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Careers attract Brits to leave - 12 May 2008

More and more British workers are heading overseas to further their careers, and see buying property in another country as a way of making their money go further, a new survey has shown.

The Natwest International Personal Banking Quality of Life Report has pinpointed this new trend among British workers, which is changing the profile of the typical expatriate, but also points out that many workers do return to the UK, bringing back enhanced skill-sets and wider experience.

The survey, undertaken alongside the Centre for Future Studies, spoke to a cross-section of British citizens who have left the UK, and uncovered a ‘talent drain’ to foreign countries. According to the study, up to two-thirds of the 200,000 people who left the UK to live abroad in 2006 did so to work overseas. Of those surveyed 42 per cent were professional or management-level employees, and a further 25 per cent were employed in other functions.

The survey also shows that the typical expat profile has changed significantly from the stereotype of people at or nearing retirement. Now, according to the study, the typical expat is aged 43, has a professional career (as did 57 per cent of those surveyed) and earns an average salary of £67,000.

The other important distinction revealed is that the main motivational factor is the lure of a better job abroad, rather than dissatisfaction with the opportunities offered by the job market in the UK.

Following a decade of strong economic growth in the UK, many people are taking advantage of the equity earned in UK property in order to make the most of their money and invest in property overseas. In addition, the points-based immigration systems in operation in many of the destination countries chosen by expats are ideal for highly-skilled, English-speaking applicants.

Nine in ten of those in the survey said that in moving overseas they were in a better financial position than previously, and consequently many are tempted to stay on abroad even if offered the opportunity to return to the UK. Those who do return put their experiences and further qualifications back into the employment pool in the UK, and over half of those who would be classed as highly-skilled choose to return to the UK at some point in the future.

Dave Isley, Head of NatWest International Personal Banking comments, “The study demonstrates the popularity among Britons working abroad, particularly those who are highly skilled. This trend will increase as countries continue to seek out the talents of British workers and entice them to foreign climes with career opportunities and the chance to experience life abroad. Whether it is a permanent move abroad, or for a short period of time, it seems working abroad is an opportunity increasingly open to more employees.”