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Entrepreneurial skills are a key differentiator in the competition for talent. It is proven that having these skills attract and creates more benefits and employment for the cities and countries. Therefore, this creates a higher base of entrepreneurs. Both, small and high-income economies continue to attract talent this way.
Washington, DC was the first one in the classification of cities attracting these entrepeneurial skills. It seems that power and influence attracts more than money. The five-year analysis shows, as expected, that the talent gap widens between disparate economies.
Leading Countries in Entrepreneurial skills
The Global Talent Competitiveness Index (GTCI) report 2019, reveals that Switzerland, Singapore and the US continue to lead the world in competition for talent. On the other side, countries in Asia, Latin America and Africa are seeing a progressive erosion of their talent base.
The report confirms that issues related to talent have become a main concern for organisations, nations and cities. Performance regarding talent attraction is considered a high rank factor for growth and prosperity.
How to promote entrepreneurial skills
2019’s report focuses especially on entrepreneurial skills and how they are stimulated, promoted and developed around the world. But mainly how this affects the relative competitiveness of different economies.
New approaches are emerging to stimulate talent, both entrepreneurial and intrapreneurial. Companies look for employees who are prepared for the future. Such advances are particularly true in cities, where the ecosystems of ‘smart cities’ increasingly act as magnets of talent.
The results also show that:
- Countries and cities with the highest rankings usually have the greatest openness to entrepreneurial talent.
- Digitalization and globalization are accentuating the role of entrepreneurial talent.
The report reveals that cities and their councils, even more than national governments, are developing leading roles as talent centers. Therefore, they will be crucial in changing the global talent scene. This growing importance of cities is due to their greater flexibility and ability to adapt to new trends and patterns as agile economic units. Units in which politics can be changed more quickly. Cities are therefore more attractive for talent, especially for entrepreneurial talent
Washington, DC, is the best ranked city this year, followed by Copenhagen, Oslo, Vienna and Zurich. Washington’s position can be attributed to its solid performance in four of the five pillars evaluated in the research, specifically in the “Be global”, “Attract”, “Grow” and “Enable” pillars. Its stable economy, dynamic population, excellent infrastructure and connectivity are key. But also, its highly qualified workforce and world class education are all characteristics that contribute to making the city a center of talent of such a high level.
For the first time the GTCI 2019 provides a longitudinal analysis of competitiveness for talent based on the results of all editions. The main finding is that the gap separates the Talent champions from the rest of the global community has been widening. Competitiveness for talent is strengthening in groups of countries where it is already comparatively high and weakening in those countries where it is relatively low.
“Among the top ten in the ranking of competitiveness for talent, only two countries outside of Europe can be seen: Singapore and the United States. Europe remains a powerhouse in terms of talent. Also countries with excellent universities and a strong educational sector are the best at attracting talent. High-level talent is also internationally mobile, no comparative advantage can be seen as irreversible. Those countries will have to stay open and competitive to maintain their leadership. “
Bruno Lanvin, executive director, Global Indexes, INSEAD
Felipe Monteiro, associate professor of Strategy and academic director of INSEAD and co-editor of the report, added: “Entrepreneurship seems to be a decisive skill for success, all types of organizations have to attract and improve entrepreneurial talent. In an era where Digital transformation is drastically changing the shapes of ecosystems around the world. “
“The results of this year’s GTCI report are additional evidence that entrepreneurial talent is increasingly seen as a successful way of navigating a constantly changing world. Their promotion is a vital part of the business. Creating the right environment for talent to flourish and to sow seeds for future success. “Alain Dehaze, executive director, The Adecco Group
Vinod Kumar, executive director of Tata Communications, explained: “The concept of transparency is critical for entrepreneurial talent. In this business, culture plays a key role. Companies and cities need to work hand in hand to foster favorable cultures for the intrapreneur. Above all, a continuous learning mentality, since the human factor is the key to the success of the digital transformation. This will help unleash the positive potential that technology brings with it. Especially in a world where beings humans and machines will work side by side and where different types of collaboration and conceptualization will emerge“.
The GTCI 2019 report is a comprehensive annual benchmark that measures how countries and economies cities develop, attract and retain talent. A thorough read could help you as an sme owner as an unique resource if you are looking to expand or to look for entrepeneurial talent. The full report provides the insights of what entrepeneurial people like you are looking for and what other cities are offering to them.
The 10 best ranked countries in 2019
In this edition, Switzerland continues to lead the Competitiveness Index. Singapore and the United States are placed in second and third place respectively, as they did in 2018. These first three countries are followed by Scandinavian countries, Norway (4th), Denmark (5th), Finland (6th) and Sweden (7th). Yemen, Congo and Burundi have finished at the bottom of this year’s index,
As in previous years, higher classifications are associated with higher levels of income. Policies and practices that foster competitiveness for talent in more developed countries are less susceptible to political and socio economic fluctuations. High-income economies have the stability to invest in lifelong learning, reinforce skills, and attract and retain global talent.
The 10 top ranked cities in 2019
Leading cities are the best performers in the five pillars of the talent spectrum. The best ranked city in entrepreneurial skills, Washington, DC, exemplifies this by being a city that ranks in the top 10 in three of the five dimensions. The increasingly central role of cities as nuclei for entrepreneurial skills also shows the importance of developing strong and vibrant ecosystems around innovation.