It is probably lost on no one that talent – human knowledge, skills, abilities, and drive – has come to be viewed as a top competitive resource for organizations. The same however applies to the macro-level entities of society as well: The future prosperity of countries, regions, and cities will to a large extent hinge upon their ability to attract and retain talented people.
The top-ranked French business school INSEAD has realized this, and since 2013 they therefore publish an annual report called the Global Talent Competitiveness Index (GTCI). Apart from containing highly interesting analyses of various aspects of the talent issue, the report ranks both countries and cities according to their ability to attract, enable, grow, and retain talent. The 2017 edition was recently launched, and the reading is quite a delight for Nordic people. Not only do all of us rank in the top 15 (with Sweden coming in first as number 5); we also slay when it comes to top-ranking cities. Copenhagen actually tops the entire list, followed by Zurich, Helsinki, and San Francisco. Somewhat surprisingly, Gothenburg makes quite a jump and comes in as number 5.
You might wonder why the list is not completely dominated by the famous monster cities such as London, L.A., New York, and San Francisco. The reason, according to the authoring researchers, is that the report adopts a multifaceted view of talent competitiveness. The famous super hubs are very good at attracting talent, but less apt at the “enabling” and “retaining” parts. The European cities consistently come out as better at enabling talent, i.e., make it possible for them to deploy their skills and realize their potential. This has to do with aspects such as vast investments in ICT and R&D clusters. When it comes to retaining talents long-term, a bunch of smaller cities are the ones that come out as excellent. These cities have consistently worked on offering a great quality of life, including ambitious work with sustainability, safety, culture, and healthcare access. These, it turns out, may not be the number one factors that attract huge amounts of talent – but those that get there, tend to stay.
But in addition to this, why are the Nordic countries faring so well? According to the authors, a number of factors contribute. First of all, our societies were early adopters when it came to digitalization. Vast investments in ICT, coupled with our trust in institutions and far-reaching collaboration between the state and private stakeholders, paved the way. Further, we get credit for having kept our high focus on work-life balance and flexibility in working life; factors that are now increasingly sought after by talents. In addition, the report emphasizes the many benefits of free education and generous welfare systems.
So, can we then rest on our laurels? Not really, according to the report, which also identifies a couple of important areas where the Nordics need to speed up. Most notably, the authors lament the slow adoption of digital technology in our education systems, as well as the crazy housing market in our major cities. Lots to do still, in other words – but the report certainly represents a feather in our cap as a talent region.
The whole report can be found here.