Singapore continues to lead the Asia-Pacific region in attracting and nurturing top talent.
Singapore has maintained its position as the second most talent-competitive country globally, according to the 2023 Global Talent Competitiveness Index (GTCI), which was published by Insead. This marks the third consecutive year the Republic has secured this rank, behind Switzerland, which has held the top spot since the inception of the index in 2013. The United States follows in third place, with other countries such as Denmark, the Netherlands, Finland, and Australia rounding out the top 10.
The GTCI report, now in its 10th edition, assesses how well countries and cities are able to grow, attract, and retain talent. It ranks 134 countries across various income groups, providing valuable insights into global talent trends. Singapore excelled in four of the six key pillars measured in the report. Notably, it ranked first in the “global knowledge skills” pillar, second in “attracting talent,” and third in both the “grow” and “vocational and technical skills” categories.
The GTCI findings emphasize that high-income countries continue to dominate the top ranks. There is a clear correlation between GDP per capita and talent competitiveness scores. The report also highlights widening talent inequalities, with poorer economies struggling to keep up in the global talent race. Women, in particular, continue to face barriers to equal pay and career advancement in many parts of the world.
Over the last decade, the talent landscape has evolved, with trends such as remote work and online collaboration becoming more prevalent. The report also notes that younger generations of workers are increasingly prioritizing meaningful work and a better work-life balance over the pursuit of in-demand technical skills. This shift is reshaping the future of work, signaling a more diverse approach to talent development.
As the competition for global talent intensifies, the report predicts that talent wars will escalate in the coming decade, driven by geopolitical tensions, economic shifts, and environmental challenges. Bruno Lanvin, co-author of the report, emphasized that the ability to grow, attract, and nurture talent will be crucial for tackling global inequalities and ensuring a sustainable future.
