By Justine Irish D. Tabile, Reporter
According to the Institute for Management Development (IMD) World Competitiveness Center’s report, the Philippines has fallen six places in the yearly global ranking of countries’ capacity to attract and retain highly skilled workers.
The Philippines placed 60th in the IMD’s World Talent Ranking (WTR) of 2023.thth place in
There were 64 countries in total, and this country dropped six spots from its previous rank of 54th.th
Last year, there were a total of 63 economies.
fic countries in 2019, ranking 25th out of 34 economies
In 2019, the country was ranked 25th among 34 economies in terms of talent competitiveness, which was lower than other countries in the Asia-Pacific region.fific countries.
There are c countries in the region. This particular country was ranked as the 13th out of 14 countries in the Asia-Pacific region.fi
There are only a few countries that perform better than Mongolia.
The overall ranking for Asia-Pacific was the highest.fic country, followed by Hong Kong (16th), Australia (18th), Taiwan (20th) and New Zealand (31st).
This year, the top 5 countries on the talent index were mainly from Europe, including Switzerland, Luxembourg, Iceland, Belgium, and the Netherlands.five.
The WTR rankings use three criteria to determine a country’s talent: “appeal,” which measures its ability to draw in foreign talent and keep local talent, “investment and development,” which looks at the resources dedicated to cultivating a domestic workforce, and “readiness,” which evaluates the skill level of a country’s talent pool.
According to José Caballero, a senior economist at the IMD World Competitiveness Center, the decrease in the Philippines’ talent ranking can be attributed to the weakening of the appeal and readiness factors.
-learning platform is highly efficient and effective.”
The findings show that the e-learning platform is extremely successful and productive in terms of preparedness.ff
The ability of the talent pool to meet necessary skills has decreased. According to him, the Philippines’ ranking in areas measuring the accessibility of experienced senior managers with global experience and the availability of capable senior managers has also decreased.
st in 2019
In 2019, the Philippines’ readiness ranking dropped to 51st place.st % to 35.1 %
In the most recent WTR publication, the percentage increased from 35% to 35.1%.th in 2022.
It also ranked 57th
Regarding academic evaluation, the mean score of 350 was obtained in the Programme for International Student Assessment (PISA), a global study that evaluates the academic achievement of 15-year-old students in mathematics, science, and reading. In comparison, China’s average PISA score is 579 and Singapore’s is 556.
Despite this, the Philippines excelled in areas such as increase in workforce (ranking ninth) and availability of skilled labor (ranking third).
th place in the World Economic Forum’s Global Competitiveness Index
The nation’s ranking on the Global Competitiveness Index by the World Economic Forum dropped to 55th place.th
“In terms of popularity, it ranks 44th place.”th
Last year, the spot was lost due to poor quality of life and a loss of skilled individuals.
According to Mr. Caballero, the country’s attractiveness has decreased in terms of its ability to attract and retain talent from the private sector. This may have had a negative impact on the country’s competitiveness due to brain drain.
He also mentioned that the perception of executives regarding the quality of life in the Philippines decreased due to the rise in pollution levels.
nd place on the list
The WTR report indicated that the Philippines remained near the bottom, ranking 62nd on the list.nd
Expressed in the context of “investment and development.”
The Philippines ranked 63rd
The country had a total public expenditure of $367 per student for education, which ranked it low in comparison to other countries. It also had a high pupil-teacher ratio for primary (25.19) and secondary education (24.64), ranking 59th and 60th, respectively.
.3 billion USD)
The nation’s investment in education accounted for 3.1% of its GDP, equivalent to 58.3 billion USD.th).
Nicholas Antonio T. Mapa, a Senior Economist at ING Bank N.V. Manila, expressed his disappointment through a Viber message about the country’s decrease in talent competitiveness ranking by six places.
Our sub-ranking in Asia-Pacific was second lowest due to our investment and development efforts. fic,” he said.
confirmed the strong and broad-based recovery in global trade
The International Monetary Fund stated that the findings once again affirmed the robust and widespread rebound in worldwide trade.flect the eff
Impact of the global health crisis caused by the coronavirus on talent competitiveness across the globe.
According to the statement, the majority of areas have not yet reached the same level of talent competitiveness as before the pandemic.
According to Michael L. Ricafort, the Chief Economist of Rizal Commercial Banking Corp., the reason for the Philippines’ lower ranking could be due to a decrease in productivity. ff
Impact of the extended lockdowns.
According to a message sent through Viber, the poor have been particularly negatively impacted by almost two and a half years of limitations and remote learning, especially those without internet, computers, or other necessary devices.
He stated that this led to reduced productivity, delayed completion of education and entry into the workforce, resulting in a loss of income.
According to Mr. Ricafort, with the economy reopening, the country has the opportunity to enhance its competitiveness in areas such as education and productivity measures.
The speaker suggested that increasing government investment in infrastructure could improve competitiveness and productivity, particularly in addressing problems with congestion and mobility in the economy.
According to Mr. Caballero from IMD, the Philippines must enhance its education system in order to enhance its talent competitiveness.
He stated that the goal should be to align the supply of talent with the demand for it. This requires close collaboration between the public and private sectors in identifying the talent needs of the economy.
Providing chances for professional development and enhancing the balance between work and personal life.
Meanwhile, IMD said one of the major fi
One of the main findings in the most recent WTR report was the growing trend of remote and hybrid work.ffecting career progression.
Around 68% of the 4,000 executives surveyed believe that “in-offi
Having a strong presence is crucial for advancing in one’s career.
Approximately 27% of individuals reported that working remotely was hindering their career growth within their organization.
These worries stem from the potential for managers to have a bias towards those who adhere to the traditional method of putting themselves in others’ shoes.ffi
This work model may potentially limit the opportunities that organizations have.ffer to their staff
IMD stated that the ability of organizations to attract and retain talented individuals may be restricted, which can hinder talent development and ultimately affect talent competitiveness.