Thursday, 21 January 2016

Singapore keeps No. 2 position in global talent index

It retains position for third straight year, the only Asian country in top 10 of annual study
By Chia Yan Min, The Straits Times, 20 Jan 2016

Singapore has been ranked the world's second-most talent-competitive country for the third straight year, behind Switzerland.

This makes it the only Asian country in the top 10 of the Global Talent Competitiveness Index compiled by the business school INSEAD.

The annual study, released yesterday, measures a nation's competitiveness based on the quality of talent that it can produce, attract and retain. It was done in partnership with the Adecco Group and the Human Capital Leadership Institute of Singapore.

Singapore scored highly on its ability to attract and retain talent due to its openness to business and high quality of life.

However, the indicator of tolerance to migrants showed a relatively poorer performance, the study found.

It also showed that Singapore has "ample room for improvement" when it comes to access to growth opportunities as well as expanding the pool of people with labour and vocational skills.



The report also noted that Singapore's attractiveness as a regional talent hub has faced strong competition from its neighbouring countries in recent years, and such competition is likely to intensify when talent is completely mobile in the ASEAN Economic Community.

Singapore's tighter immigration policies and slower economic growth is a "double whammy" for the country's talent-attraction ambitions, noted the Human Capital Leadership Institute in the report.

Although Singapore will continue to remain an attractive location, talent from the region is likely to increasingly look towards other emerging economies that offer similar career opportunities, such as the Philippines and Indonesia.

"We have to be mindful that there is no permanence in a country's talent competitiveness and fleet-footed talent often would seek out greener pastures and career opportunities regionally and globally," said Ms Wong Su-Yen, chief executive of the Human Capital Leadership Institute.

Mr Bruno Lanvin, executive director of global indices at INSEAD and co-editor of the report, said countries have to be more proficient at managing the emerging new dynamics of "brain circulation".

"While the temporary economic mobility of highly skilled people may initially be seen as a loss for their country of origin, countries have to understand that this translates into a net gain when they return home," he added.













Singapore must groom leaders to take on global roles: Report
Global Talent Competitiveness Index ranks Republic top in Asia
By Chia Yan Min, Economics Correspondent, The Straits Times, 27 Jan 2016

Singapore must beef up vocational skills training and develop leaders capable of taking on global roles if it wants to win the worldwide war for talent, a new report concludes.

The Global Talent Competitiveness Index, released last week, ranked Singapore the world's second-most talent-competitive country for the third straight year, behind Switzerland. It is the only Asian country in the top 10 of the index, compiled by the business school Insead, the Adecco Group and the Human Capital Leadership Institute of Singapore.

The annual study measures a nation's competitiveness based on the quality of talent that it can produce, attract and retain.

While Singapore remains one of the most attractive locations for global talent, it is facing strong competition from its neighbours and this will only intensify as regional integration gains pace, according to the report's authors.

Grooming talent to take on global or regional roles at top companies remains a key challenge, said Professor Paul Evans, the Shell Chair of Human Resources and Organisational Development, Emeritus at Insead and co-editor of the report.

"(You) cannot run a global company in a senior management role unless you have in-depth international experience... The issue of how we can develop our own people instead of relying on expatriates remains a key challenge," Prof Evans said in an interview with The Straits Times yesterday at the report's Asia launch.

"Things are so good in Singapore that taking a risk and moving one's family, even to somewhere nearby like Indonesia, is not attractive to many Singaporeans."

Leaders need to "develop a deep feel" for the region, he added.

"It takes a lot of resilience and deep inner courage to run a large corporation, and I really don't think that resilience can be developed any other way except through deep personal experience."

The solutions are clearer when it comes to building up a pool of vocational talent - Singapore has responded to its technical skills shortage by trying to change mindsets and shift towards an educational system which embraces varied pathways, said Prof Evans.

Ms Wong Su-Yen, chief executive of the Human Capital Leadership Institute, said that even as Singapore focuses on attracting "the best brains from around the world to help us develop made-in-Singapore innovations", the country has to encourage its own people to venture out.

Research has found strong links between talent mobility and innovation, she noted.

"Companies need to appreciate that when you bring in diversity, that drives innovation... And as individuals, people need to be willing to take that uncomfortable step to move out of their comfort zone."


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