turning barriers into bridges.

Bjørn Toonen, Chief Sales Officer, talks talent migration

Global talent migration to boost economy

It’s no secret that the global race for talent is getting more competitive, with companies and countries seeking the best human capital. As we deepen into an era of globalization, talent migration can be a powerful way for countries to thrive economically.

Far from being what often is perceived as a detriment to an economy, studies show that migrants are an engine that drives innovation and productivity, two of which are key components necessary for keeping up with global competitiveness.

A country’s ability to attract, develop and integrate talent migrants is really what determines how prosperous their future will be.

Integration leads to innovation and growth

When it comes to the impact of talent migration on innovation, the numbers are impressive.

As of 2015, foreigners held slightly more than half of all patents filed in the United States. A 2016 study found that more than half of US start-ups, that are valued at $1 billion or more, have at least one immigrant co-founder.

As we face a lack of talent across nearly all sectors, some countries are relying on foreign workers to fill job shortages. In a 2017 workforce study in Singapore, 26.6% of the population held a foreign working permit.

A study conducted by the Organization for Economic Co-operation and Development (OECD) shows that from 2000-2014, talent migrants contributed to 48 percent of labor force growth in the United Kingdom, 45 percent in Spain, 42 percent in Canada, and 37 percent in the United States.

Migration propels economic development

Global talent migration and economic development are tightly woven together, each supporting the other.

According to the International Organization for Migration (IOM), the average migrant is much more economically productive in the country of destination than in the country of origin—in fact, hundreds of percent more productive. Studies show that the world economy is about three trillion dollars per year more productive than it would be if today’s migrants had not migrated.

Talent migration will continue to be a fundamental feature of our evolving labor market for the foreseeable future. Prioritizing migrants integration grants the highest gains— improving outcomes for economies and societies, as well as for migrants themselves.

Economists believe that aside from employment, if there’s an integration in areas such as education, housing, health, and community engagement—this could add $800 billion to $1 trillion to the global economy annually.

When we extend bridges and not barriers, we welcome talent migrants as our partners in building the economy.

This simple shift in perspective will bring us one step ahead in the fight for global talent.