The U.S. is not among the top 10 global talent hubs in the world.

For the eleventh year in a row, Switzerland was ranked as the world's most talent-competitive country, according to the IMD 2024 World Talent Ranking, indicating its robust and stable talent pool despite the evolving global job market.

The ranking assesses the global economies' ability to maintain a talent pool, using a combination of survey responses and data from the IMD World Competitiveness Center and external sources across 67 countries.

According to the report, the data is divided into three categories: investment in and development of local talent, attraction to foreign talent, and readiness of the talent pool.

These are the 10 most talent-competitive economies globally:

1. Switzerland
2. Singapore
3. Luxembourg
4. Sweden
5. Denmark
6. Iceland
7. Norway
8. Netherlands
9. Hong Kong
10. Austria

This year, eight European countries and two Asian economies occupied the top ten positions in the ranking.

Despite not making the top 10, the United States dropped six spots to 21st place this year. Additionally, the U.S. fell from second place in 2020 to 14th in 2024 in the appeal category, due to factors such as the country's cost of living and collected personal income tax rate.

The U.S. ranked 32nd in the readiness category this year, and was considered below average in language skills or their availability to meet enterprise needs, with a global ranking of 47 out of 67 economies.

Since 2014, Switzerland has consistently been at the top of the talent competitiveness ranking, thanks to its strong investment, development, and appeal factors.

Several criteria place the European country at the top, including quality of life, health infrastructure, university education, statutory minimum wage, and ability to attract foreign highly skilled personnel.

In the latest rankings, Singapore has surpassed Switzerland as the second-best city in the world.

Singapore's steady growth is due to its highly skilled workforce, which is ranked first in the world. Additionally, the country has the highest rate of labor force growth and is known for its availability of skilled labor and finance skills, as per the report.

The impact of AI on the global talent landscape

The report "The socio-economic implications of AI in the workplace" by the 2024 WTR highlights the impact of artificial intelligence on the global talent landscape.

The adoption of AI is transforming industries and reshaping the global economy, presenting both opportunities and challenges for talent competitiveness, according to senior economist José Caballero in a report from the IMD World Competitiveness Center.

Caballero stated that although AI offers exceptional efficiency and productivity, it poses a significant threat to job displacement, particularly in industries that rely heavily on routine tasks and automation.

This year's report revealed that in Japan, Thailand, Singapore, the U.K., and Canada, senior executives perceived AI as the most visible in the workplace due to its replacement of people. Furthermore, discrimination was found to be on the rise in these economies, as stated in an IMD blog post.

The report by Caballero stated that the use of AI in the workplace could result in new forms of discrimination, such as biased algorithms, which could reinforce existing inequalities and have broader social impacts on marginalized communities.

In high-income countries, women's employment is more likely to be impacted by automation (7.9%) than men's (2.9%).

While high-income economies may initially experience more disruption and discrimination from AI adoption, they are predicted to gain more overall benefits in the long run, as stated in the report.

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