The difference between Western Europe and Eastern Europe (and why it matters)
Western Europe leads in the number of talented professionals
Switzerland has been named the best place in the world to attract and nurture skilled workers, even as the coronavirus pandemic is affecting the ability of many countries to attract the best talent..
Maintaining a leading position for the fourth year in a row, this Central European country has surpassed its continental neighbors including Denmark, Luxembourg, Iceland and Sweden to rank first in the 2020 World Talent Rankings published by IMD’s World Talent Ranking 2020 (Annual rating Global Competitiveness Institute for Governance and Development) on Thursday.
Switzerland has been praised for its high quality education system and apprenticeship orientation, and for its ability to attract high standard of living and high salaries. Meanwhile, Denmark has done well by focusing on equal opportunities for the whole society, while Luxembourg has accelerated growth by supporting sustainable investment. into their workforce in recent years.
Top 10 countries in the list of 63 labor markets:
The US ranked 15th, after Germany (11th), Australia (13th) and Hong Kong (14th). They overtook Ireland (18th), Taiwan (20th) and Great Britain (23rd).
The top ten countries included: Russia, Bulgaria, Mexico, Romania, Colombia, Brazil, Venezuela, the Slovak Republic, and India and Mongolia took the last place in the ranking.
The annual IMD (Institute of Management Development), which is being held for the seventh year in a row, aims to provide an insight into the talent pool of leading economies and, therefore, their global competitiveness. To do this, it uses a body of credible data and research to measure markets..
The economy is assessed according to three key criteria: «Investment and development» consider how the country encourages domestic talents; «Attractiveness» assesses the extent to which the economy retains domestic talent and attracts international talent; and «Readiness» measures the quality of existing skills and competencies.
As in previous years, the latest study was conducted between January and April and therefore does not fully account for the impact of the pandemic. Nonetheless, Jose Caballeros (Jose Caballeros), senior economist at IMD’s World Competitiveness Center, told CNBC Make It the results provide some insight into which labor markets might experience the greatest social and economic impact.
«Results from countries with the most favorable environments for highly skilled professionals remain relatively stable», – said Caballeros. «This is among other economies where we see more fluctuations».
Indonesia, ranked 45th, and Malaysia, ranked 23rd on the list, fell in the rankings this year. According to Caballeros, this was due to «brain drain», the emigration of educated workers outside their home country; and the decline in the ability to attract foreign highly skilled workers and international managers. He added that the pandemic is likely to exacerbate the problem..
Meanwhile, other countries that rely heavily on overseas talent, such as Singapore, Australia, the US and the UK, may also face the negative impact of recent travel restrictions between countries, the report notes..
«Providing employees with the opportunity to acquire new or reuse existing skills – for example, to move to telecommuting – will also be essential to maintaining the effectiveness of the talent pool in the near future.», – he said.
«This efficiency will be necessary to meet the new challenges that may arise after the current crisis. Promoting flexible new technologies will also benefit these economies as they can be reused to meet the needs of an ever-changing context.», – added Caballeros.