Taiwan was ranked the 23rd best nation that can retain, attract and groom talent, according to an annual report released yesterday by the International Institute for Management Development (IMD). The new ranking is four steps from Taiwan’s position last year.
This year Taiwan outperformed Japan (20), South Korea (31) and China (40), but lagged behind Singapore (10), Hong Kong (12) and Malaysia (15), the report showed.
The nation’s overall ranking improved even though various trade groups cited talent shortage as a pressing concern for doing business in Taiwan.
The IMD’s ranking considered three main categories: investment, appeal and readiness, which were derived from sub-factors including education, apprenticeship, employee training, brain-drain, cost of living, language skills and tax rates.
The IMD conducted in-depth surveys with more than 4,000 executives in 61 countries, collecting data related to competitiveness to create the annual ranking.
The report said that Taiwan moved ahead in apprenticeship, employee training and environmental health this year.
The nation also showed improvement in the appeal category, aided by favorable tax and remuneration terms, the report said.
The National Development Council (NDC) attributed the improved ranking to various government efforts to encourage on-the-job training and cooperation between businesses and educational establishments.
The government is also pushing for legal revisions that would allow favorable taxes for companies, in an effort to help retain talent through distribution of dividends and capital increase, the council said.
The legal revision plan came after the American Chamber of Commerce in Taipei said early this year that a lack of human resources remains a top concern among its members, because it is not easy to recruit talent, especially individuals who meet world-class standards.
Taiwanese lack initiative and innovation and their English-speaking ability needs to be enhanced, the chamber said.
The European Chamber of Commerce Taiwan (ECCT) voiced similar opinions last month, and pressed for the development and retention of talent to ensure that the nation has sufficient qualified labor to sustain economic growth and competitiveness.
Taiwan’s brain-drain ranking remained unchanged at 50 this year as well as its score for readiness at 25, the IMD report said, indicating a continuing talent flight.
The NDC has proposed a “Contact Taiwan” program to help attract talent from around the world.
The ECCT has suggested that the Ministry of Education work with international hotel and tourism academies based in Europe so that the latter can run courses in Taiwan for students, allowing them access to the highest international standards and diplomas.
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