If you live in a small and/or developing country, you might face limitations of the local labor market on your way to professional self-realization. You might simply not find a job!
Restrictions of the local labor market
1. Low salaries.
Even if you're a highly skilled specialist, there might simply be no one on the local market willing to pay you a decent salary. Example: teachers, scientists.
2. Oversupply of professionals.
The number of lawyers and economists graduating from universities exceeds the market demand by dozens of times. 90% of them can't find a job in their field. Often, this is due to low quality of education.
3. Lack of demand for your profession.
You might be an excellent scientist, but the government no longer funds fundamental research. The employment exchange might advise you to retrain. It’s unwise to do so when you have extensive experience and there are countries where your skills are in demand.
When a world-renowned physicist leaves their department in their home country to work in New York — it's a tragedy. When a world-renowned physicist works as a janitor in their home country instead of leading a department in New York — it's an even bigger tragedy.
4. Limited career prospects.
You are a stock broker and want to grow as a specialist in securities. In the future, you aim to run your own investment fund. In your country, demand for such professionals might simply not exist.
5. Small labor market.
There might be only a couple of companies interested in a specialist with your profile and qualifications. If you work for one of them, you might be prohibited from working for competitors. There’s nowhere else to go.
Due to globalization processes, as well as the development and reduction of telecommunication costs, a global labor market has emerged. It consists of companies that want (and can) hire employees abroad, and workers who want (and can) get jobs in foreign companies.
Advantages of the global labor market
Salaries are lower than in developed countries but higher than in developing ones.
If you're a sought-after specialist in the global labor market, the income difference between local and global markets can reach 5-10 times. Meanwhile, you spend your earnings in your home country, thus supporting its economy.
Experience. More advanced business processes.
The main benefit of work is experience, money, and connections. You can gain invaluable experience by working in leading global companies. They embrace globalization trends, so it might be easier than it seems. As an employee, you'll see all internal business processes — effective and not-so-effective. Just keep your eyes and ears open.
Great growth prospects.
Working in a large international company helps you grow professionally and build your career. You can develop useful connections worldwide, which is very beneficial: establish yourself as an excellent specialist, and several international companies might offer you a career with them. A talented person only needs an opportunity: how to use it, they will figure out.
Business trips.
You will often be offered to travel abroad on business trips. Especially if the company has several international branches. Don't neglect this: it's a great chance not only to travel but also to gain new knowledge, skills, and communicate with people. Remember, a single perspective has never provided a comprehensive, high-quality picture.
Opportunity to move to a country you like.
Very often, after establishing yourself as an excellent specialist, you can receive an invitation to relocate or work at the client’s office. This is very convenient. You probably have already been there on business trips and know where you're going. You have friends and acquaintances there. You immediately get a good job and a team that knows you. These are almost the best immigration conditions possible.
Requirements of the global labor market
Your profession must be suitable for this
Not all professions can be transferred to the global market. But many can. Their list is constantly expanding. They can be listed and listed: phone support, development, research, design, almost everything related to the internet and/or computers. If your profession appeared only 20-30 years ago, there’s a very high chance it can be easily globalized.
Price and quality
When a foreign company sees that it can hire a higher-level specialist in your country at a lower cost than locally, it often finds it hard to resist. You need to be either “better and cheaper” or “much cheaper.” Simply being “cheaper” won't satisfy them, as the company bears additional risks when hiring remote specialists.
English language
For many years, English has been the international language. If you want to work in the global labor market and enjoy all its benefits, but English is not your native language — learn the international language. The worse your English, the stronger your other two advantages need to be.
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