Jobless in America? Find Work in Asia
When Don Phan was looking for a job last April, he thought he’d stay in New York. But when he was offered a position in Thailand, he decided he just couldn’t pass up the opportunity to witness rapid economic growth firsthand and capitalize on the country’s emerging private equity industry. So he packed up and moved to Asia.
Phan, a 28-year-old American, now works as an investment consultant in the Bangkok office of Leopard Capital, a private equity firm founded in 2007 by Doug Clayton, an American expat who moved to the region in 1983 as a military officer and never left. Phan is one of many seeking career opportunities far from home. Dismal economies in the U.S. and Europe and booming industries in Asia are prompting Westerners to uproot and move at least 7,000 miles away to find jobs, say recruiters and employees in the region. Recruitment firms say the number of resumes they’ve received from Westerners looking for jobs in Asia has surged by between 15% and 35% since the financial crisis hit in 2008. “The job market in Asia is generally more favorable than in the West,” said Mark Ellwood, Singapore-based managing director of recruitment firm Robert Walters. “People know that there are many opportunities here, that Asia is a focus for companies and that relocating could translate into a good career move.” His firm has received a 15% to 20% increase in the number of resumes sent in by Westerners over the past three years.
People in all industries are looking East for employment. Professionals in technology, consumer goods, finance and functions including sales, marketing and operations want jobs, according to Kalpana Denzel, a Singapore-based consultant for executive search firm Russell Reynolds Associates. She and her colleagues have received a 30% to 35% increase in the number of Americans and Europeans who have contacted them, unsolicited, to express their interest in working in Asia. “Years ago, companies had to incentivize Westerners to come to Asia with attractive expat packages,” Denzel said. “Now there is proactive interest on their part to come here given the growth, opportunity, and investment in this part of the world, coupled with the troubled home economies. Having Asia on your CV is seen as an advantage.”