BCG suggests that Azerbaijan holds edge over major economies due to its abundance of talented individuals

Azerbaijan, thanks to local talent, enjoys a more advantageous position than many leading global economies in terms of talent availability, reads a study “Decoding Global Talent 2024” by The Boston Consulting Group (BCG), Azernews reports.

The study, titled "Decoding Global Talent 2024," draws on survey data from over 150,000 respondents in 188 countries. It marks the fourth edition in a series, with previous editions released in 2014, 2018, and 2021.

BCG experts attribute the looming gap in the global labor market to declining birth rates and mismatches between job supply and demand.

Kirill Tuishev, head of BCG's Baku office, managing director, and senior partner, emphasized the growth potential enabled by the local talent pool. He highlighted the doubling in size of their Baku office within two years, crediting it to the availability of local talent.

Azerbaijan holds notable competitive advantages, including a youthful average population age of 31-32 and a strong historical emphasis on education.

However, Tuishev noted challenges faced by Azerbaijan, such as retaining local talent. He stressed the need to capitalize on competitive advantages and create opportunities for professional development that surpass those available abroad.

Survey results indicate that global talent relocates primarily for professional advancement, citing financial incentives (64%) and career prospects (56%) as key motivators. Quality job opportunities (65%) are the primary factor in choosing a destination, followed by quality of life and climate (54%).

English-speaking regions with robust economies, such as Australia, the US, Canada, and the UK, are among the top destinations. London ranks highest among cities, with New York also in the top five.

Younger individuals and those from regions with growing populations are more likely to relocate. Regions with labor surpluses, like the Middle East and Africa, exhibit higher mobility rates, while those with shrinking labor forces, such as North America and Europe, have lower rates of willingness to relocate.