Singapore ranks 2nd globally in talent competitiveness but needs to work on diversity: Report

Singapore was ranked second globally in talent competitiveness, coming in behind Switzerland

Singapore has managed to stay ahead of the pack when it comes to talent competitiveness.

According to the 2018 Global Talent Competitiveness Index (GTCI) report released today (Jan 23), Singapore came in second globally – just slightly behind Switzerland (No. 1). The USA came in third.

European countries dominated the GTCI, occupying eight of the top 10 spots.

2018 Global Talent Competitiveness Index

The fifth edition of the annual report was published by INSEAD, in partnership with temporary staffing firm Adecco Group and telecommunications and cloud computing services provider Tata Communications.

Zooming into the commonalities between the top 10 countries, the report found that all of the countries had a well-developed education system that provided people with the social and collaboration skills needed for employment in today’s labour market.

These markets also had: a flexible regulatory and business landscape, employment policies which combined flexibility and social protection, and external and internal openness.

Also, as diversity plays a critical role in linking talent policies to innovation strategies, the report looked at diversity for competitiveness.

“Focusing on diversity and inclusion is crucial to overcome the fractures and inequalities of our age,” said Mr Alain Dehaze, Adecco Group’s CEO.

“This means nurturing a culture of inclusion, starting at home and school, fighting bias and developing social and collaborative skills, which are key to unleash the power of work and will make the future work for everyone”.

Yet, while diversity is increasingly recognised as a resource for innovation and problem solving, there is still no absolute champion of diversity and inclusion.

For example, Switzerland did not score as well as the top GTCI position would imply in variables related to gender equality.

Singapore demonstrated high awareness of the importance of both cognitive and gender diversity, but is still far from occupying an unequivocal position.

“Diversity is an important part of life in Singapore, and we believe that our unity in the face of diversity is a source of strength,” said Senior Minister of State for Communications and Information of Singapore Dr Janil Puthucheary in the report.

“Diversity can be a challenge, but in embracing it we are not only better off in social terms, but also more innovative and competitive”.