World Competitiveness Center has released the 2017 IMD World Talent Ranking. This
annual publication assesses the methods countries use to attract and retain the
talent their businesses need to thrive.
The Economic Policy and Competitiveness Research Center (EPCRC) is the
IMD’s partner organization in Mongolia, and works closely with the IMD World
The study draws on an in-depth survey of thousands of executives from 63 different economies, and more than two decades’ data from the IMD World Competitiveness Center. This year marks the introduction of Cyprus and Saudi Arabia into the list of countries included in the study.
The IMD World Talent Ranking is based on countries’ performance in three main categories — investment and development, appeal and readiness. The three categories assess how countries perform in a wide range of areas. These include education, apprenticeships, workplace training, language skills, cost of living, quality of life, remuneration and tax rates.
This year two additional countries (Cyprus, Saudi Arabia) were introduced in the ranking which makes the number of economies studied to 63. The study has ranked Mongolia 62nd of 63 countries.
European economies best at recruiting and retaining top talent
As in the past, leaders of the 2017 IMD World Talent Ranking share some common characteristics: they have an outstanding educational system from primary to tertiary levels in which they invest significantly, offer a superior quality of life, and provide substantial opportunities for career advancement throughout the entire professional life span.
Mongolia must do more
Unfortunately for Mongolia, it was ranked 62nd out the 63 country list, highlighting the need for considerable improvements across all spheres of Mongolia’s economy and society.
Disappointingly, Mongolia has slipped in its overall ranking from 60 in 2015 and 2016, and in two out of the three assessment categories. Mongolia did, however, improve in the ‘readiness’ category, moving from 60 to 56.
In order to improve its standing, Mongolia needs to:
- continue to invest in the development of talent in Mongolia, including via the primary, secondary and tertiary education systems;
- improve the ability of Mongolia to attract international talent, as required and tap into the the overseas talent pool; and
- support the readiness and availability of skills and competencies in Mongolia’s talent pool.
More particularly, the latest talent ranking results show that Mongolia performs relatively well in areas of labour force training, labour force growth, and female labour force participation.
However, it is relatively weak in the areas of quality of life, management education and competencies, and university education.
The rankings from the last three years are shown in the chart below.
For more information, visit https://www.imd.org/wcc/world-competitiveness-center-rankings/talent-rankings-2017/