India stood second in the Central and Southern Asia region as far as talent competitiveness is concerned
India climbed eight positions in a year to reach rank 72 in the Global Talent Competitive Index (GTCI) 2020. The index is based on research done by INSEAD in partnership with The Adecco Group and Google.
Switzerland, USA and Singapore took the top-three positions in GTCI 2020. This index looks at the ability to attract, grow and retain talent by a country.
India stood at rank 80 in 2019.
As far as the regional group (Central and Southern Asia) is concerned, Kazakhstan, India and Sri Lanka took the top three spots in the region.
Marco Valsecchi, Country Manager and Managing Director, The Adecco Group India said, “India is constantly investing in skill development and robust digitalisation. It is as imperative for the corporates to build comprehensive digital business strategies as it is for the talent to be adaptable to rapid transformations and relevant for the new requirements."
The six metrics used to decide a country's rank are - enable, attract, grow, retain, vocational skills and global knowledge skills.
GTCI is an Input-Output model in the sense that it combines an assessment of what countries do to produce and acquire talents (Input) and the kind of skills that are available to them as a result (Output). Attracting talent, in the context of national competitiveness, should be viewed in terms of luring foreign valuable resources, both productive businesses (through foreign direct investment and the like) and creative people (through high-skilled migration), while internal attraction is focused on removing barriers to entering the talent pool for groups such as those from underprivileged backgrounds, women, and non-native people.
Growing talent has traditionally meant education, but its definition should be broadened to include apprenticeships, training, and continuous education as well as experience and access to growth opportunities (although we may acknowledge that most skill development occurs through experience, much remains to be done to conceptualise and measure its role). The more talented the person, the wider the global opportunities he or she can find elsewhere.
Retaining talent is thus necessary to ensure sustainability, and one of the main components of retention is quality of life.
In addition, the regulatory, market, business, and labour landscapes within a country facilitate or impede talent attraction and growth; the GTCI classifies these elements as parts of the Enable pillar. Together, Enable, Attract, Grow, and Retain constitute the four Input pillars of the GTCI model.
As per GTCI 2020, when it comes to India, more could be done to improve the country’s educational system (68th in Formal Education). India’s key strength relates to growing (44th) talent, primarily by virtue of the possibilities for Lifelong Learning (40th) and Access to Growth Opportunities (39th), it said.
Its highest-ranked sub-pillar, however, is Employability (28th), but the ability to match labour market demand and supply stands in contrast to the country’s poor Mid-Level Skills (113th), which result in a mediocre score in Vocational and Technical Skills (76th).
According to GTCI 2020, India’s greatest challenge is to address its weak ability to attract (92nd) and retain (95th) talent. With regard to the former pillar, there is a need to strengthen the role of minorities and women in order to raise the level of Internal Openness (104th).As for the latter pillar, India’s low scores in the indicators that relate to the quality of life (Lifestyle, 115th) fall well short of its more positive showing in Sustainability (53rd).