Launched in 2013, the Global Talent Competitiveness Index (GTCI) is an annual benchmarking report that measures the ability of countries to compete for talents. The report ranks 118 countries according to their ability to grow, attract and retain talent. Luxembourg ranks 7!
New trends in the world of talents
This year, the GTCI focuses on Talent and Technology. How technology is affecting talent competitiveness and the nature of work, exploring both challenges and opportunities, and important shifts away from traditional working approaches.
Key information of the report:
The technological change will affect new segments of the labour market, implying changes in the required profiles and employable skills.
While people continue to move to jobs, jobs are now moving to where the talent is!
Low skilled people are replaced by robots, while high-skilled people are displaced by algorithms.
At the international level, governments have the difficult task of anticipating where the sources of the competitiveness of their countries will reside, and how this will affect their definition of ‘employable skills’. This also means: rethinking approaches to managing human resources.
According to the report, the best competitive countries are the ones who encourage flexibility while offering social protection and training for new opportunities in a world where salaried employees may be becoming a minority.
Among the top ranked countries there are: Switzerland, Singapore, United Kingdom, United States, Sweden, Australia and Luxembourg.
Luxembourg slips in the rankings from 3rd to 7th place. Nevertheless, it stays in the top ten of attractive countries for high flags, thanks to a strong External (3rd) and Internal Openness (5th).
In one hand, this slip comes from the flexibility of the labour market (60th), especially for the ease of hiring (104/118) and tertiary enrolment (91th) but also the level of formal education (46th). Indeed, the Grand-Duchy is a small country with a reduced number of schools, which also means less chances of being at the top of global universities.
On the other hand, Luxembourg ranks among the first countries in the world in a lot of disciplines observed in the GTCI 2017. Luxembourg is the first country in terms of ICT infrastructures, pension system, international students, professionals and gender earning gap. Luxembourg is second for its quality of employee development, personal rights, political stability, innovation output and prevalence of foreign ownership.
Credit Photo 1 Credit photo 2 Government.lu