INSEAD: The Global Talent Competitiveness Index 2020-
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INSEAD: The Global Talent Competitiveness Index 2020
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The INSEAD: Global Talent Competitiveness Index released by the INSEAD (Switzerland) in January 2020. India has moved up eight places to secure the 72nd position in the global talent competitiveness index of 2020 and Switzerland has topped the list of 132 countries.
Now let us come to the details of this report so it was launched by INSEAD. INSEAD which has a partner and sponsor of the United Nations sustainable development goals and it is in Davos in Switzerland. It is a partner and sponsor of UN SDG sustainable development goals of the UN which has to be achieved by the year 2013. The first edition of this index was in 2013 and every year this report is being published and the report measures the ability of countries to compete for talents the ability of countries to grow and also to attract and retain talent so this is what the global talent.
INSEAD business schools
INSEAD means it is one of the world's leading and largest graduate business schools with locations all over the world. Its alliances with top institutions so in series basically a graduate Business School. Six matrixes are used to decide a country's rank.
· Enable
· Attract
· Grow
· Retain
· Vocational skills
· Global knowledge skills
These are the six parameters using which the ranking is given. The first one is the enabling environment in a country how enabling is a country to bring up talent, the second one how much capacity is a country to attract talent and the third one to grow talent to retain the talent. the fifth one is the provision of vocational skills and also the sixth one is global knowledge skills so these are the six parameters used by INSEAD to prepare this index.
INSEAD Program
Now coming to the details of the 2020 report, the theme for 2020 was global talent in the age of artificial intelligence. as we know the next Industrial Revolution that is taking place it is the artificial intelligence revolution so the New Age technology or the New Age science is regarding artificial intelligence so the theme of 2020 was the global talent in the age of artificial intelligence. This report explores how the development of artificial intelligence is not only changing the nature of work but also forcing up the evaluation of workplace practices corporate structures and innovation ecosystems. this report analyzed how the development of artificial intelligence is changing the nature of work so with the use of artificial intelligence the role of human beings can be minimized and how artificial intelligence is changing the nature of the work and also how it is promoting innovation so the role of artificial intelligence in the day-to-day working environment is what the reported study is about.
Switzerland has topped the list of 132 countries and the second one is the US and the third one is Singapore. The report noted that the gap between high-income talent-rich nations and the rest of the world, developed economies here means US UK Singapore or such other countries. Highly industrialized highly rich developed countries so the gap between these high-income countries and the rest of the world is widening so the rest of the world includes low-income countries middle-income countries as well as emerging market economies. the gap is widening what does it mean it means that these developed countries or the high-income countries which are also talent-rich countries so these countries have the highest talent and the gap is widening so they are developing more and more so that is why the gap is also widening. More than half of the population in the developing world lack basic digital skills. This is very important because India is also one of those developing countries. The report has also found out that more than half of the population 1/2 of the population in the developing countries in the developing world lack basic digital skills. Artificial intelligence high-end technology the best technology that is available now so at the age of artificial intelligence lacking basic digital skills is a drawback. The report highlights that more than half of the population in the developing world lack the skill basic skills in digital literacy.
let us come to the countries the topmost countries and their score the first rank it is secured by Switzerland second one us third country is Singapore fourth one is Sweden the fif0th one is Denmark sixth one is Netherland seventh is Finland the eighth is election Berg ninth is Norway tenth Australia when India has a rank of 72 so India is ranked 72 out of all these countries.
India's performance in the INSEAD: The Global Talent Competitiveness Index
The report states that India's global talent competitiveness index score and GDP per capita are both lower than the other emerging market economies like the BRICS economies. GTCI score this is the global talent competitiveness index core. The score of India has got a score of 40.42 and a rank of 72. If we compare it with the other emerging market economies it is very low. let us take the example of BRICS nations Brazil has a rank of 80 Russia 48 China 42nd and South African 70th so among the BRICS economies India is the second-lowest ranking economy. Now compared the GDP per capita GDP per capita means the overall GDP of a country divided by the population of the country. GDP is actually the output (output means the final goods and services) into the price. That is the monetary value or the money value of all the final goods and services produced in an economy or within a fiscal year. GDP / overall population will give you per capita GDP, the per capita GDP of the country is also very low and the reason is that the population size of our economy the population size of India is very high. That is why the GDP per capita is also low according to this report.
The strengths of India.
What are the strengths that have been highlighted in this report about India. First one India’s key strengths it relates to growing talent the biggest advantage or strength lies in the fact that India has the potential of growing talent in the country. This is because of the levels of lifelong learning and access to growth India has got a huge potential in growing talent within the country. But it also specifies in the report that more could be done to improve India's educational system. In order to grow more talent in the country, it is important to make improvements in order to make structural changes in India's educational system. By providing adequate education quality education the fact is that the education that is provided should be meeting some basic quality or criteria. by providing quality education by making structural reforms in the educational system India can achieve the target of growing talent. The country’s highest-ranked sub pillar is employability. But the ability to match labor market demand and supply stands in contrast to countries' poor mid-level skills. The biggest advantage of India is its employability. The rank of India in terms of employability it is not employment but it is employability. India also has a huge potential in increasing employability, but what has to be done for this we need to understand. The current problem is that there is a gap between the demand and supply of skills. The demand of skills means that the demand of industries like a certain set of skills. for example, let us take artificial intelligence we know that this is the new age technology so the demand of the industries will all the time be the most modern skills. The demand of industries is on one side there is the supply of the skills this refers to what is available in the labor market. This does not match in India it means that there is a serious drawback or a weakness in the labor market in India with regard to the skill sets that is available. The labor market in India is not able to provide a set of skills that are demanded by the industry. If proper skills like vocational training, technical training, etc. are given to the existing labor force in India. The labor market in India can be strengthened and this will help India to achieve the target of reducing unemployment. This is what the report has mentioned about India's strength.
We know that India is a highly populous country where the population is very high and the demographic dividend of India is highly favorable for India in the sense that most of the population in India falls within the category of the working-age population. This has to be utilized for that skilling is very important this is because even though we have the potential of creating employability the problem lies in the fact that there is a wide gap between mortals demanded by the market or the industries and water supplied by the labor market. This has to be negated for that skilling is very important.
The challenges faced by India
First challenge India faces the challenge of attracting the labor force and retaining the labor force or the talent and also it has a weak ability to overcome it. so very good example is the brain drain. The brain drain Theory explains that the talent in India they go to or migrate to other countries in search of better employment opportunities better income better standard of living etc. The brain drain theory shows how poor is India in attracting the talents and also in retaining that talent. This is a weak ability according to the report and India has to strengthen the role of minorities and women to raise the level of internal openness in the country which would make it more appealing. the report also says that the country has to strengthen the role of minorities and women in economic activities or in employment participation etc. which will strengthen the country so these are the challenges the country has to overcome and this is all about the global talent competitiveness index.
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