SINGAPORE: Singapore has ranked second in the Global Talent Competitiveness Index for the third consecutive year, according to the latest report by INSEAD, the Descartes Institute for the Future, and the Human Capital Leadership Institute.
Singapore’s performance in this year’s index is attributed to several key factors. The rankings noted that the city-state boasts a highly educated workforce and a thriving, innovative economy. Singapore has also maintained an environment conducive to overseas businesses and talent, showcasing a strong commitment to remaining open to global opportunities.
However, the report also highlights where Singapore’s talent competitiveness can improve further. The country’s performance in talent retention ranks 38th among the 134 countries assessed. This indicates a need for enhanced efforts in keeping skilled individuals within the nation despite their attractiveness to international employers.
The annual Global Talent Competitiveness Index provides valuable insights into the strengths and weaknesses of countries regarding their ability to attract and retain top talent, ultimately contributing to their economic and innovative prowess on the world stage.
The Index, which evaluates 134 countries, measures various factors to assess the talent competitiveness of regions. These factors include regulations, education, openness to talent, and other factors influencing a country’s ability to attract, develop, and retain talent.
The index’s assessment criteria are divided into four broad categories:
1. Domestic Environment: This category evaluates the quality of life, safety, and overall living conditions within a country.
2. Talent Attraction, Development, and Retention: It assesses a country’s ability to draw in talent, nurture it, and retain it within its borders.
3. Technical and Vocational Skills: This criterion focuses on the development of technical and vocational skills that are essential for a highly competitive workforce.
4. Global Knowledge and Skills: It evaluates a country’s commitment to fostering a globally knowledgeable and skilled workforce.
Switzerland maintained its top spot, while the United States secured third place in this year’s rankings.