India has now globally moved up a total of eight places, as in now on rank 72 in the 2020 Global Talent Competitiveness Index. This Global Talent Competitiveness Index measures and ranks the youth of a country based on their skills, ability to attract and retain talent; and to grow. Switzerland is the top rank holder in the Global Talent Competitiveness Index, followed by the United States of America and Singapore. This index and rank are given according to the research done by INSEAD also known as the European Institute of Business Administration, along with The Adecco Group and Google. India was ranked at 80 last year in 2019, this year the country moved up to rank 72.
What does the report say?
A lot of improvements can be brought about to change the country’s educational system, but India’s main strength lies in the fact that growing talent is achieved by lifelong learning and access to educational institutions and opportunities of growth, according to the Global Talent Competitiveness Index report. The country’s highest rank in a subtopic is employability but the country cannot match the labour market demand and supply contradicts and leads to the country’s “mid-level skills” therefore resulting in mediocre vocational and technical skills, said the report. According to the report, the greatest challenge for the country right now is how it is going to address its weak ability to retain the potential for growth and talent, while also simultaneously strengthening the role of minorities and women.
What is the Global Talent Competitiveness Index?
The Global Talent Competitiveness Index was released by INSEAD in ties with United Nations Sustainable Development Goals at Davos, Switzerland on the 22nd of January. Switzerland, the US and Singapore were the top three countries according to the list, followed by Sweden, Denmark, Netherlands, Finland, Luxembourg, Norway and Australia in positions fourth to tenth respectively. “ A country’s global talent competitiveness index is interlinked to what would be its expected income level,” the report noted. Other major countries like China was ranked at 42, Russia was at 48, while South Africa and Brazil were at 70 and 80 respectively. The index also saw a notable gap between high income, talent-rich nations and the rest of the world. According to the reports, more than half the population of India lack basic digital skills.
This year’s Global Talent Competitiveness Index report looked into the development of artificial intelligence which is helping us re-evaluate workplace practices, innovation ecosystems and corporate structures. “There is no question about the fact that AI is a game-changer in every single business, industries and all sectors of life. At this point we should all be looking forward to AI-capable and AI-compatible talent,” said Bruno Lanvin, Executive Director at INSEAD.
With India rank’s going up 8 places, we are looking at a more booming growth in the next few years, fuelled by the youth of the country according to the Global Talent Competitiveness Index.