The Global Talent Competitiveness Index has revealed that Switzerland has been selected as the best country for attracting, retaining and developing talent for the year – a title the country earned for the tenth consecutive year.
Singapore and the United States are the second and third-best countries in the category, proving their consistency in the competition over the last decade. While the list of the top ten countries mainly consists of European countries, some Asian countries have marked significant progress, VisaGuide.World reports.
Australia, Canada, the United Arab Emirates, New Zealand and Israel are on the list of top 25 countries for attracting talent, while the country with the most change is South Korea, replacing Japan.
One of the major trends that we have seen over the past decade is that talent inequalities remain high among countries. Year after year, we have seen an unwavering link between a country’s wealth and its competitiveness in talent. Richer countries continue to outshine poorer economies on the global talent stage.
The European countries led the index with seven out of the top ten countries for the year and 17 out of the top 25. Except for Switzerland, countries like Denmark, the Netherlands, Finland, Norway, Sweden and the United States received recognition for their abilities to attract, retain and develop talent for the year.
In the 2023 index, China and Russia have climbed the list, making the biggest improvements in their talent competitiveness over the past ten years. Moreover, Mexico has also had a positive outcome for the year, while Brazil has a promising future ahead and might soon be categorized as a talent mover, indicating that the country is improving its talent competitiveness.
Switzerland has been recognized for its high levels of social protection and the quality of its natural environment, which, according to the index, are key factors in its talent competitiveness.
As for areas that need improvement, Swiss authorities should include more university- or college-educated employees. On the other hand, Singapore is ranked high for formal education and its ability to match workforce supply and demand.
The study shows that Singapore’s openness towards overseas business and talent is highly appreciated, while a field that could use improvement is related to personal rights and attracting more doctors.
Among the talent competitiveness improvers, Mexico is a top ranker in lifelong learning, thanks to the good quality of its business masters programs and the opportunities for employee development as the index finds.
The same shows that in the next decade, the quality of life and sustainability will become key factors for talent attraction to respective countries.