According to the Global Talent Competitiveness Index 2022 published on 3 November 2022, Singapore has been ranked as the second best country in terms of best workers. Singapore has secured this position out of 133 countries. Switzerland has secured the first place.
Singapore also became the only Asian country to make it to the European-dominated top 20 on the list.
The index is published by business school INSEAD and Washington-based Portulans Institute. The edition of this new index is sponsored by the Temasek-linked Human Capital Leadership Institute.
According to the index’s authors, 133 countries account for 98 percent of the world’s economic output and have more than 93 percent of its population.
Authors of the index said they aim to help policymakers, investors and employers understand labor trends from a global perspective.
Singapore has ranked second every year since the first edition of the index in 2013. Singapore was ranked third in 2020.
Switzerland was in first place since earlier this year and the US was the other podium partner from 2017 to this year.
The study also included rankings by cities, with Singapore ranked sixth. However, Singapore is followed by US cities San Francisco, Boston, Seattle and Switzerland’s Zurich and Lausanne. Singapore is the only Asian city to feature in the top 20.
This year’s 336-page electronic volume is based on 69 macroeconomic and country-level variables. This electronic volume rates how Singaporeans attract foreign talent and help local workers with regulatory and business environments, as well as prepare workers through education and training.
The impact of these efforts on business and technical staff as well as on professional and managerial staff has been matched.
Singapore ranks first in the world for advanced skill workers, and ranks among the five best countries in the world in every aspect. But Singapore ranked 36th in talent retention.
Dr Bruno Lanvin, co-editor of the report and INSEAD, said that “talent retention has the potential to attract talent from abroad and provide ample opportunities for locally born talent to live or return home after studying or working abroad. includes the ability to Singapore suffers from the small size of its domestic market.”
Lauren Huntington, Employee Experience Solutions Strategist at Qualtrix, said the firm’s findings show that one in three employees in Singapore is satisfied or completely satisfied with their workplace experience.
The report further states that the talent gap between rich and poor economies is widening.
The report also noted that “three out of five workers live in countries where labor income has not returned to pre-pandemic levels, working hours have increased, and women in informal employment are most affected.” Huh; And the impact of COVID-19 is stronger and longer lasting in poorer economies.
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