THE Philippines is still one of the worst performers in Asia and the Pacific despite a three-notch improvement in its Institute for Management Development’s (IMD) World Talent Ranking (WTR) for 2022.
The country ranked 54th out of 63 countries in 2022, three notches higher than its 57th in 2021. The country’s score was at 41.1 out of 100.
The Philippines ranked the lowest among its ASEAN-5 peers and was second to the last in the whole Asia and the Pacific region. The country that ranked last in the region was Mongolia, at 62nd place out of 63 countries.
“Indirectly, quality of life and economic sustainability will indeed determine the quality of the talent pool as well. There will be winners and losers,” Arturo Bris, Director of the World Competitiveness Center (WCC), said.
The rankings were based on the scores and rankings of countries in 31 criteria that are measured and organized into three factors.
These factors include the Investment and Development factor, which considers the domestic resources committed to cultivate homegrown talent.
Another is the Appeal factor, which evaluates the ability to attract and retain talent from both the international and domestic markets.
The last factor is Readiness, which assesses the quality of the available skills and competencies in the talent pool.
The ranking of the Philippines was the lowest in the Investment and Development factor at 62nd, followed by Appeal at 43rd and Readiness, 35th overall.
Under Investment and Development, the country ranked poorly in terms of the total public expenditure on education per student at $36.1 per student. This placed the country 62nd in this criteria.
Employee training
The criteria where the country ranked the highest under Investment and Development was employee training which is a high priority in companies. This placed the country 38th overall in this criteria.
For Appeal, the country ranked the poorest in terms of justice, which is only fairly administered. The country ranked 50th out of 63 countries in this criteria.
IMD’s data showed that among the criteria where the country did well was collection of personal income taxes where it placed 15th overall.
Under Readiness, the country ranked the lowest in student mobility and education assessment—ranking 57th overall in both criteria.
The country ranked the best in terms of skilled labor where the country ranked 2nd out of 63 countries and labor force growth which placed the country 3rd overall in this criteria.
“Talent competitiveness in the post-Covid period hinges greatly on the motivation level of the workforce which, in turn, relies on remuneration but also quality of life and organizational leadership of the economy,” said Christos Cabolis, Chief Economist at the WCC.
Overall, Switzerland remains the leader in attracting and retaining talent for the sixth consecutive year, followed by Sweden, Iceland, Norway, then Denmark. Since 2018, Iceland has leapt from 16th to third.
Eastern Asian economies performed especially well (second regionally) in the Investment & Development and Readiness factors, testament to the importance that these economies place on education and the development of local talent.
PHL still among worst performers in world talent index
Source: News Paper Radio
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