29 Jan 2019 16:03 IST

GTC Index: talent gap widening between unequal economies

Nurturing entrepreneurial talent identified as key to the competitiveness of nations and cities

The 2019 Global Talent Competitiveness Index (GTCI) report reveals that Switzerland, Singapore and the United States continue to lead the world in talent competitiveness, while countries in Asia, Latin America and Africa are seeing a progressive erosion of their talent base. The report confirms that talent issues have become a mainstream concern for firms, nations and cities, with talent performance seen as a critical factor to growth and prosperity.

This year’s report has a special focus on entrepreneurial talent — how it is being encouraged, nurtured and developed throughout the world and how this affects the relative competitiveness of different economies. New approaches are emerging to stimulate entrepreneurial and intrapreneurial talent and futureproof employees — for example, the efforts to develop bottom up innovation and empower employees. Such progress is especially true in the cities, where ‘Smart cities’ ecosystems are increasingly acting as talent magnets. The results further show:

* The highest-ranking countries and cities tend to be the most open to entrepreneurial talent;

* Digitalisation and globalisation are increasing the role of entrepreneurial talent.

The report also reveals that cities rather than countries are developing stronger roles as talent hubs and will be crucial to reshaping the global talent scene. This growing importance of cities is due to their greater flexibility and ability to adapt to new trends and patterns — as nimble economic units where policy can be changed more swiftly, cities are thus more attractive for talent, especially entrepreneurial talent.

 

 

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