India has recently made significant strides in global talent competitiveness, jumping eight places to attain the 72nd position in the Global Talent Competitiveness Index (GTCI) for 2020. This annual index ranks 132 nations according to their ability to grow, attract and retain talent. With Switzerland leading the pack, followed by the US, and Singapore, the GTCI provides invaluable insights into global talent trends.
Understanding the GTCI
The GTCI began in 2013 as a benchmarking report aimed at measuring countries’ competitive edge in terms of talent. The theme for this year was ‘Global Talent in the Age of Artificial Intelligence’, delving deep into how the rise of artificial intelligence (AI) is radically transforming work environments and necessitating a review of workplace practices, corporate structures, and innovation ecosystems.
A point of concern raised in the GTCI 2020 report was the widening inequality gap between high-income, talent-rich nations and the rest of the world. The report highlighted that over half of the population in developing countries still lack basic digital skills, a prerequisite in an increasingly digital global economy.
About the GTCI Report
Launched by INSEAD, a partner and sponsor of the United Nation’s Sustainable Development Goals (SDGs), the GTCI report is a reputable source for understanding global talent competitiveness. With its sprawling network and alliances with top institutions worldwide, INSEAD stands as one of the world’s leading graduate business schools. The ranking in the GTCI report is decided using six metrics: enable, attract, grow, retain, vocational skills, and global knowledge skills.
| Rank | Country | Score |
|---|---|---|
| 1 | Switzerland | 81.23 |
| 2 | US | 79.09 |
| 3 | Singapore | 78.48 |
| 72 | India | 40.42 |
India’s Position in GTCI 2020
According to the report, India’s GTCI score and GDP per capita both lag behind other emerging market economies such as BRICS nations – Brazil (80th), Russia (48th), China (42nd), and South Africa (70th). India’s main strength is credited to its capacity for growing talent, as seen in its lifelong learning levels and access to growth opportunities.
Nonetheless, the report points out that improvements can be made to India’s educational system. While it scores high in employability, the country grapples with meeting the labour market demand and supply, largely due to a lack of mid-level skills leading to an average performance in vocational and technical skills.
The challenges for India lie in attracting and retaining talent, and the existing weak ability to address these issues. The report recommends strengthening the role of minorities and women to enhance the level of internal openness, making India more attractive for talent.