Thailand needs to attract digital talent and invest more in education for it to boost its competitiveness in the current economic climate. That is the key message that came out of a recent IMD webinar, organized in…
World Talent Ranking
Switzerland leads the way for the fourth year in a row, Denmark is 2nd and Luxembourg 3rd in the IMD World Talent Ranking 2020.
Brexit’s impact on the UK’s talent competitiveness appears to be reflected in figures. In 2016, the year of the Brexit vote, the UK was in 16th position in the same ranking. This year’s 23rd position is a likely reflection that uncertainties around Brexit have been chipping away at the UK’s talent competitiveness.
Switzerland balances a high-quality education system that earns top marks for those being channeled into university (#1) and for those embarking on apprenticeships (#1). The country is also attractive to foreign labor thanks to the high quality of life (#3) and remuneration (#1).
Denmark, in 2nd, performs well across the board and stands out for the perceived fairness of its society (e.g. justice #1).
Luxembourg, in 3rd, has seen a consistent improvement over the past five years, progressing from 11th to 3rd. This is due to a marked improvement in the Investment & Development factor, both relative to other economies but also in absolute terms.
The Institute for Management Development’s World Competitiveness Center take a three-pronged approach in measuring talent in economies.
- The Investment & Development factor measures the resources earmarked to cultivate a homegrown workforce.
- The Appeal factor evaluates the extent to which an economy attracts foreign and retains local talent.
- And the Readiness factor measures the quality of the skills and competencies that are available in a country’s talent pool.
Methodology in a nutshell
- The IMD World Talent Ranking (WTR) assesses the status and the development of competencies necessary for enterprises and the economy to achieve long term value creation. It does so by using a set of indicators which measure the development, retention and attraction of a domestic and international highly-skilled workforce.
- Based on our research, the methodology of the World Talent Ranking defines Talent Competitiveness into three main factors:
- Investment and Development
- These 3 factors comprise 31 criteria, although each factor does not necessarily have the same number of criteria (for example, it takes more criteria to assess Readiness than to evaluate Investment and Development).
- Each factor, independently of the number of criteria it contains, has the same weight in the overall consolidation of results that is 1/3 (3x33.3 ~100).
- Criteria can be hard data, which analyze talent development as it can be measured (e.g. Total Public Expenditure on Education) or soft data, which analyze the quality of these investments as they can be perceived (e.g. Management Education).
- Finally, to compute the overall World Talent Ranking, we aggregate the criteria to calculate the scores of each factor which function as the basis to generate the overall ranking.
World Talent ranking factors
The investment in and development of home-grown talent
The extent to which a country taps into the overseas talent pool
The availability of skills and competencies in the talent pool
Computing the Rankings
More about the World Competitiveness Center
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