Switzerland has once again been named the most competitive country for talent in the world, according to the Global Talent Competitiveness Index 2023 published by the INSEAD Business School. The report indicated that the European country has held this title for ten consecutive years, benefiting from "high levels of social protection" and the quality of its natural environment. Similarly, Singapore maintained its second position, thanks to its educated workforce and innovative economy, followed by the United States, which rose to third place after ranking fourth in the 2022 rankings.
The annual report measures how 134 countries attract, develop, and retain talent. The top ten countries have remained stable over the past decade, with Switzerland and Singapore consistently being regarded as "clear leaders." The report stated: "Over the past decade, we have seen a consistent link between a country's wealth and its competitiveness for talent, with the wealthier economies continuing to outperform poorer ones."
Other European countries performed well in the list, with Denmark, the Netherlands, Finland, and Norway ranking fourth, fifth, sixth, and seventh, respectively. Other notable mentions include Australia in eighth place and the United Kingdom in tenth place. China rose in the global ranking from 47th to 40th.
India, widely expected to become the third-largest economy by 2030, ranked 103rd. INSEAD attributed this to "declining business sentiments," which weakened its ability to attract talent both from abroad and domestically. The report added: "This has also led to increased skill mismatches and greater difficulties in finding skilled employees."
The competition between countries for talent is expected to intensify over the next decade as uncertainty and international tensions in trade, investment, and politics continue, according to a report by American CNBC that was reviewed by "Al Arabiya Business." The report noted that "we can expect talent competition to increase, not decrease," adding that quality of life and sustainability will be "critical assets" for countries positioning themselves as talent hubs.
Additionally, the emergence of artificial intelligence across various industries may exacerbate talent disparities. "Unskilled or low-skilled workers will bear a significant amount of added pressure, while new categories of workers, some with higher skills, will face stronger competition from algorithms and specialized equipment."
