Azerbaijan, thanks to local talent, enjoys a more advantageousposition than many leading global economies in terms of talentavailability, reads a study“Decoding Global Talent 2024” by TheBoston Consulting Group (BCG), Azernews reports.

The study, titled "Decoding Global Talent 2024," draws on surveydata from over 150,000 respondents in 188 countries. It marks thefourth edition in a series, with previous editions released in2014, 2018, and 2021.

BCG experts attribute the looming gap in the global labor marketto declining birth rates and mismatches between job supply anddemand.

Kirill Tuishev, head of BCG's Baku office, managing director,and senior partner, emphasized the growth potential enabled by thelocal talent pool. He highlighted the doubling in size of theirBaku office within two years, crediting it to the availability oflocal talent.

Azerbaijan holds notable competitive advantages, including ayouthful average population age of 31-32 and a strong historicalemphasis on education.

However, Tuishev noted challenges faced by Azerbaijan, such asretaining local talent. He stressed the need to capitalize oncompetitive advantages and create opportunities for professionaldevelopment that surpass those available abroad.

Survey results indicate that global talent relocates primarilyfor professional advancement, citing financial incentives (64%) andcareer prospects (56%) as key motivators. Quality job opportunities(65%) are the primary factor in choosing a destination, followed byquality of life and climate (54%).

English-speaking regions with robust economies, such asAustralia, the US, Canada, and the UK, are among the topdestinations. London ranks highest among cities, with New York alsoin the top five.

Younger individuals and those from regions with growingpopulations are more likely to relocate. Regions with laborsurpluses, like the Middle East and Africa, exhibit higher mobilityrates, while those with shrinking labor forces, such as NorthAmerica and Europe, have lower rates of willingness torelocate.

MENAFN26042024000195011045ID1108142551