India ranked 51st among 63 countries on the IMD Talent Rankings in terms of ability to attract, develop and retain talent. In previous rankings, India was ranked 54th.
The annual IMD World Talent Ranking covers 63 countries and assessed methods countries adopted to attract and retain talent. The rankings of countries are based on their performance in three main categories — investment and development, appeal, and readiness.
Highlights of IMD Talent Rankings
Switzerland topped list followed by Denmark, Belgium, Austria, Finland, Netherlands, Norway, Germany, Sweden and Luxembourg in top 10. Globally, Europe continues to dominate rankings being most competitive countries.
Leading Asian economies in rankings are Singapore, Hong Kong and Taiwan. They have cemented their global status as hubs of attracting and retaining highly-skilled workers though they trail Europe in this regard.
Among BRICS bloc, China was in lead with ranking of 40, followed by Russia (43) and South Africa (48). Brazil was ranked 52nd just after India.
India Related Facts
India was ranked 62nd (on investment and development), 43rd (appeal) and 29th (readiness) in three main categories. India is not doing good job at retaining local talent and attracting foreign labour. On both fronts, remuneration levels, quality of life, security and property rights are deterrent to domestic employment
Furthermore, relative to other economies, investment in education is still weak. India ranks among the bottom five countries on list in terms of investment in education as percentage of GDP. India needs to emphasise education system as key to prosperity. It also needs to prevent brain drain by providing better opportunities to local talent.
India has potential to thrive in age of digital economy. Its labour growth provides necessary domestic talent pool. India has performed well on parameters such as science in schools, availability of finance skills and knowledgeable senior managers. But it still needs to invest in all levels of education and job related competence mastering.