Looking for a Job? Go East Young Man/Woman
Unemployment in the US is still hovering around 10% and in some parts of Europe like Spain it is closer to 20%. In marked contrast, the unemployment rates in Australia (5.1%) Hong Kong (4.5%) and Singapore (2.2%) are much lower. With the exception of Japan, Asian economies have rebounded more quickly from the global recession than those in the West.
According to an article in today’s New York Times there is a growing trend among Westerners to consider relocating to Asia and other eastern destinations to seek gainful employment. This is because many companies in places like South Korea, China, India and places in Asia are enjoying rapid expansion and hiring again.
Asian recruiting firms estimate that the numbers of job applications and resumes arriving from the US and Europe has risen 20 to 30 percent since 2008. The two destinations experiencing the greatest increases in job applications include Hong Kong and Singapore. This is not surprising because both places are more westernized than other parts of Asia. Indeed, the percentage of Hong Kong companies in June that planned on hiring new workers was at the highest level since 1988. Similarly, two-thirds of Chinese companies in Hong Kong and the mainland queried last May said that they planned on adding new employees in the third quarter this year. In Singapore, 57 percent of companies plan on hiring; the highest rate since 2001.
Most of the hiring is taking place in the legal and financial services sectors but there are indications that hiring is beginning in sales and marketing, luxury goods, hospitality and other businesses. Also, it is becoming increasingly apparent that many opportunities exist in the life sciences industry including scientists as well as marketing and sales representatives.
While hiring Westerners in Asia is on the rise, the actual number of new hires is relatively small. This is because would-be Asian employers mainly hire Westerners who have previous track records in the region and who bring languages skills and local contacts to the job. However, if unemployment rates among pharmaceutical employees remain high in the West; don’t be surprised if many of your lab mates and colleagues begin to look to the East for gainful employment.
In the past, I have jokingly ended posts about unemployment in the US life sciences industry with quips about looking for jobs in China, India and elsewhere. Unfortunately, this has now become a viable option for scientists and other bioprofessional seeking employment in the life sciences industry.
Until next time...
Good Luck and Good Job Hunting!!!!!!! (Now really check out Asia!)
Each year the World Bank compiles a report that assesses the world’s friendliest business climates for small companies. The top three companies on this year’s list, Singapore, New Zealand and the US have been there four years in a row. The real shocker this year was that several previously lagging nations moved up on the list, mostly because of business-friendly reforms. This year’s most improved nation is Azerbaijan, which moved up 64 spots to a overall ranking of 33rd because it reduced the time required to start a new business from 122 to 16 days, reforming its civil code and creating an online tax filing system.
to set up manufacturing and research operations in Ireland? In my opinion, the recent Irish pharma and biotech explosion has little to do with luck and everything to do with strategic vision, excellent planning and a well trained, inexpensive workforce.
