Thailand falls to 47th place in world talent rankings for 2024
Thailand has slipped two places to 47th in the 2024 IMD World Talent Ranking, underscoring the urgent need for the country to accelerate practical measures focusing on educational and labour market policies, with a heavy emphasis on retraining and upskilling.
The latest report, released this week by the IMD World Competitiveness Center (WCC), highlights how policymakers should begin streamlining regulations to minimise the potential exclusion arising from the widespread adoption of artificial intelligence (AI).
Switzerland secured the top spot in the rankings, followed by Singapore in second place and Luxembourg in third, out of 67 economies evaluated. The ranking considers three primary factors: investment and development, appeal, and readiness.
A study by the WCC found that in Japan (43rd), Thailand (47th), Singapore (2nd), the United Kingdom (27th), and Canada (19th), senior executives agree that AI is playing a crucial role in transforming work practices. This is evidenced by the replacement of manual labour with AI in numerous sectors.
However, the study also points to a worrying trend of increasing discrimination in these economies. WCC senior economist José Caballero warned that "Discriminatory practices – whether based on race, gender, age, disability, or sexual orientation – are not going to help attract and retain talent."
While these economies may face drawbacks during the AI adoption phase, they are likely to reap AI's benefits in the long term. However, rising discrimination levels could damage their attractiveness to highly skilled overseas staff, affecting talent attraction and retention.
The report also explores how AI is perceived to enhance tasks or provoke "quiet quitting" in different economies, the likelihood of men's versus women's employment being affected by automation, and how talent competitiveness in the AI era requires a swift reassessment of educational systems and corporate training programmes.
WCC director Arturo Bris emphasised that "Instead of debating AI's ability to do certain tasks as well as humans, our focus should be on understanding and learning AI and Web3 technologies, which should take precedence in our education systems."
The WCC Executive Opinion Survey, which contributed to the World Talent Ranking results, found that in developed economies, more jobs are being transformed or replaced by AI than in less developed ones.
This suggests that AI acts as an equaliser across nations in terms of talent competitiveness, making more competitive nations less competitive and less competitive nations more competitive.
Singapore's steady rise to the top – for the first time since the inception of the ranking in 2014 – is driven by its robust performance in the readiness of its talent pool. It climbed from 8th place last year.
The 2024 ranking also saw the inclusion of Ghana, Nigeria, and Puerto Rico for the first time.
As countries grapple with the implications of AI on their workforce and talent competitiveness, the report serves as a crucial tool for policymakers and business leaders to navigate the changing landscape of global talent.
