Most HR professionals can agree that talent is one of the most critical drivers of growth in today’s global environment and that strategic workforce planning is crucial to business success. Some countries, however, are better positioned to contribute to effective workforce development, growth potential and economic success.
This, according to a new Human Capital Index, developed by the World Economic Forum in collaboration with Mercer, which ranks 122 countries in terms of their strengths and weaknesses under the categories of Education; Health & Wellness; Workforce & Employment; and Enabling Environment.
Rankings by region
Having analysed more than 90% of the world’s population, the Index reveals that countries in Northern and Western Europe account for eight of the ten top positions, with Switzerland heading the overall global ranking followed by Finland (2), Netherlands (4), and Sweden (5).
Within Asia, Singapore ranks in third place, due to its very strong scores on the Education and Workforce & Employment pillars, in addition to good scores on Enabling Environment. Japan emerged at number 15 due to high marks in Health & Wellness and Workforce & Employment, followed by Malaysia (22) and Korea (23). Adversely, both China (43) and India (78) received low marks in Health & Wellness and Education.
Commenting on the findings, Pat Milligan, Region President at Mercer and member of the World Economic Forum’s Global Agenda Council on Education and Skills said, “For organisations looking to invest, consolidate, or grow operations internationally, effective workforce planning is essential to understanding talent as a strategic asset and maintaining a competitive business advantage. With the Human Capital Index, employers can make country-specific decisions about their talent investments that will impact business growth and long-term success.”
Shaping the future
As countries compete to attract talent on a global stage, the Index aims to help to inform strategic workforce planning and policies that will ensure that countries and regions will have the right talent with the right skills to meet the future needs of employers.
Saadia Zahidi, Senior Director and Head of the Human Capital project at the World Economic Forum concluded, “Some countries face an aged or ageing population, others face youth bulges, a few even face both. For some, this means confronting a major upcoming talent crunch, while for others it means developing mechanisms that allow it to realise their population’s potential rather than letting it develop into a burden. In this light, the Human Capital Index is a tool for understanding where countries stand today so that government and business can engage in workforce planning for the future.”
Paul Arkwright
Publisher
