Switzerland leads the IMD World Talent Ranking 2019 while Denmark ranks in second place. Singapore was the only non-European country to feature in the top ten this year.

The IMD World Talent Ranking is based on countries’ performance in three main categories — investment and development, appeal and readiness. The three categories assess how countries perform in a wide range of areas. These include education, apprenticeships, workplace training, language skills, cost of living, quality of life, remuneration and tax rates.

The talent ranking measures the ability of 63 economies to attract, develop and retain talent, providing insights for policymakers and business leaders around the world looking to gain an edge in a rapidly changing and increasingly competitive global economy.

Sweden, Austria, and Luxembourg rounded out the top five. Meanwhile, Norway, Iceland, Finland, The Netherlands and Singapore rounded out the rest of the top ten.

The report added that one of the critical characteristics of the leading economies is that ‘they strive to achieve alignment between the talent demand they face and the domestic talent supply they are able to offer.’

“Most leading economies emphasise long-term talent development by focusing on investment and development,” Arturo Bris, Director of the IMD World Competitiveness Center, said. “This emphasis, however, goes beyond purely academic aspects to encompass the effective implementation of apprenticeships and employee training. Such an approach ensures a consistent alignment between talent demand and supply.”

“Talent is one of the major drivers of competitiveness in the long run,” Bris said, explaining that countries need to do more to “generate and attract talent, and to make sure the labour force fits the needs of the economy”.

Bris added that the key to becoming a hub for top talent lies in developing education systems that stretch well beyond school and university, embrace vocational training and lifelong learning while also reducing the stigma often attached to non-traditional forms of education such as apprenticeships.