New U.S. export: labor

Posted Nov 16th 2009 5:00PM by Tom Johansmeyer
Filed under: India, China, Brazil

Now that it's reached 10.2%, the unemployment rate is higher than it's been in 26 years. That puts plenty of people on the hunt for work, especially since the unemployment rate doesn't reflect everyone who's been affected by the recession, such as those who have been unemployed too long or who are underemployed. Lacking alternatives at home, more Americans are heading overseas to ~~find their fortunes~~ weather the storm.

The number of people looking for international work through Manpower Inc. (MAN), the largest staffing firm in the country, has increased over the past six months. Half a year ago, Jeff Joerres, the company CEO, said that only a few dozen were looking for work outside the U.S. Now, it's up to 500. He tells USA Today, "It is a phenomenon we haven't had before."

Potential jobseekers are warming up to the idea. A recent survey by talent management company Korn/Ferry puts the amount of executives at least likely to accept an overseas gig at 54% -- compared to 37% back in 2005. The youngsters are headed this way, too. Of the 2009 graduating class at MIT's Sloan School of Management, 24% took jobs outside the U.S., compared to 19% the year before.

The hottest markets foreign job markets for Americans right now are India, China, Brazil, Dubai and Singapore. If you're an investment banker or consultant, setting sail may not be a bad idea, with computer technology and engineering rounding out the top jobs outside the country.

Tags: dubai, featured, foreign, Korn Ferry, KornFerry, manpower, mit, overseas, singapore, Sloan, staffing, underemployed, underemployment, unemployed, unemployment, unemployment rate, UnemploymentRate, workforce