BRUSSELS (CNA) – Taiwan retained its ranking of 23rd in the world in terms of its ability to attract, develop and keep top talent in 2017, according to an annual report published by the Switzerland-based International Institute for Management and Development (IMD) on Monday.
Among the Asian countries on the 2017 list, Taiwan was third after Hong Kong, which had a global ranking of 12th, and Singapore (13th), but ahead of Malaysia (28th) and Japan (31st).
Worldwide, Switzerland, Denmark and Belgium remained the three top performers this year, followed by Austria and Finland, according to the report. Rounding round the top 10 were the Netherlands, Norway, Germany, Sweden and Luxembourg, in that order.
The IMD World Talent Ranking 2017 assesses the methods used by 63 economies worldwide to attract and retain the talent their businesses need to thrive, the IMD said in a statement.
It is based on the economies’ performance in three main categories, namely investment and development of home-grown talent; appeal — the ability of the country to tap into the overseas talent pool; and readiness — the availability of skills and competencies in the talent pool.
In the three main categories, Taiwan was ranked 25th this year in the area of investment and development, 26th in appeal and 22nd in readiness.
In a phone interview with CNA, Jose Caballero, a senior economist at IMD’s World Competitiveness Center, said that although Taiwan’s overall performance this year has been quite good, there are some areas of concern in the long term.
For example, Taiwan was ranked 46th in total public expenditure on education and 45th in pupil-teacher ratio for secondary education, which indicated room for increases in the country’s talent development investment, Caballero said.
Other areas where Taiwan performed poorly included cost-of-living index (47th), brain drain (47th), attraction to foreign high-skilled personnel (44th), attracting and retaining talent (38th), remuneration of management (31st) and remuneration in services professions (30th), he pointed out.
He said Taiwan might not be facing a talent problem in the short term, but if it does not step up its efforts to attract foreign talent as the brain drain continues, a talent imbalance will emerge.
By Tang Pei-chun and Y.F. Low