Brunei Darussalam took 18th spot globally for vocational and technical (voctech) skills and triumphed in mid-level skills at 12th place in this year’s Global Talent Competitiveness Index 2022 (GTCI 2022) published last week.
The Sultanate ranked 41st overall, up by six spots compared to last year’s ranking of 47th, and seventh in Southeast Asia, Eastern and Oceania region for best talent (after Singapore, Australia, New Zealand, Japan, South Korea and China).
GTCI 2022 is published by INSEAD in collaboration with Portulans Institute and the Human Capital Leadership Institute, and launched during the school’s SDG week.
In the Retaining Talent indicator, the Sultanate was in 43rd place, but topped the rankings in pension coverage.
Brunei was 50th in Enabling Talent and Global Knowledge, 51st in Attracting Talent and 53rd in Growing Talent.
Switzerland, Singapore and Denmark are the most talent-competitive countries, according to the GTCI 2022.
The United States (US) ranked fourth, and many European economies continue to dominate – Sweden (fifth), Netherlands (sixth), Norway (seventh), Finland (eighth) and the United Kingdom (10th).
France (19th), managed to retain its spot from last year, the highest position it has held.
The non-European countries among the top 25 are Australia (ninth), Canada (15th), New Zealand (18th), Israel (23rd), Japan (24th) and the United Arab Emirates (25th).
Titled The Tectonics of Talent: Is the World Drifting Towards Increased Talent Inequalities?, the ninth edition of the GTCI report covers 133 countries and 175 cities from 79 economies around the world across all income groups.
It provides a unique resource for decision makers to understand the global talent competitiveness picture and develop strategies to boost their economies.
Despite continuing imbalances, the global talent competitiveness scene remains dynamic, and carries encouraging signs.
Denmark outpaced the US to rank in the top three. China continues its climb, moving up one spot this year, its new record position through excellent performance in several pillars.
Recent and current crises could have a negative and sometimes irreversible impact on the talent situation of poorer economies.
COVID-19 persists while international tensions and inflation have increased to startling levels.
Limitations to the circulation of goods, services and people may increase, with significant impact on labour markets.
Even in higher-income economies, labour markets may become more fragmented, and hence generate new types of inequalities.
The K-shaped recovery (forecast last year) has taken new potency in 2022 due to disrupted supply chains and a return of nationalistic and protectionist policies.
New work trends (such as ‘quiet quitting’, and younger generations’ increased attraction towards gigs and part-time jobs) are calling for new ways to grow, attract and retain talent.
Gender divides call for renewed efforts. Even in some of the richer parts of the world, recent progress has been annihilated by COVID-19. Girls’ enrolment in education has become a challenge again in many poor regions.
A more unequal global talent landscape would significantly diminish the collective ability to meet key SDG targets.
Efforts are urgently required to reduce those talent inequalities that are the most likely to prevent the world from reaching specific sustainable development goals (SDGs).
This is particularly the case for SDG 4 (quality education), SDG 5 (gender equality), SDG 8 (decent work and economic growth), and SDG 10 (reduced inequalities).
Co-author of the report Academic Director of the GTCI and INSEAD Senior Affiliate Professor of Strategy Felipe Monteiro said, “After COVID-19, the world is once again facing unprecedented challenges of economic and geopolitical crises.
“Government, business and talent are feeling the negative compounded effects of financial, food and energy shocks, particularly impacting the poor and emerging economies.
“This will likely elevate the level of inequalities on the global talent scene and hinder the progress in achieving key SDG targets.”
He added, “Swift actions are urgently required to reduce talent inequalities. Governments and organisations should champion economic and education reforms to allow young generations to contribute through higher levels of entrepreneurship, innovation and productivity.”