India’s talent competitiveness ranking has plummeted from 83rd place in 2013 to a disheartening 103rd place out of 134 countries in 2023, according to The Global Talent Competitiveness Index by renowned business school INSEAD. Strikingly, India remains at the bottom among the BRICS nations.
The Global Talent Competitiveness Index evaluates how countries foster, attract, and retain talent, defining “talent competitiveness” as a combination of policies and practices that enable a nation to develop, attract, and empower human capital contributing to productivity and prosperity. The index comprises two key sub-indices – input and output. The input framework gauges regulatory and business environments, as well as efforts to attract, grow, and retain talent, while the output framework assesses the quality of talent within a country.
The report highlights a distressing trend in India’s long-term talent competitiveness, revealing a decline in rankings from 88th in the 2013-18 period to 89th in the subsequent years. The recent slide is attributed to a significant drop in business sentiment, adversely impacting the nation’s ability to attract both domestic and international talent.
“In the years leading up to 2020, India witnessed a positive trajectory in talent competitiveness. However, the subsequent three years have seen a regrettable regression,” states the report.
“A notable factor contributing to this decline in GTCI rankings is a slump in business sentiment, negatively affecting the recruitment and retention of talent, both locally and globally,” it states.
China maintains its dominance within the BRICS group, securing the 40th position, followed by the Russian Federation at 52nd. South Africa holds the 68th spot, while Brazil follows closely at 69th.
European nations continue to dominate the upper echelons of the index, with Switzerland securing the top position, followed by Singapore and the United States.
Among the non-European countries breaking into the top 25, Australia, Canada, New Zealand, the United Arab Emirates, South Korea, and Israel stand out. South Korea has climbed the rankings for the first time, replacing Japan in this exclusive bracket.