Nurturing Entrepreneurial Talent Identified as Key to the Competitiveness of Nations and Cities

Nurturing Entrepreneurial Talent Identified as Key to the Competitiveness of Nations and Cities

by
Belinda Jenkins

HCLI Contributor

The 2019 Global Talent Competitiveness Index (GTCI) report reveals that Switzerland, Singapore and the United States continue to lead the world in talent competitiveness. The report confirms that talent issues have become a mainstream concern for firms, nations and cities, with talent performance seen as a critical factor to growth and prosperity.

In this sixth edition, Switzerland continues to lead the 2019 Global Talent Competitiveness index, while Singapore and the United States come in second and third respectively as they did in 2018.

The Top 10 Countries leading in global competitiveness are Switzerland, Singapore, USA, Norway, Denmark, Finland, Sweden, Netherlands, UK and Luxembourg

As in previous years, higher rankings are associated with higher income levels. Policies and practices that bring about talent competitiveness in more developed countries are less susceptible to political and socioeconomic fluctuations. High-income economies have the stability to invest in lifelong learning, reinforcing skills, and attracting and retaining global talent.

Entrepreneurial talent has become a key differentiator in relative talent competitiveness

This year’s report has a special focus on entrepreneurial talent - how it is being encouraged, nurtured and developed throughout the world and how this affects the relative competitiveness of different economies. New approaches are emerging to stimulate entrepreneurial and intrapreneurial talent – for example, the efforts to develop bottom-up innovation and empower employees. Such progress is especially true in the cities, where ‘Smart cities’ ecosystems are increasingly acting as talent magnets.

The results show that the highest-ranking countries and cities tend to be the most open to entrepreneurial talent, and digitalisation and globalisation are increasing the role of entrepreneurial talent.

“Entrepreneurship appears to be a decisive talent to succeed; all types of organisations have to attract and enhance entrepreneurial talent, in an era where ecosystems around the globe are drastically reshaped by digital transformation.” Felipe Monteiro, INSEAD Affiliate Professor of Strategy, Academic Director

The report also reveals that cities rather than countries are developing stronger roles as talent hubs and will be crucial to reshaping the global talent scene. This growing importance of cities is due to their greater flexibility and ability to adapt to new trends and patterns – as nimble economic units where policy can be changed more swiftly, cities are thus more attractive for talent, especially entrepreneurial talent.

Being competitive requires an entrepreneurial approach to be flexible, evolve and adapt. Organisations must manage the changing workforce needs to stay competitive.

Five-year analysis shows talent gap widening between unequal economies

For the first time, the 2019 GTCI provides a longitudinal analysis of talent competitiveness based on the results of all GTCI editions since 2013. The main finding is that the gap separating the talent champions from the rest of the global community has been growing. Talent competitiveness is strengthening in groups of countries where it is already comparatively high and weakening in those where it is relatively low.

Alain Dehaze, Chief Executive Officer, the Adecco Group suggests: “As the world of work rapidly changes, there is a danger that if countries and cities do not have the right conditions for attracting talent, people and businesses will move away and look for opportunities elsewhere.

The results of this year’s GTCI report are further evidence of how entrepreneurial talent is being increasingly seen as one way of successfully navigating a world in constant flux. Nurturing it is a vital part of creating the right environment for talent to flourish and to lay the seeds for success in the future.”

The Global Talent Competitiveness Index takes a close look at entrepreneurial talent --who has it and how to encourage it. Organisations, countries and cities need to capitalise on this resource for continued growth, say INSEAD's Felipe Monteiro and Bruno Lanvin.

The Global Talent Competitiveness Index takes a closer look at entrepreneurial talent -- who has it and how to encourage it. Organisations, countries and cities need to capitalise on this resource for continued growth, say INSEAD's Felipe Monteiro and Bruno Lanvin.

About the Report

The 2019 GTCI report, published by INSEAD, the Business School for the World, in partnership with the Adecco Group and Tata Communications, is a comprehensive annual benchmarking measuring how countries and cities grow, attract and retain talent, providing a unique resource for decision makers to understand the global talent competitiveness picture and develop strategies for boosting their competitiveness. Click here for the full report.

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