If you live in a small and/or developing country, your journey to realizing your professional potential can be hindered by limitations of the local labor market. You might simply not be able to find a job!
Limitations of the local labor market
1. Low salaries
Even if you're a top-notch professional, there may be no employers able to offer you decent pay (think of teachers and scientists).
2. Too many graduates
The number of lawyers and economists graduating from colleges outstrips demand by a factor of 10. 90% of graduates cannot find a job in their respective fields. Often the reason is the low quality of their education.
3. No demand for employees in your field.
You might be a great scientist, but what if the government cuts basic research funding? The employment office recommends that you train for a new occupation. That wouldn't be wise if you have a lot of experience and there is high demand for it in other countries.
It's tragic when a world renowned physicist leaves a university in his or her own country to move to New York and become a dishwasher. When a world renowned physicist washes dishes in his or her home country instead of heading a department in New York, it's an even bigger tragedy.
4. Limited career prospects
Suppose you're a stock trader planning to specialize in securities. In the future, you would like to run your own investment fund. Your country may have zero demand for such specialists.
5. Small job market
There might be just a couple of companies in your country interested in hiring a professional with your skill set. If you work for one of them, you might have to sign an agreement that prevents you from working for a competitor. This means you have nowhere else to go.
Globalization, as well as well-developed and inexpensive telecommunication technologies, have given rise to a global job market. It consists of companies, willing and able to hire abroad, and employees, willing and able to work for a foreign company.
Advantages of the global labor market
1. Salaries are lower than in developed countries but higher than in developing countries.
If your profession is in high demand on the global job market, your income could be 5-10 times higher than what you could expect to make locally. What's more, you spend your earnings locally, which helps grow your own country's economy.
2. Experience More refined business processes
The major benefits a job should be experience, money, and connections. You can obtain valuable experience working for leading global companies. They all welcome the globalization trend, so it might be easier than you think. As a company employee, you'll be able to observe internal business processes, those that are effective and those that are less effective. Just keep your eyes and ears open.
3. Good prospects for growth
Working for a big international company helps you grow professionally and build your career. You can gain useful contacts around the world, which is very advantageous. Build a reputation as a great specialist, and several international companies may offer you jobs. A chance is all a talented person needs. He or she will know what to do with it when it comes.
4. Business trips
You will often get offers to travel abroad on business, especially if the company has international offices. Don't neglect this opportunity to not only travel, but also gain new knowledge, skills, and contacts. Remember that a single point of view cannot give you a high-quality 3D picture.
5. Opportunities to move to a country you love
After proving yourself as a great professional, you can often get offers for temporary or permanent work abroad at a client's office. This is quite convenient. You've probably already been there on business trips and are well acquainted with where you would be going. You already have friends and acquaintances there, and you'll be part of a team that already knows you. It's hard to think of more ideal conditions for immigration.
Global labor market requirements
1. You need to have a suitable profession
Not every profession is suited to the global market, but many are. The list is constantly growing. To name a few: phone support, software development, research, design, and almost anything to do with the Internet and/or computers. If your profession emerged within the last 20-30 years, there's a good chance it can easily be globalized.
2. Price and quality.
Foreign companies find it difficult to resist opportunities to hire more senior and cheaper professionals in other countries. You have to be either better and cheaper, or much cheaper. Just being cheaper isn't enough, since a company takes on additional risk by outsourcing abroad.
3. Good English
English has been an international language for many years. If you are not a native English speaker, but you want to work on the global labor market and benefit from all its advantages, you need to learn this international language. The worse your English is, the more benefit you will be required to offer in the other two areas (expertise and low cost).