Talent is a deciding factor in global scramble for prosperity as skills grow ever more scare to our economies. A necessary action should be taken to provide each industry in every countries to stay competitive. Information available should be used to acknowledge leaders and more individuals about issues regarding talent scarcity, such that leaders could understand trends affecting talent flows and competitiveness while improving performance.
Global Talent Competitiveness Index on their report has released some key findings concerning entrepreneurial talents and global competitiveness. These are key information of global talent competitiveness according to GTCI report.
01 Talent inequalities are broadening
Looking back to the past six years, GTCI concludes that gap separating talent champions from the rest has been growing rather than diminishing. Statistical correlation between income per capita and talent performance remains high, while some regions seem to be facing continued issues in identifying entry points to talent competitiveness.
02 Talent issues have become a mainstream concern for company, nation, and city
Report’s evidence shows that organisations, be it private, public, or government, have been devoting significant resources and energy to identifying ways to measure talent and its related dimensions. This reverse causality is gaining visibility and importance. This means not only it affected better-endowed and richer economies, but it is also impacting talent performance on other broad objectives as growth, job creation, and innovation.
03 Cities will play increasingly central roles as entrepreneurial talent hubs
Entrepreneurship is strongly related to innovation. Therefore, the development and management of dynamic ecosystem will be an increasingly important part of building entrepreneurial culture and state of mind. Currently, most cities tend to build talent strategies that is expected to emerge rapidly, in particular around smart cities’ strategy. On the other word, entrepreneurial talent will be a key asset too in this emerging global competitiveness.
04 Entrepreneurial talent can both broaden and reduce inequalities
Entrepreneurial talents play important role in smaller firms and startups. They also have critical roles to play in larger firms or governments. Accordingly, they should be seen as a state of mind that can be grown, improved, and nurtured with a mix of policies, incentives, and management approaches.
05 New approaches are emerging to stimulate entrepreneurial talent
New approaches should recognise that entrepreneurial talent is not a homogenous resource. They should see that talents are typical stages of firm’s life cycle and require different new tactics at every step. Additionally, such tactics should be fully reflected in curricula and practices of existing educational institutions, including business schools.
06 Digitalisation and globalisation will increase role of entrepreneurial talent
Because the future of work will be radically affected by rapid spread of artificial intelligence, the proportion of salaried workers will continue to be reduced and number of free agents to grow. Simultaneously, new business models will emerge, triggering new ways to extract and share value from information. Such move will favour countries and organisations that have ability to mobilise relevant entrepreneurial talents.
Further discussion reveals that the most possible reason of widening gap is economic expansion of several developed countries in recent years. This has also generated gender demands for talent which in turn, have led to an uptick in policies and practices that promote talent competitiveness. It is also possible that upward trend of group of high-income countries reflects a wider trend recognition in addressing skill gaps. Additionally, the widening competitiveness is dominated by high-income countries with Switzerland in the first ranking followed by Singapore and the United States.