“Junior and middle-level managerial professionals have strongest migration intent”
Younger professionals in junior and middle-level managerial roles in Sri Lanka had the strongest intent to migrate said Kelaniya University Human Resource Management Professor Prasadini Gamage,
“In terms of industries, human resources, information technology and engineering showed strong partiality in intent, while the banking, finance and accountancy, marketing, medical and several other fields were divided.” She opined this at an HR Forum organised by the CFA Society Sri Lanka (CFASSL) in Colombo with a focus on ‘Navigating Through a Brain Drain Crisis’ attended by HR leaders across several industries. Delivering the keynote address extracting findings from her recent research study ‘Brain Drain in Developing Countries: Evidence from Sri Lanka’ she said that the study also found the economic crisis to be the most proximate reason for many to consider migration as an option.
“On a hopeful note, she highlighted that thirty-eight per cent of survey respondents expressed willingness to return to Sri Lanka if/when the country becomes prosperous. CFASSL President Aruna Perera, CFA astutely drew parallels between the COVID-19 pandemic and the brain drain crisis. The analogy revolved around the central message of ‘flattening the curve’.
“Similar to COVID-19, a certain percentage of professionals would inevitably migrate. Yet, by proactively implementing measures to decrease the overall migration volume and extend the migration wave over a longer timeframe, the strain on local industries and organisations could be better managed.”
CFA Institute India Country Head Arati Porwal spoke of steps that need to be taken to reverse the brain drain scenario into a ‘brain pool’ scenario. She highlighted the pivotal role played by CFA Institute and its flagship charter program in supporting this cause. Homing in on the investment management and financial services industry, she identified three areas disrupting workplace competencies: artificial intelligence and machine learning, increasing focus on sustainability and changing regulatory demands.
Remarking on what needs to be done to stem the tide of brain drain, Porwal noted: “What they (the younger population) desire to stay back in this country is a stable and growing economy, an attractive industry to work for and one that supports entrepreneurship – most importantly, inclusive investment and growth opportunities where their hard-earned money will remain safe and can be invested in stable and reasonable return (generating) investment tools.”
The keynote speech was followed by a panel discussion featuring industry leaders including Prof. Gamage, 99x Founder Mano Sekaram, Goodhope Asia Holdings Ltd Director HR, Group & Country Head – Sri Lanka Ishan Dantanarayana, Acuity Knowledge Partners Global Head of Compliance and Country Head – Sri Lanka Jehan Jeyaretnam, and Commercial Bank of Ceylon PLC Deputy General Manager – HRM Isuru Tillakawardana, and moderated by Travel Lanka Compass Founder Leo Fernando, CFA.
“It’s imperative for companies to have risk mitigation strategies. Organisations should communicate the real situation of the country and draw upon history to help employees understand that time and again, Sri Lanka has gone through similar issues only to bounce back in a resilient manner,” the panellists opined.
Speaking on the modern competitive landscape, the panellists agreed that talent remains the biggest differentiator for organisations. They reflected on how several IT and apparel industry leaders were cognisant of this during previous migration waves in the mid-1990s and made strategic decisions to attract and retain the right talent, on occasion offering above-industry compensation. Noting the lack of a large captive talent pool in the country, unlike in neighbouring India, several panellists spoke of measures taken to build and recruit prospective young talent. The panellists emphasised the importance of compensation going hand in hand with training and development, stating that “companies should not lose sight of the fact that talent has a global price.”
“Take the example of CFA. Whether it is Sri Lanka, the US or somewhere else, the qualification can earn a certain amount of compensation, so we cannot pay less and retain a person. We need to find a way of paying what that person can earn anywhere in the world within our affordability criteria.”
Several panellists remarked on internal efforts within their organisation such as re-alignment exercises of remuneration packages for existing and prospective employees, and initiatives to ensure top performers are very clearly and significantly recognised by the organisation for their contributions. Shifting gears to the significance of organisation culture in attracting and retaining talent, the panellists noted several key facets.
In their closing remarks, the panellists noted that the focus should be on those who intend to stay back, believing in the future of the country and working with them.
They also surmised that it was important to recognise the aspirations of the younger workforce and augment the value proposition to rebalance the scale between people and organisations.
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