Asia-Pacific talent gap persists, only 3 other countries in the Top 20

China in stronger position at number 41

Vocational education is a challenge for fast growing Asia
 

Singapore maintains its position as a global talent leader for the second time in the Global Talent Competitiveness Index ranking, as announced at its Asian launch today at INSEAD Asia campus in Singapore. INSEAD, the leading international business school, produced the study in collaboration with the Human Capital Leadership Institute of Singapore (HCLI) and Adecco Group, first launched in 2013. Measuring a nation’s competitiveness based on the quality of talent it can produce, attract and retain, the index placed Switzerland at number one, followed by Singapore and Luxembourg in second and third places respectively. A focus of the 2014 Report is on ‘growing talent for today and tomorrow’.

Commenting on this year’s study, Ilian Mihov, Dean of INSEAD, said: “We live in a world where talent has become the core currency of competitiveness – for businesses and national economies alike. Yet there is an all-too frequent mismatch between the needs of enterprises and the talents fostered by policies and education systems.
 

This mismatch is brought sharply into focus in a region such as Asia, with marked variations in the quality of its institutions as well as the size, type, and stage and pace of development of its economies. A consequence of being home to some of the fastest-growing economies in the world is that the region is also undergoing sweeping changes at an unprecedented pace, which comes with its own set of challenges. To help make the right decisions in these increasingly volatile and complex environments, we need the kind of indicators and metrics that GTCI offers.”
 

Singapore leads again, but there are challenges. Bruno Lanvin, Executive Director of Global Indices at INSEAD, and co-author of the report, commented: “Singapore succeeds in attracting top-quality talent from across the world, aided by its cosmopolitan culture as well as effective immigration policies. Singapore, along with Australia and Malaysia have a regulatory environment that promotes competition, doing business, and innovation. But even by its own high standards, Singapore struggles to grow its vocational and its global leadership talent to meet the needs of the medium- and high-skilled sectors of the economy.”
 

Australia’s position at 9 is held back by its difficulties in growing technical and vocational talent. “Australia could learn from the top ranked Switzerland,” said Paul Evans, The Shell Chaired Professor of Human Resources and Organisational Development, Emeritus, at INSEAD, and co-editor of the report. He noted: “Vocational learning needs to be integrated into secondary education. In Switzerland, thinking about becoming employable starts off in schools at an early age. At age 15, over 70 percent of Swiss school children go on to select what’s known as the apprenticeship track, combining practical work experience with traditional theoretical learning.” He added: “Within the current Swiss government, half of the ministers have come out of the vocational stream. For future talent competitiveness, countries have to take vocational education – that is, employability – much more seriously.”
 

Formal education in Asia is progressing by leaps and bounds, fuelled by societal aspirations of the growing middle class, and China excels in formal education. But talent development is more than attending a top-tier university. Adult development also involves learning from experience, where Scandinavian culture set a benchmark that China and even Singapore can learn from. Kwan Chee Wei, CEO of the Human Capital Leadership Institute (HCLI), commented: “The traditional hierarchies and bureaucracy in many Asian corporates often hold back openness, transparency and empowerment – important levers in accelerating talent growth. And in certain Asian countries, there is a need to see value and worth in both professional and technical vocations. Beyond this, Asia has to build Asian global leaders rather than relying solely on expatriates to lead in the region.”
 

Employability is a major challenge for Asia. Ian Grundy, Head of Marketing and Communications for Adecco Asia provided his perspective. “Asia plays an increasing role in the global economy, and it is imperative to find ways of closing the wide skills gap. Take China for example. As costs rise and its spectacular growth slows, innovation becomes vital, as the Chinese know well. But innovation above all rests on talent. Asia doesn’t lack people or ambition; it lacks people with the employable skills that will fuel productivity and innovation.” He added: “In Asia as well as Europe, Adecco is helping new graduates and job seekers to become employable, stepping successfully into the world of work.”

