This is a somewhat pitiful development:

“Here’s one way to deal with the brutal U.S. job market: Leave the country.

With the nation’s unemployment rate at a 26-year-high of 10.2%, more Americans are hunting for, and landing, work overseas, according to staffing companies and executive search firms.

Fifty-four percent of executives said they’d be likely or highly likely to accept a foreign post, according to a survey of 114 executives Friday by talent management company Korn/Ferry. Just 37% of those surveyed in 2005 said they’d go abroad.

The hottest international job markets include India, China, Brazil, Dubai and Singapore, recruiters say. International companies are largely seeking candidates in engineering, computer technology, manufacturing, investment banking and consulting.” (emphasis added)

That is an astounding change in attitude . . .

>

Source:
More U.S. job hunters look for work in other countries
Paul Davidson
USA TODAY, November 16th, 2009

http://www.usatoday.com/money/economy/employment/2009-11-16-jobsabroad16_ST_N.htm

Category: Economy, Employment

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

49 Responses to “US Job Hunters Look Overseas”

  1. mathman says:

    People go where the work is – not unlike foraging for food. What’s a bit more surprising is that we’ve given up innovating, entrepreneurship, and forging new directions during this period. With all the work to be done in energy, transportation, and local food (just to mention a few), i would have expected to see some movement and new ideas in these areas and more created jobs here by the bright and industrious.

  2. investorinpa says:

    American jobs outsourced again….to Americans willing to leave the country…wow.

    So what industries do all of you predict will emerge in the ongoing years? Some new game changing type of industry has to pop up in order for the US to return to REAL growth. Its too easy to say biotech or tech. Be more specific. Anyone have predictions?

  3. “With all the work to be done …, I would have expected to see some movement and new ideas in these areas and more created jobs here by the bright and industrious.”–mathman

    mathman,

    see http://www.thefederalregister.com/ http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Federal+Register for starters..Economies are pretty easy to Strangle, with “Red Tape”..
    ht tp://ww w.thefreedictionary.com/red+tape

    or, differently, it’s easier to create Oligarchies w/o the pesky interference of all those ‘innovators’ and ‘entrepeneurs’ trying to ‘upset the Apple Cart’..

    also.. “Competition is a sin.” — John D. Rockefeller, and “I would rather earn 1% off a 100 people’s efforts than 100% of my own efforts.”, ibid.
    http://thinkexist.com/quotation/competition_is_a_sin/212532.html

  4. Mike in Nola says:

    I’d like to see some of the investment bankers move to China where the penalty for economic crimes is often death.

  5. deanscamaro says:

    At least the “executives” have a choice. If that study were done with the largest group of the unemployed, the “non-executives” who probably don’t even have the opportunity, I wonder what the percentages would be?

  6. willid3 says:

    interesting isn’t it, how some continue to whine about needing special breaks, or that red tape is strangling them, and that if just given these breaks they would create jobs, not! we tried that for about 8 years. and none of the promises of jobs ever came to be. the only thing that created jobs in that time frame was wars (Iraq and Afghanistan). that and the easy credit mirage. otherwise there was no new jobs at all!
    and why are we surprised that jobs in the US are dieing off? after all, if you are competing with countries with say 50% less in standard of living, they can live on lots less than we can. in business its always about the money. they will always go where its cheaper to produce. but they want to sell here (where the money is more). unfortunately the money here is going away (along with the jobs).
    so the executives are much more mobile than the rest of us. they can go else where (maybe, depends on if the other countries will let them in to work!). but they will also find out they will make a lot less too when they go!

  7. GB says:

    Better pay (different currency), better hours, health care and a 401K match would be very tempting if they provided this.

  8. Winston Munn says:

    “They’ll be back. They don’t know a single word of Dubaiyun.” – unnamed Sarah Palin autograph seeker.

  9. wiilid3,

    spoken like someone who has, truly, no experience of which you speak/ a true partisan hack.

    see: The North American Free Trade Agreement took effect on January 1, 1994.

    NAFTA opponents – including labor, environmental, consumer and religious groups – argued that NAFTA would launch a race-to-the-bottom in wages, destroy hundreds of thousands of good U.S. jobs, undermine democratic control of domestic policy-making and threaten health, environmental and food safety standards.

