The impending years seem set to usher in a fierce global contest between countries, bodies corporate and indeed, continents over the acquisition and retention of world-class talent. This contention is premised on the implications of the Global Talent Competitiveness Index 2023, an annual overview orchestrated by reputable management school, INSEAD in partnership with Accenture and the Portulans Institute.
Unsettling geo-political tremors, coupled with a rapidly shifting global economic landscape, forms part of the backdrop against which this competitive index is set. The study unravels the hardening stances of countries on issues such as international trade and global investments. There’s little doubt that these economic factors will play a considerable role in determining the placement of countries on the grand chessboard of global talent.
If countries wish to emerge as alluring hubs for top-tier talent, then they need to invest significantly in the promotion of quality of life and sustainability. Equally, industries must be prepared for a future where AI could become an omnipresent force. While this reality may stoke competition, it could exacerbate tensions among low skilled workers through the fear of being dislodged by more technically adept competitors, or even by cold, precise algorithms.
Against this backdrop, the significance of possessing an arsenal of special talents or superbly skilled individuals becomes even more pronounced. Countries with these resources often become the lodestones for other talented individuals, thereby bolstering their workforce and global standing.
Needless to say, the index relies on a complex cocktail of indicators such as how conducive the job environment is for domestic workforce, the quality of education and the prospects of constant growth through employment.
In the race for top talent, Switzerland has maintained its lead for ten straight years, like a marathon runner who knows no fatigue. Following closely behind is Singapore, with its highly educated workforce, and the United States, who moved a notch higher in 2023.
The report, which provides a panoramic view of 134 countries’ talent strategy, shows a tight correlation between a nation’s wealth and its ability to attract, nourish, and retain talent. The riches of Denmark, the Netherlands, Finland, Norway, Australia and the United Kingdom, for example, are reflective of their robust talent competitiveness.
The report isn’t good news for all, however. India, the world’s third-largest economy, appears to be slacking off, dropping to the 103rd spot on the back of plummeting business confidence. This indifferent performance threatens to dent its image as a magnet for global talent, and could worsen the imbalance in the labour market.
Finding itself at a disappointing 125th place, Thailand has much work to do in improving tolerance and human rights, especially in the realm of the lower-level workforce. Added to that, the nation’s educational system appears ill-equipped to implement lifelong learning, thus hampering growth opportunities and negatively impacting vocational and technical skills.
Be First to Comment