India slipped two positions to rank at 53rd position in a global survey released by IMD Business School Switzerland on Tuesday on fostering and attracting talent. In 2017, India was ranked at 55th position. Switzerland continued to be at the top spot, with no Asian country or even the US in the top 10. While Switzerland retained its top position for the fifth consecutive year on the list, Denmark, Norway, Austria and the Netherlands were ranked second, third, fourth and fifth, respectively, in the survey titled as ‘IMD World Talent Ranking 2018’.
The rankings, which were mainly dominated by European countries, are based on three key factors — investment, appeal and readiness. The categories evaluate a nation’s capabilities in areas like workplace training, education, and language skills. The indicators also include investment by the countries in nurturing local talents and how well it attracts and retains talent. The survey compiles inputs from more than 6,000 executives in 63 different countries.
In Asia, Singapore clinched the top spot with the 13th position globally in the list of 63 nations in developing, attracting and retaining talent. China, on the other hand, is ranked at 39th in the survey, due to difficulties it is facing in “attracting foreign skilled workers paired with a level of public expenditure in education that is below the average of other advanced economies”, the report showed.
Canada was the only non-European country in the top ten. On the other hand, among BRICS nations, Brazil was ranked 58th, while South Africa and Russia came at 50 and 46, respectively.
“Economies placed in the top-10 of the ranking generally share high levels of investments in public education and a high quality of life, which allow them both to develop local human capital and to attract highly-skilled professionals from abroad,” said Arturo Bris, director of the IMD World Competitiveness Center, IMD Business School.