The Grand Duchy is in the top 10 of the list of countries that are best at attracting, developing and retaining talents in their territory. The World Talent Report is a study that makes sense to the extent that the talents of a country are resources which every economy and every business needs to grow and create sustainable added value. The analysis of the renowned IMD institute is based on 30 quantitative and qualitative indicators, divided into three sub-categories:
- Investment and development of home-grown talent (investment in education, quality of education, practical training courses, continuous training, etc.);
- Power to attract foreign talent (quality of life, cost of living, brain-drain, etc.);
- Availability of skilled, qualified workers (growth of workforce, skills, student mobility, PISA test results, etc.).
On the basis of this information, the authors calculate a composite index in order to establish a country rating (composite index value between 0-100).
The Grand Duchy's ranking
Luxembourg comes 10th overall and obtained the following results in the three sub-categories:
- Investment and development of home-grown talent: Luxembourg comes 16th worldwide and 13th in the EU (score of 67.17). For the 'ratio between pupils and teachers' indicator, the Grand Duchy leads the ranking and comes 7th for the 'employee training' indicator.
- Attraction of foreign talent: Luxembourg comes 4th worldwide and 1st in the EU (74.63), particularly thanks to its high level of pay in service professions.
- For the availability of skilled, qualified workers category, Luxembourg comes 17th worldwide and 8th in the EU (69.65) with excellent scores in international experience (5th) and language skills (5th).
A ranking largely dominated by Europe
The ranking is led by Switzerland (index of 100), followed by Denmark (89.36) and Belgium (83.80). Luxembourg ranks 10th worldwide (78.46) and 8th within the EU. The Netherlands is 6th (82.86), Germany 8th (79.87) and France 27th (65.76).(Article written by the editorial team of the luxembourg.lu portal - Source: Observatory for Competitiveness)