In the ever-changing outlook of global talent, nations that successfully attract, develop, and retain skilled individuals gain a competitive edge in the dynamic global economy.
The 10th edition of the Global Talent Competitiveness Index 2023 by the renowned French business school INSEAD serves as a compass, meticulously ranking 134 countries across diverse income groups to assess their talent performance.
The insights garnered from this index not only shed light on the current state of global talent competitiveness but also empower countries to shape policies and enact strategies for continuous improvement.
Switzerland Leads for GTCI 2023
Switzerland emerges as the undisputed champion in talent competitiveness, securing the top spot for the 10th consecutive year. This consistent success underscores Switzerland’s prowess in not only attracting but also nurturing talent. Following closely are Singapore and the United States, showcasing a diverse representation of talent hubs on the global stage. The top 10 talent competitive countries also include Denmark, the Netherlands, Finland, Norway, Australia, Sweden, and the United Kingdom, forming a formidable league of nations.
European Dominance and New Entrants
Europe solidifies its dominance in talent competitiveness, with 17 countries out of the top 25 hailing from the continent. This stronghold is complemented by the inclusion of Australia, Canada, New Zealand, the United Arab Emirates, South Korea, and Israel in the top 25. Notably, South Korea replaces Japan in this elite group, marking a significant shift in the regional talent landscape.
Categories of Talent Competitiveness
The Global Talent Competitiveness Index categorizes countries into four groups: “champions,” “movers,” “limpers,” or “laggards.” Champions exhibit consistent strength across dimensions like talent attraction, development, retention, and the enhancement of vocational and technical skills. Movers are nations actively improving their talent competitiveness, while limpers and laggards lag behind in these critical aspects.
Dynamic Shifts and Transformations
In the 2023 index, notable transformations are observed. China and Russia transition from talent movers to champions, indicating substantial progress in their talent competitiveness. Indonesia maintains its status as a talent mover, demonstrating remarkable improvements over the past decade. Mexico ascends from being a talent laggard to a mover, showcasing strengths in talent retention.
Success Factors and Areas for Improvement
Switzerland’s success is attributed to its robust social protection measures and the quality of its natural environment. However, enhancing the participation of university-educated individuals in the workforce remains an area for improvement. Singapore excels in formal education and workforce supply-demand alignment, with openness to overseas business and talent standing out. Improvement areas for Singapore include enhancing personal rights and increasing the number of doctors.
Future Trends in Talent Attraction
The Future of Jobs Report 2023 by the World Economic Forum anticipates a shift in talent attraction factors. Quality of life and sustainability are projected to play pivotal roles in the coming decade. The availability of talent remains a key concern for businesses, prompting strategies such as talent promotion, progression processes, higher wages, and robust reskilling and upskilling initiatives.
As the global talent landscape continues to evolve, nations that embrace these insights from the Global Talent Competitiveness Index are poised to navigate the complexities and harness the power of human capital for sustained economic growth.
Check out the full GTCI report here.
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