India jumps 3 spots to 51 in IMD World talent list
New Delhi, Nov. 21: India has improved its ranking by three notches to 51 globally in terms of ability to attract, develop and retain talent while Switzerland topped the list compiled by leading business school IMD.
Globally, Europe continues to dominate the rankings, with Switzerland, Denmark, and Belgium being the most competitive countries. Austria, Finland, the Netherlands, Norway, Germany, Sweden and Luxembourg made up the top 10.
“The outstanding education systems in Europe sets them apart from the rest of the pack. This allows them to develop local talent and at the same time attract foreign, highly- skilled professionals, which many European businesses rely upon to perform,” the report said.
The annual IMD World Talent Ranking covered 63 countries and assessed the methods the countries adopted to attract and retain talent.
The rankings are based on a country's performance in three main categories — investment and development, appeal, and readiness — and India was ranked 62nd, 43rd and 29th on these terms, respectively.
According to Arturo Bris, head of competitiveness, IMD Switzerland, India is not doing a good job at retaining local talent and attracting foreign labour.
On both fronts, remuneration levels, quality of life, security and property rights are deterrent to domestic employment, Mr Bris said.
Furthermore, relative to other economies, investment in education is still weak. India ranks among the bottom five countries on the list in terms of investment in education as a percentage of GDP, the study found out.
Going ahead, Bris said “India needs to emphasise the education system as a key to prosperity. It also needs to prevent brain drain by providing better opportunities to local talent”.
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