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Singapore has once again made its mark in its ability to attract and incubate talent.
The island nation maintained its position at second place in the Global Talent Competitiveness Index (GTCI) created by INSEAD, in partnership with Singapore’s Human Capital Leadership Institute and Adecco.
In the ranking of 93 countries, which measured countries’ openness and ability to deal with talent, European countries dominated this year’s list, with 16 of them in the top 25.
Switzerland also maintained its number one spot, followed by Singapore, Luxembourg, the US, and Canada respectively. Malaysia ranked 35th, while China stood at 41st place in the survey.
“This year, the GTCI’s top three performers, Switzerland, Singapore and Luxembourg, are all small countries with a high degree of openness in terms of trade, investment and people,” the report stated.
“They all played the game of globalisation well and focused on their ability to leverage their human resources.”
Garnering an overall GTCI score of 70.72, Singapore was lauded for its world-class education system and ability to provide its students with “employable skills”. It was also cited as being “exemplary” in its ability to enable and attract talent.
However, the report stressed the nation should raise its spending on R&D and improve its tolerance towards minorities and immigrants.
“Despite leading on ease of doing business and female-to-male earning ratio (ranked 1st on both), the country lags behind on R&D expenditure (16th), intensity of local competition (15th), and tolerance to minorities (24th), and immigrants (41st).”
The survey added the nation also underperformed on the ability to retain category, where it ranked 9th, and the growth pillar (13th), where low scores on access to growth opportunities (34th) and sustainability (13th) impacted its ranking.
“As in 2013, the study demonstrates that countries which rank higher are those that invest more in lifelong learning through valuable formal and vocational training programmes, offer higher flexibility and mobility within the labour market, and enjoy a recognised tradition of being open to immigration,” Patrick De Maeseneire, chief executive officer, The Adecco Group, said.
“Having open societies and sustainable lifestyles are additional boosters, but what has shifted into the strongest focus this time is the urgency of growing and developing talent to help overcome some of the harrowing problems ahead.”