SL above SA nations in talentJanuary 20, 2016, 12:00 pm
Sri Lanka has been ranked above other South Asian nations at number 83 globally on talent competitiveness, followed by India, Bangladesh and Pakistan placed 89th, 100th and 103rd, respectively, on a global index of talent competitiveness.
Switzerland has been ranked number one globally on the annual Global Talent Competitiveness Index (GTCI) 2015-16 released on Tuesday at Davos, Switzerland on the sidelines of the 46th annual summit of the World Economic Forum (WEF) by INSEAD business school in partnership with Adecco Group and the Human Capital Leadership Institute of Singapore.
The report measured the ability of 109 countries, across the globe, to compete for talent and was prepared with the theme Talent Attraction and International Mobility.
Among the 109 countries surveyed, the countries that ranked high in global talent competitiveness were- Switzerland (1), Singapore (2), Luxembourg (3), the USA (4) and Denmark (5).
The countries that were at the bottom of the index – Mali (105), Tanzania (106), Ethiopia (107), Burkina Faso (108) and Madagascar (109).
Bruno Lanvin, executive director of Global Indices at Insead, and co-editor of the report, commented: "One key recommendation from the report is that countries have to be more proficient at managing the emerging new dynamics of ‘brain circulation’."
"While the temporary economic mobility of highly skilled people may initially be seen as a loss for their country of origin, countries have to understand that this translates into a net gain when they return home. The way in which Taiwan built its world-class electronics industry, through returnees from Silicon Valley, is a model that many look to emulate.
"New technologies might create new challenges for workers at different skill levels: low-skill jobs are being destroyed by automation; medium-skill jobs may be displaced by algorithms," he added.
Through analyses and comparisons of the scores registered by individual countries, a number of patterns and similarities emerge, converging towards eight key messages relating to this year’s theme:
• Mobility has become a key ingredient of talent development: creative talent cannot be fully developed if international mobility and ‘brain circulation’ are not encouraged.
• The migration debate needs to move from emotions to solutions: countries will find it advantageous to address movements of people through a talent perspective.
• Management practices make a difference in attracting talent: apart from monetary incentives and standard of living, another important differentiator in talent attraction is the professionalism of management and investment in employee development.
• While people continue to move to jobs and opportunities, jobs are now moving to where the talent is: some countries have started to attract the attention of international investors because of creative talent at a reasonable cost: China, South Korea, Philippines and Vietnam in the Asia Pacific region; Malta, Slovenia, Cyprus and Moldova in the European region; Turkey, Jordan and Tunisia in the Mena region; and Panama in Central America.
• New ‘talent magnets’ are emerging: While the US, Singapore and Switzerland have long been attractive to talent, competition may become fierce among emerging talent hubs such as Indonesia, Jordan, Chile, South Korea, Rwanda and Azerbaijan, as more aspire to join these increasingly attractive destinations.
• Low-skilled workers continue to be replaced by robots, while knowledge workers are displaced by algorithms: as mobility continues to be redefined in new ways, notably through technology, knowledge workers are affected and this shift signals that entire sectors of activity may be displaced. Some people may have to work virtually for different employers from their homes, while others have to retrain and move far to obtain jobs.
• In a world of talent circulation, cities and regions are becoming critical players in the competition for global talent: agility and branding of cities seem to be more critical differentiators than size as an increasing number of large cities adopt imaginative policies to attract global talent.
• Scarce vocational skills continue to handicap emerging countries: gaps in vocational skills continue to exist in emerging countries such as China, India, and South Africa, and particularly in Brazil where talent capabilities show signs of weakening on all fronts. This is also true for some high-income countries such as Ireland, Belgium and Spain.
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Last Updated May 29 2016 | 08:56 pm