Brain drain reversed, Indias calling back

Written by Vrishti Beniwal | New Delhi, Jul 29 | Updated: Jul 30 2007, 05:41am hrs
Brain drain was the bane of India till few years ago when a number of talented Indians flew abroad in search of greener pastures. But now India is calling them back. In the last three years many senior executives have come home, thanks to a rapidly growing economy and hefty pay packages which are at par with the compensation they get overseas. The trend is predominant in banking, financial services, insurance and retail verticals.

In organised retail particularly, which is an entirely new sector in India, there is a huge demand for senior executives with experience in developed markets. For 65-70% of the top posts, Korn/Ferry International considers Indians working abroad. In the past people who left the country for higher studies or work never returned. But now they have done it all and India has a lot to offer,with top level salaries going through the roof, said Deepak Gupta, country head and MD, Korn/Ferry. Salaries have more than doubled in the last two years, especially in financial services, he said.

Perry Madan, associate partner, Elixir Web Solutions, agrees that corporates, particularly in retail, are preferring executives with exposure to foreign markets. Many companies are telling us they need people from outside as they have got the desired skills. Last year, the recruitment process outsourcing firm filled about 10% senior management posts in retail with such executives.