Brain Waste is a phenomenon that refers to the underemployment or unemployment of immigrants who have high qualifications. This means that many immigrants either have more qualifications than required for the jobs they are working in, or are not working at all.
Impacts on Greece
In Greece, the phenomenon of brain waste is particularly felt. According to a study, over 427,000 Greeks have left the country between 2008 - 2016. These people are well-educated, with 90% of them being graduates. However, many of these educated migrants find themselves in jobs that do not match their qualifications or are unemployed.
This has significant implications for Greece’s economy. Migrants with degrees earn 2,000 euros less each year than native graduates with similar degrees and characteristics. In addition, migrants with degrees are also unemployed at almost double the rate of natives. This amounts to 10.7 billion euros in lost wages, or 0.12 percent of the combined GDP of the countries.
Implications for Employers
For employers, brain waste means that they are missing out on the opportunity to utilize the skills and qualifications that immigrants have. This can lead to a loss of productivity and competitiveness. In addition, employers may face difficulties in hiring specialized personnel, as many educated migrants may not be available for work in their field.
In conclusion, the phenomenon of brain waste poses a real problem for Greece and European governments. Measures need to be taken to address this problem in order to fully utilize the potential of migrants and improve economic growth.
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