Taiwan Becomes Third Most Talent-Competitive Nation in Asia
Taiwan’s Standing in Global Talent Competitiveness
Taiwan has successfully maintained its position as the third most competitive country for talent in East Asia according to rankings from the Institute for Management Development (IMD), a Swiss business management school. On a global level, Taiwan ranked 20th, a slight drop from last year’s 19th position. Nevertheless, the country outperformed regional competitors such as Malaysia, South Korea, China, and Japan.
IMD’s Talent Ranking Methodology
The IMD’s World Talent Ranking evaluates countries based on three fundamental categories: Investment and Development, Appeal, and Readiness. In these categories, Taiwan ranked 23rd, 21st, and 19th respectively. The country showed improvement in the Appeal category, climbing from 25th to 21st. However, in the Readiness category, which measures the quality of skills and competencies available, Taiwan fell eight spots.
Key Performances and Downfalls
Despite some setbacks, Taiwan scored exceptionally well in worker motivation, securing the fourth rank globally. The nation also achieved a relatively high ranking for collected personal income tax. On the flip side, Taiwan experienced a considerable drop in several areas. These include labour force growth, international experience, skilled labour, language skills, primary and secondary education, university education, and finance skills.
Government Measures for Improvement
In response to the rankings, Taiwan’s National Development Council (NDC) noted the need for improvements, particularly in talent readiness. The council has outlined government measures to address these areas, which include promoting a 2030 bilingual policy and establishing national research institutes and regional technology incubation centres. They also plan to align their efforts with industry development trends.
Strategies for Digital Transformation
The NDC also emphasized the government’s initiatives to drive digital transformation and industrial upgrading through the endorsement of six core strategic industries. Added to this, the council highlighted the ‘Key Talent Cultivation and Recruitment Program’, which aims to improve the quantity and quality of domestic and foreign talent. Additional initiatives include policies to attract and retain foreign professional talent and overseas students, and to retain foreign technical manpower.
Looking Forward: Taiwan in the New Economic Era
Despite the slight drop in Taiwan’s talent ranking, the NDC stated that the goal of these policies is to ensure Taiwan maintains a stable presence in the new economic era. The nation is keen on maintaining its global significance and is making strides towards further improving its position in the world of talent competitiveness.
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