Asian economies need greater focus on local talent, says IMD Study

Asia risks losing its competitiveness on the world stage if it continues to neglect the development of its own business talent, a major new study has shown.

For the second year in a row, the region has just one representative in the top 10 of the World Talent Ranking, produced by leading global business school IMD.

The annual report assesses how 61countries develop, attract and retain the talent pool necessary for businesses to maximize their performance.
Of 61 countries, Hong Kong claims the 10th spot in this year’s ranking, gaining two positions since 2015, but every another Asian economy has lost ground during the past 12 months.

Singapore – the region’s only top-10 entry last year – has fallen five places to 15th, Malaysia from 15th to 19th, Taiwan from 23rd to 24th and Thailand from 34th to 37th. Despite its standing as one of the world’s most powerful economies, mainland China is down in 43rd – a fall of three positions – with Indonesia a further place behind.

Rankings are aggregated from performance in three categories – investment/development, appeal, and readiness – compiled from a wide range of factors. These include education, apprenticeship, employee training, worker motivation, language skills, cost of living, quality of life, pay, tax rates and brain-drain.

Switzerland, Denmark, Belgium, Sweden, the Netherlands, Finland, Norway, Austria, Luxembourg and Hong Kong – just ahead of Germany – make up 2016 top 10.