World Talent Ranking
The World Talent Ranking is published by the Institute for Management Development. The report says the in the current pandemic induced trend, the more competitive economies motivate their employees to greater extent as compared to the developing or non – competitive ones.
What are the key Findings?
- Switzerland ranked first in the ranking. It was followed by Sweden, Luxembourg, Norway, Denmark in second, third, fourth and fifth places respectively.
- India slipped from rank 59 in 2019 to 62 in 2020. In 2020, India scored 63 in Investment and Development, 25 in readiness and 55 in appeal. The decline is due to low quality of life, negative impact of brain drain and low priority on attracting talents.
- On the other hand, the European world led the world in attracting top talents. It performed the best in making investments, attracting and retaining talented worker, developing local personnel. All the top ten countries in the ranking were European countries.
How are the workers motivated?
The report says that the highly competent countries are motivating their workers through flexible work timings, high quality of life and opportunities to train on the job. Previously, that is, before COVID-19 times, remuneration was the driving force.
How does the IMD rank the countries?
The IMD takes a three-pronged approach to rank the countries. They are as follows:
- The Investment and Development Factor: It measures the resources that cultivate the work forces
- Appeal Factor: It evaluates the limit till which a country is capable of attracting foreign and local talents
- Readiness Factor: It measures the quality of competencies and skills that are available in a country
What does the report measure?
Every year, the IMD measures quality of life, worker motivation and employee training. The index calculators include around 60 indicators. And these three have higher weightage.
