The IMD World Competitiveness Center released its annual World Talent Ranking on Thursday. In the latest ranking, IMD studied 63 global economies and ranked them based on the following three factors:
How do different economies invest and develop their local talent? How do countries appeal to the international talent pool as well as retaining their own high-skilled work force? And how do economies measure the quality of the skills and competences that are available?
The report shows that most of the countries that perform well focus their talent development on all areas of education. From primary education to tertiary, to apprenticeships and continuous work training, enhancing the skills and competencies of the work force is important.
The report shows that the top performing countries are open to both people and ideas. Also, keeping the employees motivated, especially in these difficult times of social distancing and working from home, contributes to the talent competitiveness of an economy, according to the report.
Switzerland was named the best place for the fourth year in attracting and nurturing skilled workers. The country’s high-quality education system is a contributing factor, according to the report.
The central European nation ranked above other continental neighbors including Denmark, Luxembourg, Iceland and Sweden, the report shows.
Here are the top 10 countries on the list of the 63 economies studied.
10. the Netherlands
Western Europe led the top 10. The U.S. came in 15th, ranked behind Germany (11th), Australia (13th), and Hong Kong (14th). It was just ahead of Ireland (18th), Taiwan (20th) and the U.K (23rd).
Among the bottom 10 countries were: Russia, Bulgaria, Mexico, Romania, Colombia, Brazil, Venezuela, Slovak Republic, with India and Mongolia coming out last in the ranking
Most of the data used in the ranking were obtained from the 2019 economic and country data. Survey responses for 17 of the 31 indicators were gathered from January to April 2020, just when the coronavirus pandemic was beginning to take its toll on the world’s economies.
The IMD World Competitiveness Center has pioneered research for over 30 years on how economies and companies compete to lay the foundations for sustainable value creation. The competitiveness of nations is believed to be one of the most significant developments in modern management.