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By Antonis Loizou F.R.I.C.S. – Antonis Loizou & Associates Ltd – Real Estate & Project Managers
After the first and second wave of migrants seeking better fortunes overseas in the 1950s and 1960s, since 2013 we have witnessed a new wave émigrés leaving the country. But in contrast with the previous trends, linked directly to poverty and lack of infrastructure, the current wave of migrants comprises mainly young people aged 25 to 35, who are either seeking a better employ or they remain in the countries where they are already studying and have no plans to come back.
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The target set by these younger migrants is focused mainly on the U.K. and the U.S. – primarily because they have studied in these countries and can quickly adapt to those cultures – with a smaller number ending up in Australia, while those seeking jobs in the Arab Gulf are mainly short-term plans.
The jobs many are seeking are mainly technical (architects, engineers, etc.), followed by financial services and to a lesser extent other professions.
This so called “Brain Drain” has a real cost to the Cyprus economy, which may show its ugly face some ten years down the line, when we notice the absence of skilled young Cypriots. For those who have already had some success abroad, especially on the longer-term, their return is highly unlikely mainly because of the higher earnings they have secured overseas and it will be difficult to re-adjust to the situation and mentalities that prevail in Cyprus.
For example, there was the case of a young man who joined Goldman Sachs in the U.S. and soon became a partner, earning $1 mln a year plus bonus, and another is in financial services in Monaco and earns more than EUR 500,000 plus bonus, while a heart surgeon in the U.S. did not want to tell me what he earned, although a six-figure sum.
Of course, many have a return at the back of their minds, but the longer they stay away, the more difficult it will be for them to come back, having established a family, new household, mortgages, etc. Those who prefer to come back are mainly in the medical profession (not from the U.S.) who are seeking a more relaxed family life, where they say life in Cyprus is “sweet”, with a sense of security and a better place to raise children. However, as I have already mentioned, the stale mentality still seems to rule, as is the case of the doctors who want to come back and join the university hospital, but the local unionists keep on resisting, for reasons of their own and not the greater good of the nation.
The generous wages offered overseas should not mislead you, because success often comes with sacrifices, such as unworldly work hours, as one financial consultant told me. This is why those aged 45 to 50 often reach a burnout stage, while the constant competition and the fear of layoffs is just as mind-drenching. Plus, the fact that if finding a job in Cyprus at 45-50 is difficult, it is equally of not harder overseas, unless someone changes the line of profession altogether.
The demand in Cyprus for professionals-scientists in the technical and financial sectors is expected to drop in the near future because Cyprus failed to become an international centre in many fields, while the boom of the pre-2003 years has gone, not to return. If Cyprus manages to remain attractive for international companies, perhaps this demand could grow, while the failure to become an arbitration centre also has had an impact, as many companies resort to the U.K. to resolve their corporate differences.
In our sector, there is some demand for technicians, but this is limited in scope. Of course, it is desirable that every graduate finds a job in his or her line of study, but many scientists have had to resort to shift to other professions. However, whether they have studied for the sector they seek employ in, or not, at least they have a university education, which in itself is quite important.
It is difficult to predict which small-to-medium sized enterprises (SMEs) or startups have a promising potential, but I think the careers of the future are:
– “Smart farming” or modern agriculture;
– IT and web technolgies;
– Public relations;
– Leisure, food and beverage (F&B), with some franchises;
– Micro-maintenance service that cover all aspects of home/office repair;
– Management of short-period rentals and property administration.
Points to consider…
