According to IMD’s World Talent Ranking (WTR), Singapore moved up six places from eighth place in 2023 to rank second out of 67th in the global talent ranking 2024.
Thanks to this development, Singapore is now the top-ranked nation in Asia.
The three primary criteria used by the research to assess each nation’s talent competitiveness were appeal, readiness, and investment and development.
Singapore demonstrated its strong performance by ranking top in the readiness category. Particularly in the areas of skilled labor, finance expertise, and capable senior managers.
The nation came in fifth place for appeal, behind brain drain (third place), foreign highly skilled workers (second place), management compensation (fourth place), and justice (fifth place).
In the meantime, health infrastructure, employee training, and apprenticeships came in second, fourth, and seventh position, respectively. In the investment and development category, where Singapore was ranked 22nd.
The cost-of-living index, which ranks 63rd, and the total amount of public education spending. Which ranks 65th, are Singapore’s lowest ranking indicators.
Furthermore, compared to less developed countries, more employment in industrialized nations are being transformed or replaced by artificial intelligence (AI) according to the World Competitiveness Center’s (WCC) Executive Opinion Survey, which influenced the conclusions of the WTR.
Senior executives in Singapore, Japan, Thailand, the UK, and Canada were found to believe AI to be the most apparent in the workplace.
The paper did point out, though, that AI operates as a leveler of talent competitiveness between nations. Making the less competitive nations more competitive and the more competitive nations less competitive.
Since 2020, Switzerland has maintained its top spot for four years running, while Luxembourg has dropped to third.
Mongolia came in last, with Brazil and Venezuela coming in at 66th and 65th place, respectively.
