Thailand failing to attract global talent, rankings show
Thailand has dropped four places in the Global Talent Attraction Index, falling to 79th place from its 75th ranking last year.
The Global Talent Competitiveness Index 2023, conducted by INSEAD in collaboration with the Portulans Institute and Accenture, indicates that competition in global talent capability is expected to intensify in the next decade due to uncertainties and tensions between countries affecting trade, investment, and geopolitics.
Quality of life and sustainability will be essential assets for countries positioning themselves as hubs for capable individuals.
Additionally, the introduction of AI across industries may increase the pressure on the workforce, leading to heightened competition. Those with low qualifications or lower skills may face increased pressure, while some may endure challenges from intensified competition due to algorithms and specialised equipment.
In this scenario, highly skilled, or special talent becomes a crucial and indispensable resource. Countries with a skilled workforce are key drivers in attracting and retaining talent, making them more appealing to attract talented individuals globally to strengthen their workforce.
The Index uses a variety of indicators, among them open recruitment of foreign labour and a conducive environment for the domestic workforce; education and access to opportunities; and connecting skill promotion with a workforce-supporting market.
Highly skilled/talented individuals are migrating to Switzerland, which has maintained the highest competitiveness for 10 consecutive years, according to the index.
Indeed, European countries have consistently dominated, benefiting from high-level social protection and the quality of the country’s environment.
Singapore secures the second position, boasting a highly educated workforce and an innovation-oriented economy.
Following closely is the United States, moving up to third place from fourth in 2022.
The report measures how 134 countries attract, grow, and retain talented individuals and indicates that over the past decade, there has been an unchanging correlation between a country's wealth and its ability to compete. Wealthier countries continue to outshine economically disadvantaged ones, with Denmark, the Netherlands, Finland, and Norway ranking 4th, 5th, 6th, and 7th, respectively. Australian ranks 8th, and the United Kingdom ranks 10th. China has moved up from 47th to 40th place.
India, the world’s third-largest economy, faces challenges. Despite predictions that India would become the third-largest economy by 2030, it now ranks 103rd due to low business confidence, undermining its ability to attract talented individuals globally and domestically. This may result in a mismatch of skills and increased difficulty in finding skilled workers.
In terms of attracting talent, Thailand comes in at 125th, indicating low tolerance, possibly due to human rights issues in the lower-level workforce.
In addition, Thailand lacks an educational system design for lifelong learning, hindering growth opportunities, and has a shortfall in vocational and technical skills.
