Daily Management Review

8 Of The Top 10 Countries Retaining Talented Workers Is In Europe


Even with the novel coronavirus pandemic looming over the ability of many countries to attract top talent, Switzerland has been identified as the best place in the world in terms of attracting and nurturing skilled workers.
According to IMD’s World Talent Ranking 2020, other continental neighbors including Denmark, Luxembourg, Iceland and Sweden were beaten by the central European nation in terms of retaining pole position for the fourth year running.
In addition to Switzerland’s ability to attract overseas professionals because of the high living standards and strong pay packages, the country was noted for the high quality of its education system and its constant focus on apprenticeships.
Its neighbour Denmark on the other hand was praised for its continued focus on providing equal opportunity across society, while Luxembourg inched up the list because of sustained investment in its workforce over recent years.
The list ranked the United States in 15th spot with Germany, Australia and Hong Kong ranking better at 11th, 13th and 14th positions respectively. US was closely followed by Ireland (18th), Taiwan (20th) and the United Kingdom which were placed at 18th, 20th and 23rd positions.
Russia, Bulgaria, Mexico, Romania, Colombia, Brazil, Venezuela, Slovak Republic were in the last 10 ranking with India and Mongolia coming out last in the ranking.
For the last seven years, the IMD’s annual ranking list aims to offer a detailed glimpse of the talent pools of leading economies and hence an estimate of their global competitiveness. A mixture of hard data and surveys to measure markets is used by the organization to draw up the conclusions.
There are three key criteria used to assess the economies. It includes the aspect of ‘Investment and development’ which deal with how an economy fosters domestic talent. It also includes ‘Appeal’ criteria used to express the ability of an economy to retain its home grown talent and to attract international talent and ‘Readiness’ which is a measure of the quality of skills and competences available in an economy.
The study this year was conducted between January and April and therefore the complete impact of the pandemic was not taken into account. 
Some indication of which job markets may feel the greatest social and economic fallout is available from the list, said Jose Caballeros, senior economist at the IMD World.
“The performance of the top talent-competitive countries remains relatively strong,” said Caballeros. “It is among the other economies where we see more fluctuation.”
This year’s ranking saw a drop in positions for Indonesia, which was placed at the 45th position, and Malaysia, which came in at 23rd on the list. Caballeros said that a reduced ability to attract foreign highly skilled workers and international managers and an increase in “brain drain” — the emigration of educated workers away from their home country were the primary reasons for this. This problem was likely made worse by the pandemic. 
“Enabling employees to acquire new or redeploy existing skills — to transition to remote working for example — will also be essential to sustaining the effectiveness of the talent pool in the near future,” he said.
“This effectiveness will be necessary to tackle the new challenges that may arise following the current crisis. Facilitating the adoption of flexible new technologies will also be helpful for such economies since they will be able to be redeployed to address the needs of a continuously changing context,” Caballeros added.