Only Switzerland tops the city-state in the annual index by the INSEAD the Portulans Institute. The quality of its education and openness to technological innovation are among the determining factors. However, COVID-19 has revealed some limits to its model’s sustainability.
Singapore (AsiaNews) – Singapore has moved into second place in a global ranking of how well countries attract, develop, support and retain talent – behind Switzerland but ahead of the United States.
This is based on the Global Talent Competitiveness Index (GTCI) published by the prestigious French business school Institut Européen d'Administration des Affaires (INSEAD) and the Portulans Institute, a non-profit research body.
According to the index, which covers 134 countries, Singapore's second place is due to a combination of factors that make the small but influential country at the tip of the Malay Peninsula a compelling destination for people looking for a base to express and realise their skills.
A determining factor is Singapore’s capacity to integrate skilled people in a highly regulated environment, one that is however open to innovation, such as in the field of bio-nanotechnologies.
An important role is also played by the quality of the country’s education system, which stands out for its global openness and ability to enhance professional and technical skills.
This has enabled Singapore to meet job demand and workforce availability more easily than elsewhere.
The latter aspect, however, is showing a certain attrition, aggravated by the COVID-19 pandemic.
For this reason, the report, whilst continuing to recognise Singapore’s excellence, notes that as a city, it drops from third to seventh place, still the only city in Asia among the top ten.
For the study, “the city state’s ability to retain talent remains its main weakness, and more needs to be done to improve issues related to both sustainability and lifestyle”.