BCG report: London is the world’s prime expertise magnet, however the U.Ok. is not

Clearly, even Brexit couldn’t uninteresting its appeal as a result of town continues to be a expertise magnet not like every other. 

For years, the British capital has ranked as the highest vacation spot amongst these on the lookout for work—and this 12 months was no completely different, in keeping with a survey by Boston Consulting Group (BCG) on the worldwide workforce revealed Wednesday.

“This is a position that it has maintained for a decade, with the capital consistently ranked the highest for the quality of jobs and the quality of life available,” Nick South, BCG’s managing director and senior associate, instructed Fortune. “This is extremely positive for the U.K. capital.”

What’s to not like about London? Contributors of the survey, which coated over 150,000 folks worldwide, pointed to London being an English-speaking nation with a various workforce and alternatives abound. It’s additionally shut sufficient to Europe and conveniently situated between the States and the remainder of Asia. That’s why it’s forward of different locations, together with New York, Amsterdam and Dubai. In principle, it’s obtained all of it. 

However, seems, that’s nonetheless not almost sufficient to get the U.Ok. a shining assessment. Of the international locations folks want to maneuver to, Australia trumps Britain to take the highest spot, BCG discovered. The U.S. and Canada rank second and third, whereas the U.Ok. ranks fourth.

Contributors cited the price of residing, ease of securing visas and high quality of training as causes behind selecting one nation over one other. 

The U.Ok. continues to be forward of its European friends like France and Germany as a vacation spot for international staff. 

“London’s position as the most desirable city, a position it has retained for many years, is both a promise and a challenge,” South mentioned. Whereas it reaffirms town’s draw amongst international expertise, he added that British companies ought to stay open to “home-grown and international workers alike.”

Looking for greener pastures

Individuals select to maneuver to Down Underneath due to its heat climate, low visa barrier and English fluency, amongst different causes. Moreover life-style causes, Australia has additionally ranked among the many prime international locations for extremely expert talent in previous research, due to its job alternatives. The nation has risen from seventh in BCG’s record to first in 10 years.

The findings come at a time when the U.Ok. and Australia are overhauling their immigration system to tighten the standards for these seeking to enter the nation. Britain has seen its justifiable share of struggles attracting inter-Europe expertise following Brexit.

Nevertheless, labor shortages pose an actual menace, which immigration helps deal with. In 2022, the U.Ok. had a report surge in arrivals amid international conflicts and a expertise shortfall. 

“Labor migration represents a prime opportunity to bridge this gap,” Sebastian Dettmers, CEO of BCG’s survey associate The Stepstone Group, mentioned in an announcement. “We must adapt our job markets to be more versatile, enabling workers to move to where they are most needed and where they can find the best positions for their skills and aspirations.”