Although the coronavirus pandemic affects the ability of many countries to win top talent, Switzerland has been rated as the best place in the world to attract and train skilled workers.
Central European countries have maintained their leading position for the fourth consecutive year, beating other mainland neighbors, including Denmark, Luxembourg, Iceland and Sweden, to ensure that they are on top of the IMD 2020 World Talent Rankings released on Thursday.
Switzerland is praised for its high-quality education system, its focus on apprenticeship and its ability to attract overseas professionals with high living standards and high salaries. At the same time, Denmark has performed well in emphasizing equal opportunities for the whole society, and Luxembourg has also performed well after continuing to invest in its labor force in recent years.
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The United States ranks 15th, behind Germany (11th), Australia (13th) and Hong Kong (14th). It ranks ahead of Ireland (18th), Taiwan (20th) and the United Kingdom (23rd).
Among the top 10 countries/regions: Russia, Bulgaria, Mexico, Romania, Colombia, Brazil, Venezuela, the Slovak Republic, India and Mongolia ranked last.
The IMD annual ranking is now in its seventh year and aims to provide an image of the talent pool of leading economies and global competitiveness. It does this by using a combination of hard data and surveys to measure the market.
The economy is evaluated according to the following three key criteria: “Investment and Development” focuses on how a country can train domestic talents; “Calls” to assess the degree to which the economy retains local talents and attracts international talents; and “Readiness” measures available skills and The quality of capabilities.
As in previous years, the latest research was conducted between January and April, so it does not fully explain the impact of the pandemic. However, Jose Caballeros, senior economist at the IMD World Competitiveness Center, told CNBC Make It that the survey results provide some signs that certain job markets may feel the greatest social and economic impact.
Cavalleros said: “The performance of top talent competition countries is still relatively strong.” “This is one of the other economies where we see more volatility.”
Indonesia is ranked 45th, Malaysia is ranked 23rd, and this year’s ranking has dropped. Cavalleros said this was due to the “brain drain” (educated workers emigrating from their home country) and a decline in their ability to attract foreign highly skilled workers and international managers. He added that the pandemic may make the problem worse.
At the same time, the report pointed out that other countries that rely mainly on overseas talent, such as Singapore, Australia, the United States and the United Kingdom, may also be negatively affected by recent border restrictions.
But Cavalleros said the pandemic also provides an opportunity for economies to invest in their people and adapt to new ways of working.
He said: “Enabling employees to acquire new skills or redeploy existing skills (for example, transitioning to remote work) is also critical to maintaining the effectiveness of the talent pool.”
“We must effectively respond to the new challenges that may arise after the current crisis. Facilitating the adoption of new and flexible technologies will also help these economies because they will be able to redeploy to meet the demands of the changing environment,” Caballeros added.
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