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Switzerland has been named the most competitive nation globally, with Singapore coming in a close second.
Published by INSEAD, the Global Talent Competiveness Index, which was co-conducted by Adecco and the Human Capital Leadership Institute (HCLI), measured the competitiveness of 103 countries by comparing their performance based on the quality of talent they can produce, attract and retain over a period of time.
Switzerland scored 74.83, followed by Singapore with 70.34, Denmark with 68.93, Sweden with 68.86 and Luxembourg with 68.7. Nations in the study were ranked based on their scores of 48 variables which fell under six pillars: Enablers, attract, grow, retain, vocational skills and global knowledge skills.
As the only Asian country which made it into the top 20, Singapore excelled in its clear strategy “to grow and attract the best and brightest”, the report said.
In fact, it was one of the common variables which the top-ranked nations had in common. Other aspects included commitment to quality education (the UK and Switzerland), and history of immigration (the US and Australia).
Even though Switzerland came in first place, excelling in almost all the variables, it ranked 18th on its ability to attract talent.
While Singapore ranked highly in third place under the “enablers” pillar as a result of its high inflow of international students, it did not score as well in openness, access to growth opportunities and employable skills.
The report recommended nations adopt policies that attract global companies, which “can contribute to job creation, train local employees and spur further development”.
“Nations, particularly those looking to enhance their talent capabilities, cannot take just one variable and concentrate on improving that particular field,” Kwan Chee Wei, CEO of the HCLI, said.
“They should take a holistic approach to establish a talent eco-system of government, business and education to address the multifaceted challenges of employability.”