London Confirmed as Worldís Career Capital

According to a new report published today by Think London, Londonís foreign direct investment agency, nine out of ten foreign-born executives believe that working in London has benefited their career. The report, produced in collaboration with Dr Michael Dickmann of Cranfield School of Management looks in detail at the impact of working in London on the careers of foreign-born executives whose organisations are based in the capital.

The report identifies the birth of todayís new Global Professional. The Global Professional seeks to add value to their careers, not just by which organisation they work for, but where they work. Overwhelmingly, those surveyed by Think London said their career had benefited from working in London. Nine out of ten executives said that working in the capital had increased their understanding of global business.

This is the first time the inward investment market has researched the views and perceptions of individual business people rather than reflecting corporate views, with Think Londonís findings underlining the importance and value placed on working in London. 348 foreign-born executives were surveyed during September 2005. Interviewees were drawn from 46 different countries. Eight out of ten of those interviewed said that colleagues in their home country viewed London as career enhancing or very important to career development.

The research sought to identify the key factors which impact on career success and how and why London is unique. This was defined through the ëCareer Capitalí* framework, a tool for understanding the skills and capabilities that affect career development. Key findings identify these themes:

London and the Global Professional

The research examined the careers and career prospects of executives from overseas. There was clear evidence that London is good for professional development.

Overall 93% said that positive impact on career is the biggest influence for moving to London in the first place
Nearly 60% of foreign-born executives have been promoted during their time in London, and almost 80% expect further promotion when they leave

Developing Career Capital

The ìCareer Capital Frameworkî is a tool for understanding the skills and capabilities that affect career development and identifies three types of knowledge that influence success in the global business environment: knowing how, knowing whom and knowing why.

ëKnowing Howí (Understanding Global Business)

Knowing how relates to the skills needed for career success: these include technical and professional expertise, ësoftí skills and general business acumen.

Overall 98% felt they had developed a better understanding of global business since being in London
96% said their time spent in London had helped them develop better business acumen and communication skills
80% of executives said that London has helped them develop more confidence at work

ëKnowing Whyí (Confidence and Motivation)

Confidence, motivation and commitment are important elements for career development. They are the personal qualities which give executives the energy and sense of purpose to succeed in their careers.

Over 90% of respondents felt that their time in London had helped them develop more focused goals
90% said their work motivation had increased, with the business culture in London highlighted as a contributory factor above and beyond its international rivals

80% of respondents said that the cultural and social life in London enhanced personal growth

ëKnowing Whomí (Building Career Networks)

The ability to network successfully is widely accepted as being key to developing increased employability and being successful in a global economy. Londonís role at the centre of global business was overwhelmingly reaffirmed.

90% of respondents said that London provided career relevant networks

Additionally 70% of respondents think that London has helped them network with people from other organisations
94% said that their time in London helped them develop tolerance of diverging views

This final point reinforces confidence in London and its inclusive way of life. The executives questioned valued Londonís open-mindedness, tolerance, and ethnic and cultural diversity. Eighty percent of respondents felt that their understanding and awareness of different cultures had been developed since working in London. In addition 83% went as far as to say they actively enjoyed this aspect of London.

Referring to the findings, Think London Chief Executive, Michael Charlton commented:

ìThis new research sets out in persuasive detail just how much working in London is valued by todayís new breed of Global Professional. We know that London is a major global destination. But even we didnít foresee how much executives value the capitalís networks, opportunities and energy. It seems clear to them that if you succeed in London, you can succeed anywhere.î