Australia listed in top ten countries for attracting talented workers
Written By Lauren Mennie | Wed, Mar 4, 2015
The pace of change in the knowledge economy is reaching unprecedented speed. Rapid technological change, coupled with a globally mobile workforce is bringing benefits to countries able to harness the energy of the young and ambitious, and raising challenges to those unable to attract and grow this precious resource.
A recent report complied by the international business school INSEAD listed Australia as one of the top 10 countries that attract a talented international workforce. This report, the 2014 Global Talent Competitiveness Index (GTCI), surveyed 93 countries using 65 variables to investigate the effects of factors like openness to trade, fiscal stability and technology on talent growth.
This is the first time that Australia has made it into the top 10 for the GTCI, which indicates a nation’s competitiveness based on the quality of talent it can produce, attract and retain.
Bruno Lanvin, Executive Director of Global Indices at INSEAD noted in a recent article that Australia has a strong tradition of immigration, an attribute shared by many countries in the top 20. “If you want to be talent competitive you have to be a magnet for talent and that includes diversity.”
Report authors also postulate that future metrics will reflect those nations that embrace digital technology, given that is having a drastic impact on a number of labour market segments.
Australia’s inclusion on this list has seemed inevitable to many interested observers, given its long history of a targeted and strongly steered immigration framework that places a strong emphasis on attracting a skilled and experienced international candidates that complement the existing domestic workforce.
One area of the report that Australia was identified as having room for improvement was a low focus and uptake of vocational education, which we have seen reflected in the critical skills shortages in tradespeople felt across the country in recent years. On the other hand Australia ranked very highly in formal education, with a high number of enrolments in university.
This report reinforces the notion that Australia is a premier destination for the young, highly skilled and mobile workforce and if Australia can continue to attract and retain this resource, the country is positioned well to continue to climb the rankings.
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