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World's best talent competitive countries, India lags
India has been ranked 83rd globally in terms of talent competitiveness of its human capital as it faces a huge shortage of skilled employees. Across the globe, countries are finding it difficult to get a talented and competitive workforce.
“While China, India and Brazil had an ample supply of low-skilled and cheap labour for the expanding factories, they were plagued by a limited supply of vocational skills, and especially the managerial and leadership talent with the experience to run global enterprises,” says the Global Talent Competitiveness Index.
The concern for talent has became even more acute for India and China as these emerging countries are moving far more rapidly into the manufacturing and business services sectors, the report said, adding that "managerial salaries in Shanghai, Bangalore and Sao Paulo started to rise to reach the levels of New York and London".
The Global Talent Competitiveness Index introduced by INSEAD and the Human Capital Leadership Institute (HCLI), is dominated by European countries. The Index measures a nation's competitiveness based on the quality of talent it can produce, attract and retain.
Quoting a recent study estimate, GTCI says “there will be a potential shortage of about 40 million high-talent people across the world in the next two decades, or 13% of the demand for such workers, with a shortage of nearly 45 million with mid-level vocational skills for the needs of the emerging countries of India, South Asia and Africa”.
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World's best talent competitive countries, India lags
Switzerland
Rank: 1
Score: 74.83
Switzerland tops the list of 103 countries in terms of talented workforce.
Its overall GTCI score results from high performance across virtually all variables of the model.
The world faces a shortage of talent and people with the right skills resulting in many vacancies. In the US and Europe, up to eight million jobs are left vacant each year, with different countries requiring different skills, states the report.
The GTCI said its purpose is to provide a neutral, global and respected index to enable private and public players to assess the effectiveness of talent-related policies and practices, helping them identify priorities for action.
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World's best talent competitive countries, India lags
Singapore
Rank: 2
Score: 70.34
Singapore ranks exceptionally high on the ability to grow, attract and retain talent. It features a high inflow of international students.
While in Asia, the demand for highly-skilled workers now far exceeds the talent pool. China may face a skill gap of more than 20 million college-educated workers by 2020, Indonesia’s need for skilled workers could rise from 55 million to 113 million by 2030, states the GTCI report.
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World's best talent competitive countries, India lags
Denmark
Rank: 3
Score: 68.93
Denmark is known for high government effectiveness, higher FDI inflows performance and ease of doing business. The country has more labour market flexibility and social protection.
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World's best talent competitive countries, India lags
Sweden
Rank: 4
Score: 68.86
Sweden has a solid base to work from with high scores to grow, attract and retain talent. Sweden also scores well on innovation.
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World's best talent competitive countries, India lags
Luxembourg
Rank : 5
Score: 68.70
Luxembourg, one of the smallest countries in the world, has demonstrated a remarkable ability to attract capital and talent through high levels of internal and external openness, says the study.
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World's best talent competitive countries, India lags
The Netherlands
Rank: 6
Score: 68.16
The Netherlands’ overall rank of 6th comes from a strong performance on attracting talent, scoring high on Internal Openness and that is also reflected in a high percentage of female parliamentarians.
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World's best talent competitive countries, India lags
United Kingdom
Rank: 7
Score: 68.13
The United Kingdom occupies 7th position overall and shows a rather balanced performance.
While talent growth is a valuable asset for the country, it does not score high on the attracting and retaining talent.
Other strong points include business landscape, lifelong learning and access to growth.
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World's best talent competitive countries, India lags
Finland
Rank: 8
Score: 67.73
Finland ranks first in regulatory landscape and third in market landscape. It is in 4th position on the growth opportunities reflecting the country’s longstanding priority to education.
Finland enjoys high scores in lifelong learning and access to growth opportunities.
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World's best talent competitive countries, India lags
United States
Rank: 9
Score: 67.58
The United States performance is not particularly remarkable on the retaining talent, it is a world leader in terms of the grow opportunities.
The US scores relatively high in formal education (3rd), with high tertiary enrolment and access to growth opportunities.
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World's best talent competitive countries, India lags
Iceland
Rank: 10
Score: 67.07
Iceland scores on firm-level technology absorption and internal openness.
It also has a high percentage of female professionals and technical workers.
The country is known for to growth opportunities, higher skills and competencies.