Context

India ranks 59 on IMD World Talent Ranking Report; Switzerland first

About/Major Highlights of the report

• Swiss-based International Institute for Management Development (IMD) recently released its World Talent Ranking for 2019.
• The ranking involved 63 countries from around the world, including five ASEAN member countries (Indonesia, Malaysia, the Philippines, Singapore and Thailand).
• The ranking, which is based on the performance in three main categories -- investment and development, appeal and readiness
• India has slipped 6 places to 59 rank on a global annual list due to low quality of life and expenditure on education.
• India is also lagging behind fellow BRICs countries - China ranked 42nd on the list, Russia (47th) and South Africa (50th).
• India also witnessed one of the sharpest declines among Asian economies owing to low quality of life, negative impact of brain drain, and the low priority of its economy on attracting and retaining talents.
• The Top 10 was completed by Switzerland (1), Austria (4th), Luxembourg (5th), Norway (6th), Iceland (7th), Finland (8th), the Netherlands (9th) and Singapore (10th)
• Denmark was placed second and Sweden, was in the third place.
• The countries at the top of the rankings share strong levels of investment in education and a high quality of life.
• In Asia, Singapore, along with Hong Kong SAR (15th) and Taiwan (20th) lead in terms of talent competitiveness due to the readiness of talent pool.
• Most leading economies emphasize long-term talent development by focusing on investment and development. This emphasis, however, goes beyond purely academic aspects to encompass the effective implementation of apprenticeships and employee training. Such an approach ensures a consistent alignment between talent demand and supply.