Who: Global Talent Competitiveness Index 2015-2016
Where: Davos, Switzerland
What: Launched by INSEAD
When: 19 January 2016
INSEAD, one of the world’s leading and largest graduate business schools, on 19 January 2016 launched the Global Talent Competitiveness Index (GTCI) 2015-16. It was released in Davos, Switzerland on the sidelines of the 46th annual summit of the World Economic Forum (WEF).
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.
On reflecting the theme, the report focused on findings linked to the significant correlation between movement of talent and economic prosperity.
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)
Compared to its 78th rank in the 2014-15 report, India slipped 11 places to rank 89th in the GTCI 2015-16.
Eight key messages mentioned in the report
• 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.
• 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.
• 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.
Report with respect to India
• Compared to its 78th rank in the 2014-15 report, India slipped 11 places to rank 89th in the GTCI 2015-16.
• India’s ranking is worst among the five BRICS countries, with China leading the pack with a global rank of 48.
• The report pointed out that there are no signs of an improved regulatory and market landscape to enable the Make in India campaign.
• One of the challenges for India is to attract talent from abroad, particularly in the context of large emigration rates of high-skilled people in the past.