A study by leading business school INSEAD called Global Talent Competitiveness Index (GTCI) provides us with some valuable insights about how countries compete for top talents. In 2014 the study ranked 93 most developed economies, including the Czech Republic which ranked 24. As far as the tolerance to minorities is considered, it ranked 76, such a result is definitely not good. But there are also some good news: for example in the category of Firms offering formal training the Czech Republic ranked 4.
The Czech Republic was also first in the categories of Employable skills, Labour and Vocational Skills, Sanitation, which form the Access to services section. In the categories of Secondary-educated population and Secondary-educated workforce (both are in the Vocationally trained workforce section), the Czech Republic was also number one. In the Extent and effect of taxation category, the Czech Republic ranked 80, and in the category of social protection Pension system it was second.
The top three countries on the list, Switzerland, Singapore and Luxembourg are open economies. They have no other choice, and the Czech Republic is similar. Only openness can help them acquire talents and, consequently, investments from large corporations.
The current situation, according to the study
It is probable that many current jobs will disappear, since there is going to be lack of significant productivity increases. That is why education and training is needed. Governments cannot fight unemployment solely by introducing macroeconomic measures. It is necessary to consider the full range of real life motivations. There are various categories of workers, different jobs and related skills. The digital revolution’s momentum is increasing, but the overall global economic situation is still not stable. Human capital today is more important than it has ever been before. Talent mismatches between the millions of the unemployed and the millions of vacancies across the world have a negative impact on the count of innovations, on economic growth and on the lives of families.
Automation and computerisation
Work automation is expanding and as a result, many jobs are in danger, meaning the connected workforce may become obsolete. The computerisation of many knowledge-intensive tasks is already well on the way. Now managers don’t have to assign the task of gathering information to a member of his team or file a request to the IT department. He simply asks the computer.
Introduction to the Global Talent Competitiveness Index (GTCI) report and its general insights are available in our previous article here.
The entire study is available for download here.
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