In the latest IMD World Talent Ranking (WTR) for 2024, Singapore has made a remarkable leap to secure second place, rising from eighth position last year and significantly improving from 18th place a decade ago. The rankings, which evaluated 67 economies, saw Switzerland take the top spot, followed by Singapore and Luxembourg in third place.
This year marks a notable milestone for Singapore, as it is the first time the nation has ranked so high since the rankings were first published in 2014. Its ascension is largely attributed to its impressive performance in the “Readiness” factor, which assesses the capabilities and qualifications of the talent pool. While Switzerland shines in both “Investment & Development” and “Appeal,” Luxembourg relies heavily on its strong development strategies.
The WTR is compiled using a combination of survey data from the IMD World Competitiveness Center and insights from the International Labour Organisation, focusing on three core factors: Investment & Development, Appeal, and Readiness. Notably, Ghana, Nigeria, and Puerto Rico were included for the first time in this year’s assessment, reflecting a broader geographical representation.
Focusing on the Asia-Pacific region, several countries have made it into the top 30: Hong Kong ranks ninth, Australia is at 14th, and Taiwan stands at 18th. However, concerns have been raised about the potential impacts of artificial intelligence (AI) on labour markets across various economies, including Japan, Thailand, the UK, and Canada, which have been identified as particularly susceptible to workforce disruptions due to AI integration.
As AI technologies advance, senior executives in these countries have reported an increasing visibility of AI replacing human roles, raising concerns about growing discrimination in the workplace. While these economies are expected to reap long-term benefits from AI, the current climate could hinder their attractiveness to highly skilled international talent, affecting both talent acquisition and retention.
The report, titled The Socio-Economic Implications of AI in the Workplace, highlights the need for policymakers to refine regulations in light of these developments. It suggests that a proactive approach is essential to mitigate the exclusion risks linked to AI proliferation. Furthermore, the report addresses issues such as how AI enhances certain tasks and the potential for “quiet quitting,” as well as the differing impacts of automation on employment based on gender.
Overall, as the global workforce landscape evolves, the emphasis on talent readiness and adaptability remains crucial for countries aiming to compete effectively in an AI-driven economy.