also getting in on the act, among them Kuala Lumpur, Hanoi and Manila.

As the new talents are absorbed in the years ahead, policymakers and city plan- ners expect them to lift standards of excel- lence and deepen the connections be- tween the East and West.

In the meantime, the influx means a shakeup. Confident, demanding, cosmo- politan and fired by a desire to make their mark, these new entrants are expected to pass on their sense of restlessness.

But the issues of whether they will be here for the long term and if they will be accepted remain. There are already in- stances of hundreds who came and left.

Mr Kumar, too, is keeping his options open.

"Sometime in the future, I want to be an entrepreneur. And I'll go wherever there is potential for my passion to thrive," he said. -

Source: The Straits Times O Singapore Press Holdings Limited. Permission required for reproduction.