New research shows that young professionals who choose to move to a new country are thriving!
The report from HSBC Expat states that 71% of expats aged under 35 years are learning new skills by working abroad.
Relocating often involves increased income and a great career boost as well as personal fulfilment for younger assignees. In fact, 80% of those assignees increase their earnings by relocating. The report states that: “Expat millennials can expect to see their income jump by over a third (35%), from an average global annual salary of $40,000 to just under $55,000. In comparison, for 35 to 54-year-olds, earnings increase by just under a quarter (24%), while the over 55s see a 9% increase.”
How are these expats spending their extra income? 46% of research participants aged under 35 years said that home ownership was their top priority.
Top Destinations for Young Professional Assignees
A variety of destinations appeal to young professionals. Here are the top destinations and what attracts assignees to each location:
1. USA – 66%
America offers both career progression and a higher quality of life.
2. United Kingdom – 59%
Expats feel more confident when working in the UK. Plus, 36% of participants feel that they can network more effectively from the UK.
3. Poland – 56%
Particularly popular amongst millennials, Poland offers good career progression and a much-improved work-life balance.
4. Hong Kong – 51%
Hong Kong is seen as the top location to challenge oneself as also to increase income (by an average of 41%).
“It’s interesting to see these sought-after locations and why they appeal to young professionals,” says Louise Chilcott, Global Move Specialist at BTR International. “At BTR International, we appreciate that younger professionals, particularly millennials, have their own requirements when it comes to global relocation. With this in mind, we have specific relocations solutions that are dedicated to millennials. Our millennial lite solutions are extremely popular.”
Are you managing international assignments or relocating to a new role in a different country? Contact Louise via firstname.lastname@example.org or call +44 (0) 1582 495495 for an initial discussion without obligation.