    NAFTA promoters – including many of the world’s largest corporations – promised it would create hundreds of thousands of new high-wage U.S. jobs, raise living standards in the U.S., Mexico and Canada, improve environmental conditions and transform Mexico from a poor developing country into a booming new market for U.S. exports.
    http://www.citizen.org/trade/nafta/

    or, are We in 2002?

    (as if it began in ’94)
    http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=trilateral.org

  10. Mike in Nola says:

    GB:

    Indoor plumbing would help. I believe in India it is still sometimes necessary to take a dump on the side of the road. http://en.wikipedia.org/wiki/Water_supply_and_sanitation_in_India#cite_note-pt-8

    Also, be careful of the bottled water to make sure it’s sealed. Sometimes in India bottles are refilled and resold.

  11. tawm says:

    What is surprising about this very rational behavior? Just as investors like Jim Rogers took off for Singapore years ago, it doesn’t take a rocket scientist to realize that there are greener, friendlier pastures for people with a good work ethic, ambition and the much-derided, but widely-held “family values.” If you can vote with your feet, why put up our overly: litigious, PC, male-hating, criminal-protecting, non-government institution-destroying, downward-spiraling welfare state?

  12. VennData says:

    Money Trickles North as Mexicans Help Relatives

    http://www.nytimes.com/2009/11/16/world/americas/16mexico.html?em

    Bush’s tax cuts for the rich really need to be kept… they “worked” so well… The rich invested that money in job creation here, right? Or was it real estate, contemporary art, and foreign ETFs?

  13. Mike in Nola says:

    Sorry about that cite. Somehow got one of the references in there. The whole article is here:
    http://en.wikipedia.org/wiki/Water_supply_and_sanitation_in_India

    Some of the references are eye openers as to how backward some of these economic powerhouses are.

  14. Mike in Nola says:

    VennData:

    Ya think those mobile executives will start wiring money back to their destitute parents who lost their retirements and who’s dollars are becoming more and more worthless?

  15. MRegan says:

    I would recommend to any young person in the US (21-35) with the option to work abroad to do so post haste. Leave and don’t look back. The State and the Oligarchy in order to survive and preserve the status quo must enslave a vast swath of the population.

    If Capital is afforded unrestricted movement, then Labor should have it as well. The Nation-State to be such requires a bit of a membrane. At present that protective shell is in a process of complete dissolution. Why should the healthy proteins stay put in a dying cell?

    At the peak of the housing build out it occurred to me that the real loser in all this chaos, stupidity and greed was Mexico. All their biological vitality got up and went north. All the excedent of that labor was captured here. And most of the remesa money was simply spent on consumption.

  16. Better pay (different currency), better hours, health care and a 401K match would be very tempting if they provided this.

    …and don’t forget. A paid vacation while getting introduced/immersed in a new culture

  17. wunsacon says:

    MEH, would you please elaborate on your post @ 8:16am? Sorry, I’m not getting it, both “overall” and whatever part of willid3′s post that struck you as naive.

    (Will have to step away in a few minutes. But, will read tonite.)

  18. wunsacon says:

    “The State and the Oligarchy in order to survive and preserve the status quo must enslave a vast swath of the population.”

    What MRegan said!

    Let us eat Twinkies…

  19. tawm says:

    As someone who has lived and worked overseas 3 times for a total of 9 years in Asia, I think most Americans could benefit — financially, intellectually, culturally and personally — from a stint overseas.

  20. willid3 says:

    MEH not sure that NAFTA had much good effect. sounds like the pot calling the kettle black to me. if NAFTA had such a great impact where is it today? Mostly NAFTA was about goods. seems like that is some thing we don’t do so much any more is it?

  21. ashpelham2 says:

    It is going to require some new growth engine to make the United States grow again. I doubt that debt is going to be popular for consumers in the next decade. As we’ve seen, if debt isn’t growing (and I mean household balance sheets here), then things are getting consumed, and the wheels start to fall off. We are in that place right now. People are consuming LESS, which is good, but it’s bad in what it does to the rest of the economy, meaning JOBS.

