Globally, Europe continues to dominate the world talent ranking, with Switzerland, Denmark, and Belgium being the most competitive countries. Austria, Finland, the Netherlands, Norway, Germany, Sweden and Luxembourg made up the top 10.
India has improved its world talent ranking by three steps to 51 globally in terms of ability to attract, develop and retain talent while Switzerland topped the list compiled by leading global business school IMD.
“The skilful education systems in Europe sets them apart from the rest of the pack. This allows them to develop local talent and at the same time attract foreign, highly- skilled professionals, which many European businesses rely upon to perform,” the report said.
The world talent ranking are based on a country’s performance in three main categories — investment and development, appeal, and readiness — and India was ranked 62nd, 43rd and 29th on these terms, respectively
According to Arturo Bris, Head of Competitiveness, IMD Switzerland, India is not doing a good job at retaining local talent and attracting foreign labour. On both fronts, remuneration levels, quality of life, security and property rights are deterrent to domestic employment, Bris said.
Going ahead, Bris said “India needs to emphasise the education system as a key to prosperity. It also needs to prevent brain drain by providing better opportunities to local talent”
Meanwhile, leading Asian economies — Singapore, Hong Kong and Taiwan — have cemented their global status as hubs of attracting and retaining highly-skilled workers though they trail Europe in this regard.
From past few years India climbs 6 steps from 57 to 51. On education Indian GDP contributes its 3% while on every student India contributes its GDP’s 16.8% which is still on 45th rank worldwide.
On average, each European country has a high level of investment in education accompanied by a superior-quality educational system, from primary to tertiary levels. This allows them to develop local talent and at the same time attract foreign, highly-skilled professionals, which many European businesses rely upon to perform.