What do a Central European microstate, one of the four Asian tigers, and the home of chocolate, cuckoo clocks and yodelling have in common? Talent.
Last week, Switzerland, Singapore and Lichtenstein were ranked first, second and third respectively for their ability to foster top talent in the Global Talent Competitiveness Index (GTCI), which was produced by leading business school INSEAD, in collaboration with the Human Capital Leadership Institute of Singapore (HCLI) and Adecco Group.
Now in its second year, the GTCI addresses one of the greatest challenges facing countries and companies alike: how to nurture, attract and retain the workforce of the future.
This is no small challenge. Global unemployment is at 200 million. The US and Europe are struggling to fill vacant positions despite 33 million people being out of a job.
The UK and Ireland both rank in the top 10 in the GTCI, but that certainly doesn’t mean job done. The skills gap in STEM and other fields remains a challenge for the UK, whilst Ireland lacks investment in apprenticeships and other forms of ‘on-the-job’ training. Without the right investment in talent, both could risk seeing renewed levels of high unemployment.
There is of course no one-size-fits-all solution, but the GTCI points to several lessons that can be learnt and applied to help solve these problems.
First, openness is vital. The UK and Ireland are already relatively open economies, but regulatory red tape or barriers to free movement could be a real threat to talent competitiveness.
Another lesson points to the importance of developing employable skills. Too many countries invest in bolstering their education systems without paying attention to real demand. Both UK and Ireland should look to Switzerland, Singapore and the Nordic countries and customise their education systems towards appropriate levels of employable skills.
The third key learning points to vocational skills. University-only approaches will no longer do. Apprenticeships and other ways of learning on the job such as work experience will only serve to help boost the UK and Irish economies.
Women are part of the solution too. Too few girls pursue careers in STEM, with men still dominating fields such as engineering, science and finance so more needs to be done to ensure a greater gender balance is found in traditionally male-roles. This issue is of particular interest to Adecco Group UK & Ireland as we strive to support businesses to develop a future-proof workforce. Next month, we will launch independent research that aims to understand why women are not studying STEM subjects, pursue different careers after completing STEM degrees and leave STEM roles and don’t come back.
Finally, the GTCI shows that without a proper talent strategy, British and Irish companies will fall behind in the global race. It’s time to take talent seriously.
Peter Searle, Chief Executive of Adecco Group UK and Ireland
More information on the GTCI can be found here. Read what the media are saying about the GTCI in The Times and BBC Online.