Results from a new global survey have proved disappointing for Canada after it was revealed the country has slipped out of the top ten when ranked on its ability to develop, attract, and retain talent.
The annual IMD World Talent Ranking draws on more than two decades’ worth of data – including interviews with thousands of executives – to complete a league table of 61 different economies in order of their competitiveness.
With an overall score of 79.9 out of a 100, Canada dropped four places this year, taking it to 12th position, behind Germany and China’s Hong Kong region but ahead of New Zealand and the USA.
The overall score represents an aggregate of three categories – appeal, readiness, and investment and development – while Canada was able to remain in the top 10 for two of these independent categories, it still showed a disappointing decline on last year’s ranking.
When rated on its appeal – which is comprised of factors such as cost-of-living, brain drain and quality of life, Canada dropped three positions to secure 7
th place. However, it did manage to secure 5
th place overall for quality of life and 6
th place overall for personal security.
Canada also dropped four positions when ranked on readiness, taking it to 9
th place. The category is comprised of factors such as labour force growth (32
nd place), international experience (26
th place) and, more positively, the education system (5
th place).
However, investment and development seems to be a particular sore spot for Canada as it dropped one position to take 22
nd place – just ahead of Israel. The category is comprised of factors such as pupil to secondary teacher ratio (40
th place), public expenditure per pupil (37
th place) and employee training (21
st place).
Professor Arturo Bris, Director of IMD’s
World Competitiveness Center, said struggling economies could learn something from their Nordic neighbours.
“It’s especially striking that nearly every Nordic nation features in the top 10. This is mainly because their education systems feed the economy with the required talent,” he said.
“Language barriers and a high cost of living mean these countries aren’t really big attractors of foreign talent, yet they invest public resources in developing the right competencies.
“The opposite situation applies to many Asian countries. They might be amazing attractors of foreign talent, but they don’t invest enough in nurturing local talent.”
The top 10
Switzerland – 100
Denmark – 90.7
Belgium – 85.8
Sweden – 84.6
Netherlands – 82.8
Finland – 82.5
Norway – 82.5
Austria – 82.5
Luxembourg – 81.7
China Hong Kong – 81.4
The bottom 10
Venezuela – 38.2
India – 42.8
Peru – 43.6
Mongolia – 44.5
Bulgaria – 45
Mexico – 47.6
Argentina – 47.7
Colombia – 48.6
Croatia – 48.7
Romania – 48.7
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