    Right now, medical advances may be our own worst enemy. We all live longer, but we don’t necessarily live better. Who could have ever guessed.

    I can’t believe I’m going to say this, but perhaps a cure for cancer is the one thing we can’t find, and shouldn’t, because of the repurcussions for mankind as a whole. I’m already sorry for that comment, and I never mean to offend, as I’m sure many of you are cancer survivors or know someone who is. I’m greatful for that. My comment is meant to point out that living longer and placing a burden on economies both locally and globally doesn’t seem to be working out….in relation to the current near civil war status of the healthcare debate.

    Again, just thinking out loud, no matter how insensitive.

  22. [...] unrelated to the prior post (US Job Hunters Look Overseas) I am leaving this evening for Berlin, to speak at a CityWire Conference [...]

  23. willid3 says:

    tawn, i think they are just voting with their feet because thats where the jobs are. after all, you get rid of so many here, you don’t really need to so many executives or management do you? of course they will get very large cuts in pay, but its all relative. for where they are going they will be well compensated. if they get to go of course

  24. bergsten says:

    @ashpelham2 — “Life is Cheap” — especially if it’s someone else’s.

    How many of said executives were from said countries in the first place?

  25. M says:

    Labor arbitrage. More than half of the value of most goods is labor. Without free movement of labor “free” trade is just a scam for the benefit of multi-national corporations.

  26. wunsa–

    this, stunning, display of obtuseness..”interesting isn’t it, how some continue to whine about needing special breaks, or that red tape is strangling them, and that if just given these breaks they would create jobs, not! we tried that for about 8 years.”

    “we tried that for about 8 years”

    The ‘idea’ that this ‘ball of Wax’ (ably described, by MR, as ~”The State and the Oligarchy in order to survive and preserve the status quo must enslave a vast swath of the population.”) began in the 21stC. is ___________. (Null Set)

    if you’re interested in understanding the bud of the issue, try http://mises.org/etexts/ostrowski.asp
    for starters.

  27. beaufou says:

    The best man in the room is the one who makes the most money for the corporation.
    So offshoring, reducing the work force and not necessarely modernizing their industries became the motus operandi while investors waited for higher returns.
    I think the era of Wall Street as an arbiter for everything under the sun has proven to be a failure as job creation has remained stagnant unless you’re only counting government jobs creating more debt in the process.
    Major changes have to be made at the top if we are to return to some kind of sanity both socially and economically, CEOs chosen essientially for their financial competitiveness while disregarding the consequences of their acts have to be offshored as fast as possible.
    The present condition is more than disturbing as we watch WS rally and are led to believe in some kind of recovery, meanwhile the ills of the last decades remain with no change of attitude in sight.
    I expect more people will want to go overseas to work and I don’t blame any of them, the future looks seriously bleak.

    http://www.slate.com/id/2235377/

  28. willid3,

    the Wholesale selling-out of the American Economy, and its Citizens, began way b4 2001.

    that was the first point re: NAFTA

    the other, the ones paying for the Megaphone for this message: “needing special breaks, or that red tape is strangling them, and that if just given these breaks they would create jobs” are the Same Interests that benefitted from NAFTA, and, later, China MFN (from ’94 forward..)

    as M points out: “Without free movement of labor “free” trade is just a scam for the benefit of multi-national corporations.”

    and, the ‘Cained Peep have been subsidizing those, now, MNCs, for over a hundred years (see TR, and the ‘Progressives’)

  29. tsk tsk says:

    from the WSJ last week:
    http://online.wsj.com/article/SB125782421975040485.html

    and a pretty scornful quote from the article:
    “It is Indian talents who made America rich and prosperous. Now, they are throwing us out like a can of Pepsi.”

  30. @beaufou November 17th, 2009 at 10:07 am

    The best man in the room is the one who makes the most money for the corporation.
    So offshoring, reducing the work force and not necessarely modernizing their industries became the motus operandi while investors waited for higher returns.

