Mumbai Industry experts said emerging opportunities in domestic manufacturing, renewable energy, fintech and space technology as well as competitive compensation packages have led to an influx of senior expatriates who want to drive India’s growth story.
Navneet Singh, Chairman and Regional Managing Director, Navneet Singh, said, “The expatriates are ready to return and live closer to home and at the same time, their expertise in sectors such as semiconductor manufacturing and renewable energy ensures that they are not able to meet any global counterparts. be paid equal to , Korn Ferry, India.
Most of the C-suite officers willing to return to base include those who are single children with dependent parents at home, and go through periods of extreme concern over the welfare of their families during the peak of COVID. “With an archetype who is unmarried and with dependent parents, the appetite for return has increased somewhat. Every 7th or 8th hire we enable is from this global talent pool,” said Sachin Rajan, country manager, India, Russell Reynolds Associates, a headhunting firm.
The movement is being seen across the board with placement companies such as Maxima Global Executive Search and EMA Partners India. Nearly 60% of the searches conducted by Maxima International are targeting this talent pool, who have the expertise to take Indian businesses to a global level. “Some of the ongoing discoveries are the succession of the chief executive officer of a major multinational corporation in India, a chief technology officer for a firm in the IoT and fintech space, a chief operating officer and research and development head for a biotech firm,” said Srinivas. Nanduri, Partner, India and Emerging Markets, Maxima Global.
Maxima Global also aims to rope in senior Indian-origin executives for ports, airports and research and development heads for the pharma sector.
Headhunters said an understanding of the Indian way of running a business helps in selecting expats. “Furthermore, the hybrid work model allows the candidate to work from his/her home in an office at the Indian headquarters and abroad for a few months. This is also a key factor that is attracting returning expats,” said a top executive of a placement company.
EMA Partners India said the influx of Indian expatriates varies by region. EMA Partners India Managing Director K. “There will be more Indian expatriates in the tech sector than a company looking for a CXO in the manufacturing or EV space,” Sudarshan said. About a third of the candidates are Indian expatriates who are now willing to return for Aadhaar, Sudarshan said.
A similar trend was seen a few years back in the retail sector before the outbreak of COVID-19, but now India has substantial expertise in the retail industry. However, the trend is being reported for senior Indian expatriates, Rajan said. The young expatriate still prefers to “play out their international careers in the short-to-medium term”.
Experts said the central government’s efforts to promote domestic manufacturing to become self-reliant, reduce import dependence and boost exports is not only creating employment for the local talent pool, but also creating opportunities after the rollout of production. Senior expatriates are also being attracted excited about- allied incentive schemes for 14 sectors with a total outlay of 3 trillion, 80% of which is focused on manufacturing electronics, autos, solar panels and semiconductors, with incentives based on incremental production and revenue over an average five-year period.