2017 Global Talent Competitiveness Ranking Emphasizes Talent and Technology: Switzerland, Singapore, and the UK Rank First
In the rapidly evolving world of work, the Global Talent Competitiveness Index (GTCI) 2017 report provides valuable insights into the key trends and challenges shaping the future of work. Produced by INSEAD, The Business School for the World, in partnership with The our group and the Human Capital Leadership Institute of Singapore (HCLI), the report highlights the importance of managing technological disruption, demographic changes, evolving skill demands, and talent mobility while investing strategically in human capital development and inclusive recruitment practices.
The report suggests that digital transformation and technological disruption are reshaping the nature of work, with nearly 40% of skills expected to be transformed or become obsolete by 2030. This rapid shift requires employees and organizations to continuously update skills, particularly in areas like AI, green energy, and sustainable practices. The ability to attract, retain, and nurture talent who can creatively apply new technologies is critical.
Talent and infrastructure are core drivers of competitiveness in the digital economy. While technology promises significant productivity gains, its benefits are not automatic. High-quality talent and robust infrastructure are essential to convert innovation into business impact. Consequently, human capital development is a major determinant of competitiveness in the digital age.
Demographic shifts and migration present another challenge. Advanced economies face ageing populations and shrinking workforces, increasing the challenge of maintaining a skilled labor pool. Conversely, many developing economies have demographic dividends but suffer from under-investment in education and skills development. Migration policies growing more restrictive add complexity to talent mobility, exacerbating skills shortages globally.
Skills shortages and evolving recruitment practices are also a concern. Employers increasingly struggle to fill roles due to skill mismatches and shortages. This drives a shift toward more flexible, skills-first hiring approaches rather than relying solely on traditional educational credentials.
Changing employee preferences and mobility are also influencing the landscape of work. Increasing numbers of workers are willing to relocate internationally for employment, but relocation decisions now depend on holistic support systems rather than just financial incentives. This influences how companies approach international recruitment and retention.
To remain competitive, workforces must be skilled, dynamic, and resilient. Continuous reskilling and adaptation will be necessary to navigate the uncertainty and rapid changes projected in future labor markets. A 'multi-career' has become the norm, and life-long learning is a must in the multi-career age.
The top ten cities in the Global Cities Talent Competitiveness Index (GCTCI) combine high quality of life, high connectivity, and high levels of opportunities for international exposure and careers. Switzerland and Singapore occupy the top spots, with four Nordic countries in the top 10 (Sweden, Denmark, Finland, and Norway). The United Kingdom and the United States rank third and fourth respectively. High ranking countries share key traits, including educational systems that meet the needs of the economy, employment policies that favour flexibility, mobility, and entrepreneurship, and high connectedness of stakeholders in business and government.
The report emphasizes the importance of educational and labour market policies in transformational change, with cooperation between government, business, and educational institutions being critical. Flexibility is a key trend in the modern workforce, as more people are becoming free agents, with 30% of the USA and European working population being free agents.
The 2017 report also explores the effects of technological change on talent competitiveness, arguing that while jobs at all levels continue to be replaced by machines, technology is also creating new opportunities. The GTCI report can be downloaded from the GTCI2017.com website, and updates can be followed on Twitter using the #GTCI hashtag.
- The future of work is being significantly impacted by digital transformation and technological disruption, as nearly 40% of skills are expected to transform or become obsolete by 2030.
- To navigate this shift, the ability to attract, retain, and nurture talent who can creatively apply new technologies becomes critical, making human capital development a major determinant of competitiveness in the digital age.
- The report also highlights demographic shifts and migration as challenges, with advanced economies facing ageing populations and shrinking workforces, while many developing economies suffer from under-investment in education and skills development.
- Skills shortages and evolving recruitment practices are a concern, with employers increasingly struggling to fill roles due to skill mismatches and shortages, driving a shift toward more flexible, skills-first hiring approaches.
- In terms of workforce solutions, the report suggests a need for temporary staffing and permanent placement strategies, as well as outsourcing services to bridge skills gaps, particularly in areas like AI, green energy, and sustainable practices.
- Furthermore, talent development and education-and-self-development become essential components for career transition, as a 'multi-career' has become the norm, and life-long learning is a must in the multi-career age.