    Hmm. I’m not sure that is actually wrongheaded though. After all, isn’t it the job of the company to make the most money possible. But before you go arguing the point I’d say that there is a role in restraining the company. That belongs to government. I wouldn’t even call it restraint myself. I’d rather go with the phrase ‘providing sufficient incentive’ so that the company does the best for its workers while at the same time making lots of cash.

    This is why I suggested on a previous thread that all payroll taxes should be eliminated because they are a cost to the employer to hire someone

  31. Onlooker from Troy says:

    Pilots have been doing this for years now, as the industry shrinks in this country and opportunity with it. Especially since ’01, of course. Asia, the Middle East, India, all those spots are where aviation has been a growing concern. Of course it’s not a bed of roses. Most of these jobs entail a rather grueling schedule.

  32. …..and just think of the jobs available for mercenaries :)

  33. willid3 says:

    MEH still not buying your argument. seems to be no different than the argument that was made that if we just allowed the corporations to bring their earnings from over seas with a special one time tax deal, that they would create jobs. not
    or that
    offshoring creates jobs in the US.
    not

  34. willid3 says:

    MEH I just saw your last post. that I can agree with

  35. tagyoureit says:

    Trade deficit:

    Import -
    Give me your tired, your poor,
    Your huddled masses yearning to breathe free,
    The wretched refuse of your teeming shore.
    Send these, the homeless, tempest-tossed to me

    Export –
    Jobs
    Treasuries
    Democracy!

  36. tagyoureit says:

    excerpt from New Colossus — Emma Lazarus, 1883 via wikipedia

  37. beaufou says:

    Common man,

    I agree although I’m not sure eliminating payroll taxes would be a sufficient incentive for knuckleheads absolutely bent on destroying their national economy to please a few high rolling investors.
    When your population is getting more and more impoverished and all you can think of is maximising dividends, I have a problem, it is a deeply rooted culture nowadays, out of the window goes product quality and personal responsability to society as a whole.
    I don’t have any bones against making money, but not at any price especially on someone else’s back.

    And yes, as Blackwater still shows to this day, mercenaries are doing well for themselves at the taxpayers expense, but who cares at this point.

  38. Hi Barry,

    I am a PhD from a top US university and have worked at the top physics and engineering research institutes in the world before hitting Wall Street in 2005. I was born and raised in the US and my family is at least 5 generations of US citizens (who knows, we may go back to the Mayflower). I just accepted an awesome job in China working in asset management. I wasn’t even unemployed. I had a good stable job in asset management here. I simply thought the opportunity to move to China was too good to pass up. From what I saw there, i.e. considering my soon-to-be-coworkers, the reverse brain drain is well under way.

    Best regards

  39. S Brennan says:

    “…why are we surprised that jobs in the US are dieing off? after all, if you are competing with countries with say 50% less in standard of living, they can live on lots less than we can.” – willid3

    With respect willid3, this is the convetional wisdom, but it is flat-ass wrong.

    From my Facebook:

    “Ever wonder why Germany with it’s high wages, high taxes, powerful unions and sky high cost of living winds up kicking everybody’s ass in industrial production and maintaining a balanced trade sheet?

    Could it be that Germans look out for one another? Do you think Germans understand their fates are intertwined…and that social unrest…however it manifests itself…is inefficient? I think they do…and we do too, that’s why the CIA keeps the Gini index.” – October 29 at 1:25pm · Comment ·LikeUnlike · View Feedback (9)Hide Feedback (9) · Share

    From Yves Smith

    If German labor practices are so terrible, then how was Germany an export powerhouse, able to punch above its weight versus Japan and China, while the US, with our supposedly great advantage of more flexible (and therefore cheaper) labor, has run chronic and large current account deficits? And why is Germany a hotbed of successful entrepreneurial companies, its famed Mittelstand? If Germany was such a terrible place to do business, wouldn’t they have hollowed out manufacturing just as the US has done? Might it be that there are unrecognized pluses of not being able to fire workers at will, that the company and the employees recognize that they are in the same boat, and the company has more reason to invest in its employees – November 13, 2009

    http://www.nakedcapitalism.com/2009/11/krugman-on-the-need-for-jobs-policies.html

  40. willid3 says:

    S Brennan you might be correct for Germany as you pointed out some thing that isn’t true in the US. given that, I think its true of the US, but is not a generally true else where.

