I was recently reading the findings from the 2018 Human Development Index (HDI) report. There are now 59 countries in the very high human development group, an improvement of 13 in the last 8 years. Whilst reading through, I wondered what impact expats are having on their host countries. You could say that they are helping to boost the economies of said countries or you could go so far as to say they are having a negative impact on their home country by leaving. So I started to look into how expats are impacting society as a whole.
Vietnam recently ranked in the top 3 countries for career prospects in the 2018 Expat Insider Survey, however in the HDI they only ranked 116 out of 189. When looking at the opportunities available in Vietnam, it became clear that a third of expat opportunities are within the teaching or research sectors. It leads you to question if these expat teachers and academic staff are helping to improve the quality of schools in Vietnam and therefore having a positive benefit on society.
There are so many benefits to hiring expats. Not only do they come with fresh approaches and new knowledge but they also bring in opportunity, diversity and new skills. I personally feel that more companies need to branch out into hiring expats. The talent pool out there is vast and you’d be missing a trick not to consider it. A recent study showed that Canada is one of the many countries facing a Tech skills shortage. The study reported that there will be a shortage of 216,000 workers by 2021. What’s my advice? Hire expats.
Let’s consider how hiring expats impacts the economy. It is proven that the average expat can expect to earn an extra $21,000 a year. This is more money going into a countries taxes and ultimately more money being invested into the economy. Earlier this year studies showed that the UK remained the number one destination for inward investment.
Inward investments are so important for developed cities as well as under developed cities. The investment in the infrastructure of emerging market countries will not only improve quality of life but will also provide jobs and higher wages. The investment in start-ups will also help the tech and financial industries to thrive too. More and more governments are now starting to see the value in offering start-up growth accelerators and it’s not hard to see why.
This is part of the reason why I wanted to grow the Expatland Global Network. So we had a group of trusted, industry experts at hand to make the lives of expats that little bit smoother. I will always sing the praises of joining the vast, global expat community, which has enormous influence and brings a valuable new perspective to communities and organizations. Whether you leave your homeland in search of a better job, improved quality of life, or just to broaden your horizons with new experiences, the expat life can prove hugely rewarding.
By John Marcarian, Founder, Expatland