by Eva Prabhakar

Created on: July 28, 2008

Recent research sponsored by the Career Innovation Research Group in partnership with Whiteway Research in the UK provides new information about the unique population of international high-flyers and future leaders, viz. today's young managers and up-and-coming executives ages 25-35. Additionally, in-depth comparisons of these results with that of an international Capgemini survey of more than 10,000 workers in industrialized nations across the globe, have provided further knowledge about what distinguishes future global leaders from the average workers their age and the international workforce generally.

Considered together, this information offers added insight into what it takes to attract and retain the top talent globally. The Capgemini study shows that about two-thirds (64%) of the international workforce would leave their current jobs today for better advancement opportunities, a 10 percent increase in salary and/or more flexible working hours.

The impact of losing young workers can be tremendous. When young high-flyers leave, the cost of replacing them can be as much as 1 to 2.5 times their annual salaries. These costs include only the cost of recruiting and training a replacement. In some industries, the effect on business relationships, particularly those with clients, can be even more devastating. Moreover, the opportunity costs are much more difficult to measure, but no less significant. Quite simply, good leaders at any stage in their careers are hard to find. The businesses that win the race to retain the best people stand the best chance of succeeding internationally.

What course of action can be taken to cope with this environment? First of all, it is important for an organization to plan for a variety of "international career" options. Amongst this population of future global leaders, the CIRG research indicates international mobility actually increases with age, despite the presence of constraints such as partners and children. From a business point of view, globalized employment requires an understanding of the dynamics of today's global workforce in order to attract, motivate, and retain the right workers to attain goals. Certainly, the term "international career" has taken on different meanings for different people. Compared to the situation 10 years ago, at the moment two movements are evident; young high-potentials planning their own careers abroad and virtual expatriates using technology as key to exploring the international marketplace

• 1
• 2
• Next Page >>