The IMD global business school has released the latest rank list of countries for their ability to attract, develop and retain talent and India has climbed up the ladder since last year with a global rank of 51. Switzerland has topped the list, closely followed by Denmark and Belgium.
However, India has not been successful in terms of investment in education as a percentage of GDP. According to the rank list by IMD, it ranked among the bottom five countries in the world in this aspect.
Among the top ten were Austria, Finland, Netherlands, Norway, Germany, Sweden and Luxembourg. European nations dominated the rankings.
“The outstanding education systems in Europe sets them apart from the rest of the pack. This allows them to develop local talent and at the same time attract foreign, highly-skilled professionals, which many European businesses rely upon to perform,” the IMD report said.
China took the lead among BRICS nations, ranking at 40, followed by Russia at 43 and South Africa at 48. Among Asian economies, Singapore, Hong Kong and Taiwan took the top positions by attracting and retaining highly skilled workers, even though European nations have the higher footing in this regard.
IMD Switzerland Chief Economist Christos Cabolis commented that India has the potential to thrive in the digital economy. He states that India has the necessary domestic talent pool with its labour growth, emphasising that science is necessary for schools and that the country needs to work on investing in all levels of education and mastering competence in the job.
Arturo Bris, Head of Competitiveness, IMD Switzerland, commented that India needs to do a better job of attracting foreign labour and retaining local talent. He stated that factors like remuneration levels, quality of life and property rights are hindering domestic employment and that investment in education is weak.
The IMD also released a World Talent Ranking which covers 63 countries, assessing the methods of attracting and retaining talent. India was ranked at 62 in investment and development, 43 in appeal and 29 in readiness.