However, it occupies top spot among upper-middle-income countries, based on the latest Global Talent Competitiveness Index (GTCI) which measures the ability of 119 countries to compete for work talent.
“The attraction of talent is explained in part by the country’s excellent performance in variables related to management practices and growth opportunities,” GTCI was quoted as saying by The Malaysian Reserve (TMR). Malaysia, it said, was outstanding in terms of collaboration across organisations.
Switzerland was ranked first in the index, with Singapore at number two. Among Asia-Pacific countries, Malaysia was fifth.
The GTCI 2018 was undertaken by business graduate school Insead, human resources company Adecco Group and telecommunications provider Tata Communications Ltd.
It said top-ranking countries shared several characteristics including education systems that were focused on employability, flexible regulatory and business landscapes, employment policies combining flexibility and social protection, and external and internal openness. Proper management of a nation’s diversity is also crucial.
TMR quoted co-editor of GTCI Bruno Lanvin as saying: “Committing to a culture of inclusion is also a must to make diversity work.
“A concerted call for greater inclusiveness and collaboration from around the world will undoubtedly open up opportunities for demographic groups which have often been sidelined in the past on the talent scene.”
It quoted another co-editor of GTCI 2018, Paul Evans, who is also Shell chair of human resources and organisational development at Insead as saying: “There is ample evidence that diversity benefits national economies.
“Efforts to stimulate and support diversity are best seen in societies that were multicultural (and often multiethnic) from the start, as was the case for Singapore.”
The TMR report said despite the strong showings from the Asia-Pacific region, Europe continued to dominate the GTCI rankings with eight European countries ranking in the top 10.
These comprise Switzerland (ranked first in the index), Norway, Sweden, Finland, Denmark, the UK, Netherlands and Luxembourg.