Australia has ranked as the top 9th country for talent competitiveness in the latest edition of the Global Talent Competitiveness Index (GTCI), titled The Tectonics of Talent: Is the World Drifting Towards More Talent Inequalities?
The annual index measures how countries and cities grow, attract and retain talent, against the background of many changes that could deeply affect the global talent scene. Written by Insead, Human Capital Leadership Institute and Portulans Institute, the report provides a unique resource for decision-makers to understand the global talent competitiveness picture and develop strategies to boost their economies. The 2022 edition includes 133 countries in the GCTI, while coverage in the city index includes 175 cities.
While Switzerland, Singapore and Denmark continue to dominate the top 3 positions, Australia has made it into the top 10, ranking ahead of fellow commonwealth territories including the United Kingdom, Canada and New Zealand.
Key Messages From The Report
- Despite continuing imbalances, the global talent competitiveness scene remains dynamic and carries encouraging signs. Denmark outpaces the US and enters the Top 3. China continues its climb, moving up one spot this year, its new record position through excellent performance in several pillars.
- Recent and current crises could have a negative and sometimes irreversible impact on the talent situation of poorer economies. COVID persists in our lives while international tensions and inflation have increased to startling levels. Limitations to the circulation of goods, services and people may increase, with significant impact on labour markets.
- Even in higher-income economies, labour markets may become more fragmented, and hence generate new types of inequalities. The K-shaped recovery (forecasted last year) has taken new potency in 2022 due to disrupted supply chains and a return of nationalistic and protectionist policies. New work trends (such as ‘quiet quitting’, and younger generations’ increased attraction towards gigs and part-time jobs) are calling for new ways to grow, attract and retain talent.
- Gender divides call for renewed efforts. Even in some of the richer parts of the world, recent progress has been annihilated by COVID. Girls’ enrolment in education has become a challenge again in many poor regions.
- A more unequal global talent landscape would significantly diminish our collective ability to meet key Sustainable Development Goal (SDG) targets. Efforts are urgently required to reduce those talent inequalities that are the most likely to prevent the world from reaching specific SDGs. This is particularly the case for SDGs 4 (quality education), 5 (gender equality), 8 (decent work and economic growth), and 10 (reduced inequalities).