As machines and algorithms continue to affect a multiplicity of work responsibilities and almost every job gets reinvented, the right talent is required not only to carry out new responsibilities and ways to work, but also to capture value from this transformative technology.
Global Talent Competitiveness Index (GTCI) revealed that in 2020, the heart of the Fourth Industrial Revolution lies in Artificial Intelligence as AI has become a game-changer in every industry and sector. Current education and skills acquisition will be transformed as well, implying that formal and informal learning structures must evolve to meet the needs created by this very same AI-driven world.
AI is not only changing the nature of work but also forcing a re-evaluation of workplace practices, corporate structures and innovation ecosystems, said Bruno Lavin, executive director for Global Indices, here are the highlight of GTCI report.
Given thought to the changing nature and tech-driven workplace, there are best countries and cities that will benefit from the AI revolution.
The top 20 countries of the GTCI rankings are still dominated by Europe, with only 7 non-European countries, including the United States, Singapore, Australia, Canada, New Zealand, Japan, and Isreal.
Switzerland remains the leader across the input and output pillars, although it does not score as well in terms of gender equality or tolerance of minorities, GTCI reported. Other countries such as Singapore, Luxembourg, Iceland, and Austria are also amongst champions with a significant of small high-income economies. Such economies have developed relatively open socio-economic policies in which talent growth and management are central priorities.
Moreover, one of GTCI central findings is that openness is key to talent competitiveness. Openness will remain a key factor to grow, attract, and retain talent in the age of AI.
Meanwhile, there is an improvement in methodology in 2020 data which explains some significant shifts among Global City Talent Competitiveness Index (GCTCI) top 10. There are only three European cities with three Asia and the U.S. with four cities proven ability towards future-readiness.
Felipe Monteiro, senior affiliate professor of strategy at INSEAD and academic director of the GTCI, said that medium-sized cities improve their scores with quality of life factors like environment and safety. They too can capitalise on the new wave of technology. In addition, compared to last years survey, GCTCI shows a continued strong performance by large cities, particularly in the U.S.