Executive brain drain accelerates as economic situation worsens

Senior business people are increasingly looking abroad for work as the economic conditions dampen opportunities in the UK, according to research.

A study of job moves by 13,269 executives in the year to April 2008, conducted by recruitment website Experteer, found that more left the UK than arrived.

The UK had a net outflow of 8%, slightly less than Germany’s 12% and France’s 14%, but in huge contrast to Switzerland’s 42% net inflow.

Across Europe, 13% of candidates took up roles outside their home countries. Finance, professional services and IT executives were the most likely to relocate.

Torsten Muth, UK managing director at Experteer, said: “It is clear that the credit crunch has hit the UK hard we have seen a significant increase in interest for overseas job placements.

“Talent is now far more mobile, and we see increasing numbers of footloose, highly talented individuals willing to relocate across Europe.”

More than half of the directors who came to the UK headed for London, while just 7% of immigrants to Germany moved to Berlin.

The highest wages for managing directors are to be found in Germany and Switzerland, while middle managers find the highest pay in the UK and Italy.

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