The results of INSEAD's 2016 Global Talent Competitiveness index (GTCi), which measures the ability of countries to attract talent. the GTCi provides an important indicator of a country's potential and future prosperity. Furthermore, rankings and indicators such as the GTCi influence key decisions made by businesses, multinational corporations and non-profit organisations looking to increase their presence in these dynamic markets. As the opening of the AEC grants professionals in the region increased mobility, the findings from this report take on greater significance than in previous years.
The 2016 report highlights, among other things, a vast disparity across the recently established ASEAN Economic Community (AEC). Of the 109 countries in this year's GTCi report, six nations are from Southeast Asia. Holding on to the top spot in ASEAN, and across Asia, is Singapore, which came second globally. The only other Asian nation to make the top 20 is Japan (19). The second highest ranking nation from the AEC is Malaysia (30th), followed by Philippines (56th), Thailand (69), Vietnam (82), and finally Indonesia (90).
Malaysia, having the second best rating amongst AEC nations, is the closest competition to Singapore. Paul Evans, academic director and co-editor of the Global Talent Competitiveness Index, noted, "there are approximately 4 million foreign workers in Malaysia, with an uptrend of skilled workers from Cambodia, Thailand, Vietnam, and the Philippines. This can be attributed to the rapid urbanisation of Malaysia which led to an increased quality of life and job opportunities."
Political instability, military rule and the loss of civil liberties are all factors that can severely inhibit a nation's ability to attract highly skilled professionals. As demand for talent increases, individuals with sought-after skills are empowered with increased options and mobility which enables them to live and work in the environments of their choice. The GTCi report also focused on the challenge of filling the skills gaps. The inability to provide adequate vocational training in national education systems and the difficulty of attracting foreign talent could be a substantial obstacle to growth and development for many Asian countries.
