Which regions have the most talent and how important is this really for the economy?
The INSEAD Business School recently published its annual study on global talent and their ability to compete, the Global Talent Competitive Index (GTCI) Report. This was launched in Singapore before an audience that included important decision-makers from the world of politics and business.
Why is it important to foster talented people and to research their behaviours across the globe? It is beyond question that every economy (and every company) needs talented people at the moment to drive innovation and growth. In some sectors one can already speak of a global battle for the most in-demand minds and it is therefore essential to keep talented people in your country and at the same time to recruit specialists from abroad.
The study confirms that countries need to foster their talents so that their economies grow. Emerging and developing nations face a double challenge, however. In industrialized nations it usually pays off: investment in talent, for example through a good education system, generally leads to higher productivity, more innovation and a better ability to compete. Not only do poorer countries have fewer resources to invest in fostering talent, the results from improved education systems are also less linear. This is because well-educated specialists emigrate nevertheless to where salaries are higher and career prospects are generally better.
Europe dominates this year’s talent rankings, with the UK placed at number 7. This is attributed in the study to the competitive education system. Furthermore, it has been established that many of the countries that came out on top are typical immigration countries such as Canada.
According to predictions made in the study, the labour market will develop so quickly in the future that many people will have difficulty in keeping up. Institutions such as educational establishments and governments should therefore work on an infrastructure that, according to the GTCI study, adapts more quickly to the “lifestyle” of students and employers. In practice this means adapting to the conditions of the market, and requires specialists with “soft skills” as well as courageous entrepreneurs.