As in 2013, GTCI rankings are dominated by European countries, with only six non-European countries in the top 20: Singapore (2), the United States (4), Canada (5), Australia (9), New-Zealand (16) and Japan (20).

For more information on the Global Talent Competitiveness Index and to download the full report, please visit: http://global-indices.insead.edu/gtci
 

Press Release on GTCI 2014 global findings: http://www.insead.edu/media_relations/press_release/2015_gtci-2014.cfm

Follow twitter: #GTCI2014 for updates YouTube Knowledge Video: http://youtu.be/4EdN0L54Qmc Download the GTCI 2014 Infographic at http://www.adecco.com/en-US/Industry-Insights/Documents/gtci-2014-infographic.pdf Watch the GTCI 2014 Video graphic at http://www.adecco.com/industry-insights/gtci.aspx
 

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About INSEAD, The Business School for the World

As one of the world’s leading and largest graduate business schools, INSEAD brings together people, cultures and ideas to change lives and to transform organisations. A global perspective and cultural persity are reflected in all aspects of our research and teaching.

With campuses in Europe (France), Asia (Singapore) and Abu Dhabi, INSEAD’s business education and research spans three continents. Our 150 renowned Faculty members from 34 countries inspire more than 1,300 degree participants annually in our MBA, Executive MBA, specialised master’s degrees (Master in Finance, Executive Master in Consulting and Coaching for Change) and PhD programmes. In addition, more than 11,000 executives participate in INSEAD’s executive education programmes each year.

In addition to INSEAD’s programmes on our three campuses, INSEAD participates in academic partnerships with the Wharton School of the University of Pennsylvania (Philadelphia & San Francisco); the Kellogg School of Management at Northwestern University near Chicago; the Johns Hopkins University/SAIS in Washington DC; the Teachers College at Columbia University in New York; and MIT Sloan School of Management in Cambridge, Massachusetts. In Asia, INSEAD partners with School of Economics and Management at Tsinghua University in Beijing and China Europe International Business School (CEIBS) in Shanghai. INSEAD is a founding member in the multidisciplinary Sorbonne University created in 2012, and also partners with Fundação Dom Cabral in Brazil.

INSEAD became a pioneer of international business education with the graduation of the first MBA class on the Fontainebleau campus in Europe in 1960. In 2000, INSEAD opened its Asia campus in Singapore. And in 2007 the school began an association in the Middle East, officially opening the Abu Dhabi campus in 2010.

Around the world and over the decades, INSEAD continues to conduct cutting edge research and to innovate across all our programmes to provide business leaders with the knowledge and sensitivity to operate anywhere. These core values have enabled us to become truly "The Business School for the World." More information about INSEAD can be found at http://www.insead.edu

Human Capital Leadership Institute (HCLI)

The Human Capital Leadership Institute (HCLI) is an aggregator and neutral player in the human capital ecosystem. HCLI offers the unique ability to bring together multiple perspectives and voices from business, government and academia, offering thought leadership and insights on understanding Asia, successfully doing business in Asia and its implications on leadership and human capital strategies for Asia. Through its efforts, the Institute aims to develop global leaders with a strong understanding of leading in Asia, as well as to build Asian leaders with the ability to lead on the global stage.

HCLI is a strategic alliance between the Singapore Ministry of Manpower (MOM), Singapore Economic Development Board (EDB) and Singapore Management University (SMU) For more information, please visit www.hcli.org

About the Adecco Group

The Adecco Group, based in Zurich, Switzerland, is the world’s leading provider of HR solutions. With approximately 32,000 FTE employees and around 5,100 branches in over 60 countries and territories around the world, Adecco Group offers a wide variety of services, connecting more than 650,000 associates with our clients every day. The services offered fall into the broad categories of temporary staffing, permanent placement, career transition and talent development, as well as outsourcing and consulting. The Adecco Group is a Fortune Global 500 company.

Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). Adecco Corporate Press Office Press.office@adecco.com or +41 (0) 44 878 87 87 Asia Press Office: +65 6835 3400