Portugal is facing a significant brain drain as 40% of its graduates are leaving the country to seek better-paid jobs abroad. This alarming trend has been highlighted by the Business Roundtable Portugal, which has launched a new platform to compare Portugal with other European countries on various economic indicators.
Key Takeaways
- 40% of Portuguese graduates emigrate for better job opportunities.
- Business Roundtable Portugal has launched a platform to compare Portugal with other European countries.
- The platform focuses on GDP, salaries, taxes, and other key indicators.
- Calls for action to create conditions to retain home-grown talent.
The Alarming Trend
The Portuguese workforce is more highly qualified than it was 20 years ago, yet the country is losing 40% of its graduates to overseas job markets. This trend was highlighted by the Business Roundtable Portugal (BRP) during the launch of a new platform designed to compare Portugal with other European nations in terms of GDP, salaries, taxes, and competitiveness.
The New Platform
The platform, named ‘Compare to Grow,’ aims to provide a comprehensive comparison of Portugal with other European countries across 30 indicators in four key areas: global performance, people, companies, and the State. The goal is to identify areas where Portugal can improve to retain its talent.
Calls for Action
Vasco Mello, President of BRP, emphasized the need to create opportunities and incentives for Portuguese graduates to stay in the country. “We cannot have a situation in which 40% of our graduates go abroad,” he said. While gaining experience overseas can be beneficial, Mello stressed the importance of providing attractive opportunities within Portugal.
Nuno Amado, a board member of BRP and chairman of the bank BPC, echoed these sentiments. He highlighted the need for competitive salaries and better working conditions to retain young professionals.
Expert Opinions
Vítor Ribeirinho, CEO of KPMG, pointed out that the country is losing its capacity to retain the best talent. He called for the creation of hubs outside large urban centers but close to talent pools. KPMG has recently launched a new center in Évora as part of this initiative.
“The government and indeed anyone needs to understand that something needs to be done with regard to young people. If we don’t, we run the risk of them starting their careers overseas,” Ribeirinho warned.
The Way Forward
The launch of the ‘Compare to Grow’ platform is a step in the right direction, but more needs to be done to address the root causes of this brain drain. Competitive salaries, better working conditions, and opportunities for career growth are essential to keep Portugal’s talent at home.
The Business Roundtable Portugal’s initiative is a call to action for both the government and private sector to work together in creating a more attractive environment for young professionals. Only then can Portugal hope to stem the flow of its graduates leaving for better opportunities abroad.
