SINGAPORE — Singapore has moved up a notch into second place in a global ranking of how well countries attract, develop, support and retain talent.
Switzerland maintains its position at the top again this year, followed by Singapore and the US, according to the 2021 Global Talent Competitiveness Index (GTCI) report, published annually by INSEAD and Portulans Institute.
European countries dominate the top positions with 17 of them in the top 25 rankings. The other non-European countries that make it into the top 25 are Australia, Canada, New Zealand, Japan, Israel, and the United Arab Emirates.
One of the key findings of this report is that COVID-19 has shaken organisations in ways that may become permanent aspects of the future workplace. The post-pandemic recovery is likely to make the competition for talent even more unequal.
The report, which covers 134 countries, said Singapore has one of the world’s best pools of vocational and technical skills, where its ability to match labour market demand and workforce supply.
However, Singapore's ability to retain talent remains its main weakness, and more needs to be done to improve issues related to both sustainability and lifestyle.
The report data suggests the gap between the most talent-competitive countries and the rest is widening. Governments also play a pivotal role in shaping labour markets and talent competition.
Top-ranked countries such as Switzerland and Singapore are speeding up their transition to a sustainable and future-proof economy, the report said.
"Switzerland is strengthening its position as a leader in sustainable finance and Singapore is forging ahead with its ambitious Green Plan 2030 and making headway in digital trade and green economy cooperation with China. These forward-looking nations are taking steps to build robust economies and societies," said Felipe Monteiro, academic director of the GTCI and INSEAD senior affiliate professor of strategy.
Economies that cannot speed up their digital transformation may be at the greatest disadvantage. But managing talent could be the key to avoid that trap as talent performance remains imperative to prosperity and growth.
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