Top 10 global talent hubs in 2024: Where does India stand?

In the era of AI, fostering talent competitiveness requires a reevaluation of educational institutions and business training programs. It is essential to ensure that employees acquire the skills necessary to excel in an increasingly automated work environment.

The potential for AI to replace human labour could increase exclusion and exacerbate existing levels of discrimination in some economies, which can prove to be detrimental to the attraction and retention of talent and to quality-of-life levels in certain economies, hampering their long-term talent competitiveness.

In countries with significant labour market discrimination, the replacement of jobs by AI could exacerbate existing challenges. Conversely, economies that have lower levels of exclusion are likely to enhance their competitiveness for talent.

The integration of AI into workforce processes is not just a technological challenge but also a socio-economic and political one, requiring careful consideration of how to balance technological advancement with the workforce’s well-being.

The IMD’s latest World Talent Ranking 2024 research evaluated nations’ development, retention, and attractiveness of a highly qualified domestic and foreign workforce to assess how effectively they create long-term value.

Top 10 global talent hubs in 2024:

European countries dominated this year’s ranking, occupying eight of the top ten positions, with Switzerland remaining at the forefront, excelling in talent competitiveness.

Additionally, it’s leading the way forward in the investment, development, and appeal factors, while also ranking high in quality of life, health infrastructure, university education, statutory minimum wage, and foreign personnel attraction.

Two Asian economies have also made it to the list: Singapore and Hong Kong, ranking second and ninth as the most competitive economies for talent, according to a report.

Singapore has achieved an impressive rise from 18th place in 2014 to second place in the latest talent competitiveness rankings, challenging Switzerland’s long-standing dominance.

This success is largely due to Singapore’s exceptional talent pool, characterised by low discrimination and a robust availability of skilled labour and financial expertise.

The US fell six spots to 21st place, falling in appeal and readiness categories due to factors like cost of living and personal income tax rates, ranking 21 out of 67 globally.

Rank 2024	Country	Talent Score 2024
01	Switzerland	100.00
02	Singapore	85.65
03	Luxembourg	81.69
04	Sweden	81.02
05	Denmark	78.49
06	Iceland	77.94
07	Norway	77.92
08	Netherlands	77.88
09	Hong Kong SAR	77.22
10	Austria	77.17

Source: IMD

Methodology: The IMD World Competitiveness Centre and external sources from 67 global economies have analysed data on investment in and development of homegrown talent, appeal to the overseas talent pool, and readiness to the talent pool in terms of availability of skills and competencies. 

Where does India stand?

India ranks 58 globally, with a talent score of 40.47, pushed down to two places since last year (rank 56) and six places (rank 52) since 2022. (Source: IMD)

India’s World Talent Ranking 2024 shows a mixed performance compared to previous years. The country’s overall rank has declined from 52 in 2022 to 58 in 2024.

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While its appeal has remained relatively improved and remained stable compared to last year, its ranking in readiness and investment and development performance has deteriorated significantly, dropping its readiness score from 18 in 2022 to 25 in 2024 and investment and development score from 61 in 2022 to 66 in 2024.

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This suggests that India needs to focus on improving its investment climate and talent development strategies to enhance its competitiveness in the global talent market.