Which countries are the most successful at attracting and keeping talent? That is the question asked each year by the Global Talent Competitiveness Index (GTCI), published by the INSEAD business school. And according to the GTCI, the Grand Duchy is very competitive: an overall 10th place confirms the Grand Duchy's attractiveness for national and foreign talent. Among the EU's member countries, the Grand Duchy occupies 6th place.
An open, attractive country
In an increasingly globalised world, having a well-trained, motivated labour force is a key factor in national competitiveness. And the results set out in the 6th edition of the GTCI confirm that the Grand Duchy is capable of attracting talent to its territory and keeping it there.
According to the GTCI, the Grand Duchy is particularly convincing in terms of attracting talent (2nd place) and retaining it (8th place) – it appears to be a country it's a pleasure to live in. In terms of attraction, the Grand Duchy is particularly good not only at external openness, i.e. the power to attract businesses, but also at internal openness, i.e. social inclusion.
So what motivates employees to stay in the Grand Duchy? According to INSEAD, it's mainly good social security arrangements that make the difference. Its pensions scheme puts the Grand Duchy in 1st place (with a score of 100/100), while the country ranks 4th worldwide for social protection.
Other sub-indexes in which the Grand Duchy excels are productivity (5th place), ICT infrastructures (1st place), entrepreneurial activity (1st place) and employee development (4th place).
Areas with room for improvement
The report nevertheless points to a number of areas where improvements should be made in the Grand Duchy, including formal education, for which the Grand Duchy ranks no higher than 55th place, and ease of hiring, for which the Grand Duchy ranks 112th.
The 2019 edition compared 125 countries in six areas: enablement, ability to attract talent, growth, ability to retain talent, labour and vocational skills, and the global knowledge skills required for innovation and entrepreneurial activity.
(Article produced by the editorial team of the portal at www.luxembourg.lu)