India ranks 83rd globally in talent competitiveness

India ranks 83rd globally  in talent competitiveness

Indicating acute shortage of skilled workforce, India has been ranked 83rd globally in terms of talent competitiveness of its human capital, while Switzerland has topped the charts.

In the list of 103 countries, compiled by INSEAD business school in partnership with Adecco and Human Capital Leadership Institute of Singapore (HCLI), Switzerland is followed by Singapore, Denmark, Sweden and Luxembourg in top five ranks.

The UK and the US are ranked 7th and 9th respectively, while Netherlands (6th), Finland (8th) and Iceland (10th) also made it to the top-10.

The Global Talent Competitiveness Index ranking was heavily dominated by European countries as the top 10 include only two non-European nations — Singapore and the US.
Among the large emerging market economies, China was ranked 47th, followed by Russia (51) Brazil (59) and India.

“There are differences among the 103 countries covered by this first edition of the GTCI: rich countries need more global knowledge skills to foster innovation and a job-rich recovery; developing countries still need the labour and vocational skills required to build infrastructure, health and education systems,” Paul Evans co-editor of the report noted.

The 284-page report said talent shortage is threatening growth in emerging markets as half of India’s GDP is dependent on services sector and there is a shortage of people with the necessary mid-level professional and vocational skills.

“While China, India and Brazil had an ample supply of low-skilled and cheap labour for the expanding factories, they were plagued by a limited supply of vocational skills, and especially the managerial and leadership talent with the experience to run global enterprises,” the report said.

The concern for talent has became even more acute for India and China as these emerging countries are moving far more rapidly into the manufacturing and business services sectors, the report said, adding that “managerial salaries in Shanghai, Bangalore and Sao Paulo started to rise to reach the levels of New York and London”.

The Index measures a nation’s competitiveness based on the quality of talent it can produce, attract and retain.

The GTCI said its purpose is to provide a neutral, global and respected index to enable private and public players to assess the effectiveness of talent-related policies and practices, helping them identify priorities for action.

The GTCI model covers 103 countries, representing 86.3 per cent of the world’s population and 96.7 per cent of the world’s GDP.

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