Singapore is ranked No.2 globally for best talent – here’s everything you need to know

According to the Global Talent Competitiveness Index (GTCI) 2022, Switzerland, Singapore, and Denmark are the most talent-competitive countries, with Switzerland and Singapore leading the chart at number one and two respectively. The 9th edition of the report covers 133 countries and 175 cities from 79 economies across the world among all income groups. Singapore is the only Asian state to make the European-dominated top 20 in the list.

This Pacific Prime Singapore article will look closely at the report and the world’s top 10 talent-competitive countries.

The top 10 talent-competitive countries in the world 2022

Key takeaways from the report

1. European countries dominate the top 25 list, with Singapore second. China moves up the ladder to bag the 36th spot, becoming the most-talent-competitive upper-middle-income country.
2. Cities could play a vital role in reducing inequalities by adopting the right talent policies.
3. The ‘great divergence’ between rich and poor economies still exists, and the gap is likely to grow further.
4. The war in Ukraine has aggravated inequalities that existed post-COVID, making it challenging for many countries to meet key Sustainable Development Goals (SDGs) in 2022.

Talent retention remains a challenge for Singapore

While Singapore topped the world for highly skilled workers and is ranked on top of the charts among the world’s five best in every aspect, it took the 36th spot for retaining talent.

The report’s co-editor and a distinguished fellow at Insead, Dr. Bruno Lanvin, said: “Talent retention includes both the ability to attract talent from abroad and to offer sufficient opportunities for locally born talent to stay or return home after studying or working abroad. In this respect, Singapore suffers from the small size of its domestic market.”

Related reading:

• https://www.pacificprime.sg/blog/ways-of-attracting-and-retaining-millennial-employees/
• https://www.pacificprime.sg/blog/employee-burnout-in-singapore/
• https://www.pacificprime.sg/blog/singaporean-employees-want-flexible-working-arrangements-as-the-norm/

What can you do to attract and retain talent?

Gone are the days when Singapore’s talent could be tempted by more pay or promotion. People nowadays are looking for a more ‘meaningful’ and flexible working culture.

Wonder how you could introduce such initiatives? If you have not recently updated your employee benefits offerings, it’s a good idea to do so now. And if you are unsure where to start, get in touch with the employee benefits specialists at Pacific Prime Singapore.

About Pacific Prime Singapore

With over 20 years of experience in the insurance industry and a robust global presence, Pacific Prime has advised several companies with its employee benefits plans. Pacific Prime’s advisors are experts in the field and will give you advice and personalized plans that meet your company’s requirements. And that’s not it; Pacific Prime’s in-house developed technology helps industry leaders and HR managers streamline the employee benefits packaged and track employee activity at their fingertips.

So, get in touch with Pacific Prime Singapore today to learn about employee benefits solutions.

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Lakshmi Chirumamilla

Lakshmi is an experienced writer with a passion for insurance trends and economics. She has been writing professionally for the past 6 years. Lakshmi has worked on numerous in-depth reports analyzing various insurance trends and providing valuable insights for readers.

Since joining Pacific Prime, Lakshmi has gained a comprehensive understanding of different kinds of health insurance and their importance in people's lives. Her expertise in this area has allowed her to produce informative and engaging content that helps individuals make informed decisions regarding their health insurance.

Lakshmi's clear, concise, and engaging writing style makes complex insurance concepts accessible to readers of all levels and also adheres to Pacific Prime’s motto: - “Simplifying Insurance.”

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