Be a magnet for talent: invest in smarter education
Economies that want to harness the power of talent to fuel prosperity must improve the way they fund and deliver education programs, focusing on the needs of industry and adopting a more open-minded approach to vocational training.
That is the expert advice from Arturo Bris, Director of the IMD World Competitiveness Center, in an exclusive IMD podcast recorded to support the release of the IMD World Talent Ranking.
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.
“Talent is one of the major drivers of competitiveness in the long run,” says Professor Bris, 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”.
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, he says.
In the podcast, Professor Bris also outlines three key recommendations for designing education policies that actively support talent; invest in effective education per student; build a curriculum that inspires a culture of excellence; and supporting educators through higher salaries, better training and smaller class sizes.
To find out more about the global talent map and ways to improve talent competitiveness, tune in to the IMD podcast.