Here’s how Australia ranks globally for attracting entrepreneurial talent
Sydney and Melbourne were also benchmarked against cities globally.
The Global Talent Competitiveness Index report has been released for 2019 and has ranked Australia in 12th position out of 125 countries. The report, now in its sixth year, is produced by French business school INSTEAD, the Adecco Group and Tata Communications, and examines a country's and city's ability to attract and keep talent in business.
A number of factors are used to calculate a country's score, which is out of 70. According to the report, the analysis is made using 68 variables which are grouped into 14 sub-pillars, 6 pillars and 2 sub-indices which make up an overall index for the 125 countries. This results in the Global Talent Competitiveness Index (GTCI) having a high statistical reliability.
Australia received a score of 71.08 and was ranked 12 on the list, just behind New Zealand which was ranked 11 with a score of 71.12. Ranked first was Switzerland with a score of 81.81, followed by Singapore (77.27) and the US (76.64).
The methodology for ranking cities differed from the country rankings. For example, there are only five pillars as opposed to six: enable, attract, grow, retain, be global.
We ranked far lower in the individual city rankings. Sydney ranked 26 with a score of 55.6 while Melbourne came in at 30 with a score of 54.4. Taking out the top 3 spots were Washington in the US (69.2), Copenhagen in Denmark (68.0) and Oslo in Norway (66.1).
The top ten Global Talent Competitiveness Index 2019 rankings for countries and cities are as follows:
Vinod Kumar, chief executive officer and managing director of Tata Communications, said that he believes technology can play a role as an enabler and he is fascinated by how humans and technology will interact in future workplaces.
"The world is changing faster than ever," he said. "Disruption is the norm and opportunities can appear and disappear seemingly in the blink of an eye. While technology is driving these opportunities, it's people who will seize them."