  41. Mark E Hoffer:
    I think you and willid3 are basically saying the same thing. Just different ways of making your points. Did it start before NAFTA? You bet it did. NAFTA is just that big red blinking light. The symbol of all that is wrong with the USA’s corporate culture.

  42. alfred e says:

    Well our BananAmerica corporate elite have been well along the path of bleeding the US dry and investing capital abroad in the next “new growth markets” for several years now.

    This structural revision is not about BananAmerica’s future improving. It’s about BananAmerica being abandoned, and left to the dregs to fend for themselves. Downhill from here. It’s like bacteria in a petri dish. They consume local resources and then move on to new territory.

    And yes Germany is still prospering because they never caught bananAmerica fever.

    And yes, the reverse brain drain is accelerating.

    Will the last person standing please turn the lights out.

  43. S Brennan:
    Bingo! But we can’t have that here with our government run by the banksters and Chamber of Commerce bloodsuckers.

  44. and, from a different POV–Resource Constraints

    “…”China’s goal is to create jobs in China and create goods in China,” Jack Lifton, a U.S.-based independent rare earths analyst. “We need to start producing these metals here [United States] as we did in the past. If we don’t do that, China will be the only country manufacturing devices using rare earths by the year 2015.”

    A single mine in China’s northern Inner Mongolia region produces half of the world’s rare earths, with the rest coming from smaller mines in southern China as well as Russia, India and Brazil.

    China keeps most of the minerals within its borders by restricting foreign shipments.

    Authorities have been increasingly restricting exports in recent years as China seeks to prop up prices, ensure supply for its own needs and create jobs for millions of migrant workers by luring foreign companies to its shores…”
    http://www.industryweek.com/articles/china_corners_rare_metals_market_20433.aspx

    two guesses as to why CNOOC wanted to buy Unocal..

    “We need to start producing these metals here [United States] as we did in the past.” from above..

    care to guess the reasons given for shutting down our Domestic Production?
    http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Rare+Earths+mining+in+the+U.S.

  45. O, and CJ, I hear you, re: willid, though, to me, he’d be better w/o the BDS, in specific, and the whole “Left/Right” charade, in general..

  46. wunsacon says:

    Barry, it’s somewhat pitiful. Yes. But, several years ago, you said you chose to develop Fusion with offshore resources. (Otherwise, I would’ve sent you my resume.) Everyone’s been doing that and it’s just continuing. What would you expect? Every job not nailed to the floor is moving offshore, until our currency adjusts. It would all happen overnight but for the fact that there is, you might say, a “terminal velocity” in job offshoring.

  47. wunsacon says:

    MEH, okay, I understand. (I’m not sure willid3 was saying otherwise. I suspect you’re both talking past each other and not really in disagreement.)

    Speaking of which, Harper’s came in the mail and — tada! — the opening article is about regulatory capture. :-)

  48. wunsacon says:

    MEH, regarding the Left/Right “charade”, there are some significant differences.
    - Lefties started fewer optional wars in the past 40 years. Righties see a commie, a terrorist, and a witch behind every 3rd-world slum and don’t consider closely enough the number of innocent people they kill.
    - Lefties want government out of our personal lives. Righties would turn the US into a Christian Iran.
    - Lefties want to preserve the environment for future generations. Righties scoff at Lefties over this issue.
    - Lefties give away more money to the Poor than the Right, who give away more money to the Rich.

    Yeah, voting for Lefties won’t end regulatory capture. But, there’s just no way I can vote for a Righty.

  49. cewing says:

    If you think that an executive moving overseas to work is a years-long vacation, you’re wrong.

    I used to work for the international relocation department in an accounting firm, and let me tell you, even if you’re young, single, and free, living and working overseas is a hassle. Everything from getting the right work permits to making sure your taxes get paid in BOTH countries, to adjusting to language barriers and new cultural norms. Even in Western European countries they do things differently than in the US.

    And don’t forget, amidst all the new cultural exploration, you will be expected to work long hours in the same kinds of cubicles and conference rooms you find here.

    More than a few employees who we sent overseas came back early for the simple reason they got homesick.