London may be the top talent spot now, but Dubai and New York are hot on its tails
London has come out on top as the most attractive spot for talent in the world, but its crown can easily slip, Nick South, managing director at Boston Consulting Group, writes
Sadiq Khan has been re-elected as London Mayor for a historic third term with commitments around everything from freezing fares and building more houses, to increasing the number of police officers in local communities.
But the Mayor of London is more than just a political leader making policy pledges – he is the international figurehead for one of the world’s great global cities.
London’s reputation throughout the world is in no doubt. We remain a preeminent financial powerhouse, an envied generator of culture, a liberal multicultural society and a home to some of the world’s most exciting businesses. These factors continue to make our city a beacon for workers around the world.
For a decade, Boston Consulting Group’s (BCG) Decoding Global Talent report has surveyed hundreds of thousands of workers around the world and analysed what makes them want to relocate and pinpoint the cities they want to move to. And in every edition London has come out on top: the most attractive city in the world for anyone considering working abroad.
But people don’t just want to come to London because of the employment prospects. Workers seek out London because of the breadth and depth of its diversity, to live in communities they feel at home in and for its unique energy and vitality.
But retaining the top spot ahead of economic hubs like Amsterdam, Dubai and New York is no sure thing. Both the Mayor of London throughout his next term of office and the next government elected later this year will have to navigate the many different challenges the capital faces.
First, London maintaining its position as the premier destination for the financial services sector. The threat of a gradual chipping away at our position in favour of other financial centres is very real and requires close and careful attention. There is no room for complacency.
Second, seeing London as a true global asset in a national growth strategy. It is easy to turn stories about London’s strengths into a story of London at odds with the rest of the country. But as BCG’s research found, the UK as a whole is the fourth most desirable destination for workers around the world, and while London might be where many want to come first, how we ensure our leading regional cities thrive and compete is equally as important – and has to be part of the same strategy.
Third, ensuring companies have access to the talent they need. In part this is about the systems that allow global talent to come to the UK where our businesses need talent. But this must also be coupled with ensuring we focus on the talent within our borders and building out high quality reskilling and upskilling for the jobs of the future and career pathways for young people growing up in every borough. Some might see Canary Wharf every day on their way to school, but the high-quality jobs there might feel out of reach for far too many.
As London looks to the next decade and how we retain our standing as a global capital, a combination of bold ambition and consistent excellence in delivery is needed.
People need to feel safe and able to take advantage of the opportunities that a vibrant international city such as London has to offer. With fierce competition from other global cities, London’s enduring appeal is not to be taken for granted any longer but we have all the ingredients to retain our pull for the world’s best and brightest.