Nowadays, companies who fail to harness global talent are doomed to fail in the highly competitive knowledge economy. INSEAD, one of the world’s leading and largest graduate business schools, has recently released its annual Global Talent Competitiveness Index (GTCI), which measures a country’s competitiveness based on the quality of talent it can produce.
Here are a few highlights:
- Switzerland, Singapore and Luxemburg are the world’s talent champions. These countries are especially open to trade, investment, immigration and new ideas.
-Investing in lifelong learning, developing employable skills and being open to foreign trade, investments and labour mobility are key elements of talent competitiveness.
- Technological change impacts on 250 million “knowledge workers” globally today.
- Several European countries and the U.S. tend to develop their talent within their borders, while China for example invests more in foreign talent.
- It is vital that today’s talent development goes beyond formal education and focus on the development of vocational skills
- Rich countries whose economies are based on minerals or oil, need talent competitiveness to ensure sustainable development.
- In order to tackle unemployment, countries need to adjust their education systems towards those skills that are necessary for the needs of the national economy.
Check out this infographic to find out more interesting information on the countries’ ability to grow, attract and retain talent.