Asian Economies Need Greater Focus on Local Talent, says IMD Study

Stocks and Financial Services Press Releases Tuesday November 29, 2016 14:00
SINGAPORE--29 Nov--PRNewswire/InfoQuest
Asia risks losing its competitiveness on the world stage if it continues to neglect the development of its own business talent, a major new study has shown.
(Photo:   http://photos.prnewswire.com/prnh/20161124/442730-INFO   )

For the second year in a row the region has just one representative in the top 10 of the World Talent Ranking [ http://www.imd.org/wcc/news-talent-report ], produced by leading global business school [ http://www.imd.org/ ] IMD.

The annual report assesses how 61countries develop, attract and retain the talent pool necessary for businesses to maximize their performance.
Of 61 countries, Hong Kong claims 10th spot in this year's ranking, gaining two positions since 2015, but every other Asian economy has lost ground during the past 12 months.
Singapore - the region's only top-10 entry last year - has fallen five places to 15th, Malaysia from 15th to 19th, Taiwan from 23rd to 24th and Thailand from 34th to 37th.
Despite its standing as one of the world's most powerful economies, mainland China is down in 43rd - a fall of three positions - with Indonesia a further place behind.
Professor Arturo Bris, Director of IMD's World Competitiveness Center [ http://www.imd.org/wcc ], which publishes the report, identified lack of investment in local talent as a crucial failing.
He said: "There's no doubt that many Asian countries, Singapore arguably chief among them, remain among the very best attractors of talent from abroad.
"There's no doubt, too, that they're able to improve their overall competitiveness as a result of the knowledge and experience this foreign talent brings.
"But this isn't enough to compensate for the lack of development of local talent, particularly with regard to the paucity of public sector investment in education.
"This and related issues mean Asian countries perform poorly in some of the most important measures that we use to gauge an economy's overall competitiveness."

Rankings are aggregated from performance in three categories - investment/development, appeal and readiness - compiled from a wide range of factors. These include education, apprenticeship, employee training, worker motivation, language skills, cost of living, quality of life, pay, tax rates and brain-drain.

Switzerland, Denmark, Belgium, Sweden, the Netherlands, Finland, Norway, Austria, Luxembourg and Hong Kong - just ahead of Germany - make up the 2016 top 10.
Professor Bris said Singapore's slide out of the elite over the past year was driven mainly by its failure to invest sufficiently in both primary and secondary education.
Explaining China's consistently poor ranking, he added: "Despite increasing business opportunities, China still isn't a big attractor of foreign talent when compared with talent competitiveness countries.
A full breakdown of the IMD World Talent Report 2016 is available at:
http://www.imd.org/uupload/IMD.WebSite/Wcc/NewTalentReport/Talent_2016_web.pdf

About IMD The IMD World Competitiveness Center is a part of IMD business school and also publishes the annual World Competitiveness Yearbook. The IMD World Competitiveness Yearbook has been published since 1989 and is widely acknowledged as the leading annual report on the competitiveness of countries.

CONTACTS:
Matthew Mortellaro, +41-21-618-0352, matthew.mortellaro@imd.org
Singapore
Lynette Wong, +65-9027-7015 lynette.wong@mslgroup.com
SOURCE: IMD International

Latest Press Release

Photo Release: KBank opens new flagship branch and THE WISDOM Lounge at ICONSIAM

Mr. Wirawat Panthawangkul (3rd from left), KBank Senior Executive Vice President, and Ms. Chadatip Chutrakul (4th from left), Director of ICONSIAM Co., Ltd., and Chief Executive Officer of Siam Piwat Co., Ltd., participated in the opening ceremony of...

Photo Release: CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

Tengku Dato' Sri Zafrul Aziz, Group CEO of CIMB Group (right), and Brad Garlinghouse, Ripple CEO (left) commemorating the strategic collaboration between CIMB Group and Ripple to power instant payments across ASEAN at the Singapore FinTech festival 2018...

CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

CIMB is one of the first banks to leverage blockchain technology to tap into region's USD120 billion remittance business CIMB Group ("CIMB" or "the Group") and Ripple have entered into a strategic collaboration to enable instant cross border payments...

Fitch Rates EXIM#s USD Senior Notes #BBB+(EXP)#

Fitch Ratings has assigned an expected rating of 'BBB+(EXP)' to Export-Import Bank of Thailand's (EXIM, BBB+/Stable) five-year senior unsecured notes of up to USD300 million. The notes will be issued under the bank's USD1.5 billion medium-term note (MTN)...

KTC joins hands with partners to launch new payment method Garmin Pay.

Mrs. Pittaya Vorapanyasakul (right center), Executive Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited together with Mr. Krairop Luang U-Thai (left center), General Manager, GIS Company Limited, Miss Aileen Chew...

Related Topics