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Brain drain to slow in India through better pay and jobs
By siliconindia
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Saturday, 20 September 2008, 17:40 IST
Mumbai: The trend of brain drain in India is slowing down with Indian companies giving out higher salaries. Even the amount of maturity which has creped into the market is also helping the country to gain hold of the skilled labor, thus checking on the tendency to migrate to companies under the Gulf Co-operation Council (GCC). Currently, about six million Indian nationals live in the GCC and account for as much as 50 percent of the expatriate workforce in some Gulf countries.
With the sectors like retail, IT and construction emerging with more and more jobs, the workforce of the country tries to keep their foothold within the boundaries. Infact, it is also luring in those who had already taken the overseas route, as it is expected to have one of the highest pay increases in the world at 14.1 percent. As reported by The National, Nicola Evoli, an International Sales Strategist for Grottini Retail Environments, says, "There is a demand for a certain caliber of employees in India and, until recently, those positions were given to American, British and Australian consultants. However, more and more you see Indians filling these positions." Moreover, Venu Rajamony, the Consul General of India in Dubai observes, "The demand for workers is high and salaries have gone up in India, whereas in the GCC, the cost of living is really going up." Checking on the information from more than 264 employers throughout the UAE, a Hay Group Compensation and Benefits report, see the average basic salary increase to be eight percent, which in their view is not enough to keep up with the rising cost of living.
However, the downside of this growing attraction is the soaring inflation which currently stands at 12.14 percent.
