TAIPEI (Taiwan News) – Taiwan has ranked 23rd among 63 countries in the IMD World Talent Report 2017 published by IMD on Monday Nov. 20. Despite its decent ranking, the report is an indication that Taiwan should be aware of its diminishing talent pool.
Sixty-three countries were assessed to the extent they develop, attract and retain talent in a wide range of areas including apprenticeships, workplace training, language skills, etc.. The results are presented under three main categories of Investment and Development, Appeal, and Readiness, according to the fourth edition of the annual IMD World Talent Report.
European countries still dominate the 2017 list, with Switzerland, Denmark, Belgium, Austria and Finland constituting the top-five most competitive countries.
Taiwan is placed at 23, the same ranking as last year after adjustments, but lags behind Hong Kong (12) and Singapore (13) while staying ahead of Malaysia (28) and Japan (31) among Asian countries.
In the category of Investment and Development, Taiwan enterprises are noted to value employee training, but total public expenditure on education as well as Taiwan's pupil-teacher ratio in secondary education, are in inferior positions.
As for the Appeal, Taiwan performs fairly well on effective personal income tax rate, but exhibits inconsistent performance on indicators like the cost-of-living index, brain drain and foreign highly-skilled personnel.
In the Readiness category, science in schools is sufficiently emphasized, and student mobility inbound and educational assessment were given a relatively high evaluation.
Senior economist José Caballero from the IMD World Competitiveness Center said to Central News Agency that Taiwan performs well overall, but lacks the ability to cultivate home grown talent, attract or retain talent.
The situation might become worse if Taiwanese professional talent continues to move out of the country, and if no foreign highly-skilled professionals arrive to balance their absence, which will further diminish an already drained talent pool.
The economies that perform the best in the evaluation share similar aspects of attractiveness, including high investment on education systems from primary to tertiary levels, substantial opportunities for career advancement and a superior life quality, according to the report.