If you live in a small and/or developing country, on your path to professional fulfillment you may face the limitations of the local labor market. You might simply not find a job!
Limitations of the local labor market
1. Low salaries.
Even if you are a top-notch specialist, the local market may simply not have anyone who will pay you a decent salary. Example: teachers, scientists.
2. Oversupply of professionals.
The number of lawyers and economists graduating from universities is many times higher than market demand. 90% of them cannot find jobs in their field. This is often a consequence of low-quality education.
3. No demand for your profession.
You may be an outstanding scientist, but the government no longer funds fundamental research. At the employment office you are advised to retrain. It is unwise to do so when you have vast experience and there are countries where it is in demand.
When a world-renowned physicist leaves their chair at home and goes to New York to wash dishes—that is a tragedy. When a world-renowned physicist washes dishes at home instead of heading a department in New York—that is an even greater tragedy.
4. Limited career prospects.
You are a stockbroker and want to develop as a securities specialist. In the future, you want to run your own investment fund. In your country, there may simply be no demand for specialists of this kind.
5. Small labor market.
There may be only a couple of companies in the country that are interested in a specialist of your profile and qualifications. If you work at one of them, you may be forbidden from working for competitors. You simply have nowhere else to get a job.
As a result of globalization, as well as the development and falling cost of telecommunications technologies, a global labor market has emerged. It consists of companies that want to (and can) hire employees abroad. And workers who want to (and can) take jobs in foreign companies.
Advantages of the global labor market
Salaries lower than in developed countries but higher than in developing ones.
If you are a specialist in demand on the global labor market, the difference between incomes on the local and global markets can reach 5–10 times. At the same time, you spend your earnings in your own country, thereby developing its economy.
Experience. More advanced business processes.
The main things a job gives you are experience, money, and connections. You can gain invaluable experience by working at leading global companies. They embrace globalization trends, so this may be easier than it seems. As an employee of the company, you will see all the internal business processes—both effective and not so effective. You just need to keep your eyes and ears open.
Greater growth prospects.
Working at a large international company will help you grow professionally and build your career. You can acquire useful connections around the world, which is very valuable: establish yourself as an excellent specialist and several international companies may well offer you opportunities to continue your career with them. A talented person needs only an opportunity—the rest they will figure out.
Business trips.
You will often be offered trips abroad—especially if the company has several international branches. Do not neglect this: it is a good opportunity not only to travel, but also to gain new knowledge and skills, and to talk to people. Remember that a single point of view has never provided a high-quality, well-rounded picture.
The opportunity to move to a country you like.
Very often, after establishing yourself as an excellent specialist, you can receive an invitation to relocate/work at the client’s office. This is very convenient. You have most likely already been there on business trips and know where you are going. You have friends and acquaintances there. You will immediately get a good job and a team that knows you. These are almost the best conditions for immigration that can be.
Requirements of the global labor market
Your profession must be suitable for this
Not all professions can be moved to the global market. But many can. The list is constantly expanding. They can be listed endlessly: phone support, software development, research, design—almost everything related to the internet and/or computers. If your profession appeared only 20–30 years ago, there is a very high probability that it globalizes easily.
Price and quality
When a foreign company sees that it can hire in your country a higher-level specialist for less than at home, it often finds it hard to resist. You must be either “better and cheaper” or “much cheaper.” Simply “cheaper” will not do, because the company assumes additional risks when hiring remotely.
English
For many years now, 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 is, the stronger your other two advantages must be.
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