Expat Career Trends in 2010
In 2009 the global economic downturn forced a record number of companies to cut back on hiring employees for overseas assignments. Many planning to make their international debut were left waiting in the wings without an indication if they’d ever get their chance to participate in a more global game.
Now in 2010, a renewed optimism has once more started the ball rolling and a steady increase in the number of expatriate jobs throughout most industries has followed. Still, at a time when the market in many locations remains quite fragile and job opportunities are concentrated in specific fields and destinations its important expats find firm footing to stand on. To help you get a handle on the t-wave of trends in the dominant expat industries, eXPAT CAREERS explains just what expats can expect from the future.
It’s important to note that full benefit expat packages (housing, schooling, flights home, international medical insurance etc.) are becoming less common; however, they are still being offered to attract high caliber professionals particularly for postings within less desirable locations. The salaries mentioned within this article are only estimates and should therefore only be used as guidance. Furthermore, paid income and benefits can vary tremendously depending upon qualifications, experience and location.
Expat career trends in oil and gas
The rebound in the price of oil and new projects within North Africa (Libya and Egypt), Australia and selected countries throughout the Middle East and South East Asia have resulted in increased demand for highly qualified and experienced personnel from the vast majority of professions. The percentage of contract positions increased during the downturn; however, companies are once again aiming to establish core teams instead of hiring contract staff.
The rising number of projects and an aging workforce has resulted in increased demand for all oil and gas related engineers such as project, petroleum, design and safety engineers. Due to an aging workforce an overwhelming number of highly experienced professionals are moving into retirement and subsequently lowering supply whilst demand continues to increase.
Design and Safety engineers holding a related science and / or engineering degree(s) and 10+ years experience are in significant demand. Due to the overwhelming number of new projects and regulatory requirements we do not foresee demand diminishing within the near future. Salaries for engineers and Health, Safety and Environmental (HSE) professionals vary tremendously however design and safety engineers’ salaries can easily exceed $250,000 USD per annum.
Expat career trends in building and construction
Similar to the oil and gas industry oil rich countries within North Africa and the Middle East are continuing to develop infrastructure therefore resulting in increased demand for Construction / Project Managers and Engineers (civil, mechanical etc.). Although demand is not as momentous, South East Asia and Australia have rebounded far quicker than many other regions and are continuing to expand. Dependent upon the nature and location of the assignment construction / project managers can often demand salaries exceeding $300,000 USD per annum. Salaries for senior engineers can easily exceed $250,000 USD per annum. Expat career trends in banking and finance
Understandably the global economic downturn resulted in a large number of banking and finance professionals returning home from overseas assignments. Employers are being cautious about who they hire and when. As a result interview processes and approvals are more stringent and tedious. Banking and financial institutions have however continued to move their offices offshore due to the increasing wealth within South East Asia and the Middle East.
Internal transfers are most common and banking and financial professionals such as front office traders are often regarded as the most highly compensated expatriates. It is not uncommon for banking and financial packages to exceed $500,000 USD per annum.
Other
Other notable industries, which we have observed increased demand include telecommunications, pharmaceutical and transport and logistics. Many companies are continuing to move their bases overseas in the attempt to cut costs. We foresee continued demand within South East Asia and providing continued political stability focus will continue to increase within North Africa. Medical professionals particularly doctors and dentists from highly developed nations understandably have far greater opportunities to relocate to countries with more stringent visa requirements.
On a whole, many economies left in a bad way post-recession are finally pulling themselves up by their boot strings and turning toward tomorrow. If you’re an expat at heart aiming to work hard and learn the ways of the world, there’s no denying that the future looks bright.
Further reading:
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