The 2021 IMD World Talent Ranking evaluates economies’ efforts to boost their domestic talent, retain local and attract international talent. It also assesses the skills and competencies available in each economy. Just like in 2021, Luxembourg ranks 3rd, behind Switzerland and Sweden.
Investing in and developing talent
Luxembourg ranks 2nd in the world in the Investment & Development category, which measures the ability to develop the domestic talent pool. “Luxembourg’s performance is sustained by a strong performance in total public expenditure on education (per student), the quality of education (measured by pupil-teacher ratio, 1st in primary education and 8th in secondary), and to a lesser extent the implementation of apprenticeships (15th up from 22nd) and employee training (11th up from 13th),” the study says.
The appeal factor
Luxembourg is considered 2nd best in the world for its ability to attract and retain talent, measured in the Appeal category. “Similarly to Switzerland and Sweden, Luxembourg’s Appeal is enhanced by the high quality of life that it offers combined with the reduced impact of brain drain and the availability of foreign highly skilled personnel,” says the report. “In addition, the motivation of the labor force, as well as perceptions about the fairness of the administration of justice, contribute to the country’s appeal.”
Readiness strengths: labour force growth and international experience
Luxembourg performs less well in the Readiness category, where it is 23rd among the 64 economies studied. However, the country still stands out positively for two factors: its labour force growth, which is the 2nd strongest in the world, and the international experience of senior managers, which is the 6th highest in the world.