South Africa has ranked 50 out of 63 countries in the latest Institute of Management Development (IMD) Talent Ranking. This is according to the latest results released this week by the Institute of Management Development (IMD)‘s World Competitiveness Center (WCC). The WCC is a Swiss based institution that assesses 63 industrialised and emerging economies on their ability to create and maintain an environment that sustains the global competitiveness of their enterprises as well as their state of digital readiness and talent development.
The objective of the IMD Talent Ranking is to assess the development, attraction and retention of talent. According to the IMD WCC, cultivating, attracting and retaining a skilled workforce is critical to strengthen a nation’s competitiveness and achieve long-term prosperity for the citizens, particularly in the modern world where technological advancement constantly redefines the challenges faced by governments, businesses and society.
The Chief Executive Officer (CEO) of Productivity SA, Mr Mothunye Mothiba, says “timely and comprehensive labour market and productivity statistics is crucial for labour productivity measurement and formulation of labour market policy. This will require collaboration with the Department of Employment and Labour to collect and collate stats, and the National Skills Authority and SETAs to ensure focused efforts on up-skilling and re-skilling in industry through better utilisation of the National Skills Fund”.
The survey is recognised internationally, and Productivity SA is the information partner for the IMD in South Africa. The IMD Talent Ranking is structured according to three factors of:
• Investment and Development
• Appeal and
In terms of measurement, Investment and Development measures investment in home-grown talent and development thereof, Appeal measures the ability of a country to tap into the overseas talent pool and Readiness measures the availability of skills and competencies in the talent pool to meet the talent needs of enterprises. The country has lost some ground in recent years on its performance in the IMD Talent Ranking. South Africa also ranked 50 in 2018 while the country ranked 43 and 48 in 2016 and 2017, respectively.
According to Chief Economist at Productivity SA, Dr. Leroi Raputsoane, “The ranking highlights that the country fares well in tapping into the international talent pool as opposed to developing its own local talent while the country ‘s educational system needs to up its game in order to meet the talent needs of the country ‘s enterprises In particular, South Africa ranked as follows:
• 56 on Investment and Development
• 37 on Appeal and
• 48 on Readiness.
The Director of the IMD World Competitiveness Center, Professor Arturo Bris adds that, “Most leading economies emphasize long term talent development by focusing on investment and development. This emphasis, however, goes beyond purely academic aspects to encompass the effective implementation of apprenticeships and employee training. Such an approach ensures a consistent alignment between talent demand and supply.”
On the international front, the country that ranked high are mostly form Western Europe with Singapore the only non-European country in the top ten in the IMD World Talent Ranking 2019. Switzerland ranked first and Denmark second, followed by Sweden, Austria and Luxembourg. ENDS
For more information, Contact the Productivity SA media liaison office, Maupi Monyemangene, on 011 848 5397/ 0824473232 or send an e mail: firstname.lastname@example.org. Issued by: Productivity SA
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