The Lion City is named as the best country in the Asia Pacific region at attracting and developing talents, according to a new report. Being on top of the list for the fifth year running, this achievement reflects Singapore’s strong education system and its ability to build a diverse workforce.
In the Global Talent Competitiveness Index commissioned by French business school INSEAD, the city state took the number 2 spot behind Switzerland and became the only APAC country to feature among the top 10 position.
Norway, which was on the 10th place last year, rose to rank 4th this year. Meanwhile, Neverland which was third last year, this year fell to the 8th place and was replaced by the U.S in the top 3 ranks. Another European countries such as Sweden, Finland, and Luxemburg continue to dominate global top 10.
Among the variables used to measure country’s competitive environment for talents include the country’s ability to attract, develop and retain talent. The study found that high-ranking countries share some key characteristics, such as excellent education systems, conducive regulatory and business landscape, employment policies that favor flexibility as well as openness.
Furthermore, this year’s survey is paying more attention on the importance of diversity and inclusion within organisations to boost talent competitiveness.
Some of Asia’s biggest economies remained much lower on ranking but showed improved performance from last year. For example, China rose 11 spots from 54th in 2017 to 43rd place in 2018. India climbed by the same amount to number 81 on the list, Bloomberg reports.
Regarding the findings, executive director of global indices at INSEAD and co-editor of the report Bruno Lanvin said, “As ‘smart cities’ continue to develop in the region, more medium-sized Asian cities may emerge as future talent hubs, especially in China and India.”