Greece’s “Brain Drain” phenomenon during the financial crisis

ICAP group carried out a research among 1,325 Greeks working in 56 countries across the globe to explore the “Brain Drain” phenomenon, on the occasion of the 2015 Human Capital Summit.

According to the study, the majority of talented young professionals is now working in England mainly, in the Information Technology, Finance and Technical sectors. Additionally, 73% of them carry a masters and/or doctorate degree.

47% of the research sample had already worked in Greece and decided to leave due to the current lack of meritocracy and plague of corruption (37%), unemployment (35%), economic crisis (33%), as well as to seek better development prospects (33%).

The main factors that could lead to these high qualified people’s return to Greece in the future seem to be the lifestyle (45%), several financial incentives (76%) that constitute basic prerequisites for them in order to continue having the standard of living they are enjoying abroad, as well as other family reasons (30%).

63% of the sample left in the years after the crisis and 1/3 of them revealed that they may not return to Greece. “The fact that many of these talented Greek people do not want (20%) or do not foresee (30%) that they will ever return to Greece is extremely sad,” said ICAP group CEO Nikitas Konstantellos.