Perspectives on Talent Competitiveness for Canadian Businesses
Struggling to grow, attract and retain talent? The sixth edition of the Global Talent Competitiveness Index can help you overcome it. The Adecco Group, in partnership with INSEAD and TATA Communications, gathered this year’s report, which ranks the talent competitiveness of individual countries and cities. The report identifies entrepreneurialism as an input for growth and innovation, and the role cities play in the process.
The 2019 Global Talent Competitiveness Index (GTCI) report is a rigorous analysis of 68 variables across 125 national economies covering all groups of income and levels of development. The report aims to be an action tool for continuous improvement in linking talent to economic development, and a means to stimulate dialogue between governments, business, academia, professionals and their associations, and citizens.
How can employers make talent decisions using the GTCI?
GTCI is a benchmarking report that measures and ranks countries based on their ability to grow, attract and retain talent. The report provides insight to decision makers to develop talent strategies, overcome talent mismatches and become more competitive in the global marketplace.
How well does Canada rank in talent competitiveness?
This year, Canada maintained its 15th position overall within the index. For the first time this year, however, 3 Canadian cities also appear on the list, with Montreal (24) and Toronto (33) joining last year’s sole Canadian city to make the list: Ottawa (29).
The 2019 GTCI report focuses on entrepreneurial talent. As digitalization and globalization continue to play a prominent role in enabling entrepreneurialism, new approaches are on the rise such as policies, incentives and management strategies to stimulate entrepreneurial talent. AI and automation will create new business models that will depend on entrepreneurial talents for success. Encouraging an entrepreneurial spirit within the workforce secures top talent and helps futureproof employees in the workplace.
While the report has identified entrepreneurialism as a growing trend within talent competition, it has also uncovered an increasing gap in talent between higher income and lower income countries. As the gap continues to increase, low income countries struggle to compete in the talent market, which further contributes to the inequality. This may also reflect a growing skills gap and the challenges countries face in addressing diminishing pools of skilled talent.
As trends for talent competition among nations increasingly rely on entrepreneurial talent, there is a corollary requirement of openness to secure growth and success. GTCI found that large cities have become hubs for entrepreneurial talent, vastly reshaping the global talent scene. The report notes that Nordic European and American cities dominate the talent competitiveness ranking and currently play a valuable role in developing and nurturing entrepreneurial talent. Though few cities are currently targeting talent with specializations that link to local issues such as waste management and transportation, this is expected to change, and entrepreneurial talent will provide further support to the development of smart city strategies.
View the 2019 GTCI report
To view the full Global Talent Competition Index or for further analysis on its findings, visit the GTCI website today.