- According to INSEAD Business School’s 2023 Global Talent Competitiveness Index, the country that attracts and retains talent the best is Switzerland.
- Similarly, Singapore also held its fort at the second spot, while the US came in third.
Switzerland is once again the most competitive country in the world in terms of talent, reports The Global Talent Competitiveness Index 2023 by INSEAD Business School.
The European country has held its crown for ten consecutive years, benefiting from its “high level of social protection” and the quality of its natural environment, the report found.
Similarly, Singapore held on to second place thanks to its highly educated workforce and innovative economy, followed by the United States, which rose to third place after ranked fourth in 2022.
The annual report measures how 134 countries attract, grow and retain their talent. The top ten countries have remained unchanged over the past decade, with Switzerland and Singapore consistently topping the rankings as “clear leaders”.
“Over the past decade, we have seen an unwavering correlation between a country’s wealth and its competitiveness for talent, with richer economies continuing to outshine poorer economies,” the report said.
Where are China and India?
Other European countries also fared well on the list. Denmark, the Netherlands, Finland and Norway ranked fourth, fifth, sixth and seventh respectively.
Other notable mentions include Australia, which came in eighth, and the United Kingdom, which came in tenth. China rose from 47th to 40th place in the ranking.
India that is many predict it will become the third largest economy by 2030 it had reached the 103rd place. INSEAD attributed this to a “decline in business sentiment” that has reduced its ability to attract talent both from abroad and at home.
“This has also led to increased skills mismatches and greater difficulty in finding skilled workers,” the report added.
More “talent wars”
The competition between countries for talent will become more intense over the next decade as uncertainties and international tensions continue to intensify in trade, investment and politics.
“We can expect more rather than fewer talent wars,” the report said, adding that quality of life and sustainability will be “vital” for countries emerging as talent hubs.
Additionally, the emergence of artificial intelligence across industries could further widen the talent gap. “Much of the additional pressure will be borne by the unskilled or low-skilled workforce, while new categories of workers, some with higher qualifications, will suffer from stronger competition from algorithms and specialized equipment.”
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