Data from the seventh edition of the Global Talent Rankings, produced by the Institute for Management Development (IMD), shows that Western Europe continues to lead the way in talent. Thus, eight of the top ten economies are European and this is due to the excellent education and good mobility on the continent.
It is an annual study in which 63 economies are assessed on three factors: investment and development, attractiveness and readiness. These include indicators that measure the resources invested in developing local talent, the degree to which an economy attracts and retains talent, and the quality of skills and competencies available in the country’s talent bank.
In total, of these 63 economies analyzed, 27 have improved, 25 have declined and 11 maintain their position compared to the previous year, including Spain.
Spain in the ranking
In the case of Spain, as in the last edition, it remains in the middle of the ranking, occupying the 32nd position and continues under Portugal (26) and France (28).
In the investment and development factor, it ranks four times (it ranks 31st), standing out among the sub-factors analyzed, the efficiency of health infrastructure (13) and the pupil / teacher ratio in education. secondary (20). However, the results show that employee training is not a priority for companies (54) and a necessary improvement in relation to the implementation of apprenticeships (53). These are precisely the aspects on which the most competitive economies in terms of talent concentrate their efforts, beyond the purely academic component.
In the Attractive factor, our country fell from one position to 23rd, mainly due to weaknesses linked to the attraction and retention of talent as a priority element in companies (57) as well as to employee motivation (49 ).
These indicators contrast with the good score obtained in exposure to particulate contamination (12) as well as the remuneration of managers and the tertiary sector (positions 19 and 20 respectively).
In the case of the Preparation factor, Spain gives up two posts and fails in language skills (position 52), the availability of senior managers (51) as well as its limited experience at international level (46).
The importance of the education system and mobility
A characteristic which characterizes the economies which occupy the first positions is the effort of development of talents at all stages of the educational process (holistic concept) and the training of employees understood as one of the priorities of companies.
Switzerland thus tops the ranking for the fourth time in a row thanks to an excellent education system as well as a high quality of life and high remuneration, which are attractive factors for foreign workers. Denmark (2) stands out for its perception of equality in society (for example, in the courts) and Luxembourg (3) for a notable improvement in the Investment and Development factor.
A remarkable importance in national education systems which, according to the authors of the study, could gradually lose notoriety as companies hire more and more foreign workers.
In 2020, the impact of the global pandemic is reflected in the data in this edition, which could seriously affect economies that base their overall competitiveness on the talent economy, due to the influence of talent attraction foreigners. Among them, Singapore (9), Australia (13), the United States (15) and the United Kingdom (23).
As IMD Center for Global Competitiveness Chief Economist Christos Cabolis said, “With the current insecurity of not attracting the best workers, countries can look for other ways to be competitive, focusing on their efforts on revitalizing their economies and in addition attracting foreign talent and retaining local talent ”, which can become a risk factor in a post-crisis context in the event of a recession when it opens.
But not only is the pandemic having an impact on the data, but certain political changes like Brexit and the uncertainty generated, have had an impact on the loss of competitiveness of the United Kingdom (23 against 16 in 2016), which is behind Germany (11), Belgium (16) and Ireland (18).
For their part, Central Asia, South America and Eastern Europe continue to underperform due to an “investment gap in education, which is not yet considered as a pillar of the future development of the region “, according to Arturo Bris, director of the Center. IMD Global Competitiveness.
As the study authors claim, reducing reliance on physical mobility will be a key factor in the post-COVID economic recovery, as well as opening up economies not only for aspects related to attracting foreign talent. but also for the conservation of premises, taking into account the fact that the competitiveness of talent can be a fundamental component of the economic recovery of the future.