The talent level gap between global economies widened as a result of circumstances stemming from the Covid-19 pandemic, but this chasm can be narrowed with proper decision-making by government and company leadership, a report from the Institute of Management Development says.
The IMD's World Talent Ranking 2021 report, which ranked 64 economies based on investment and development, appeal and readiness, said that to sustain productivity under unprecedented crises it was essential to maintain a high level of motivation.
These attributes were most displayed by Switzerland, which was ranked number one for the fifth year running. The European country ranked first in both investment and development and appeal, and third in readiness – the result of public expenditure on education, implementation of apprenticeships, prioritisation of employee training and the overall effectiveness of its health system.
The wider gap “has consequences for leadership responsibilities, as it’s clear that talent attraction and retention is no longer just a policy issue”, Arturo Bris, director of the IMD World Competitiveness Centre, said in a statement.
“It’s also the responsibility of senior executives who need to realise their role in boosting worker motivation, which is not just driven by external factors such as salary, safety or quality of life, but also by the opportunities leaders can provide for workers to reskill, to work flexibly and to have the use of the best tech at their fingertips.”
The coronavirus pandemic caught the world by surprise, bringing economic activity nearly to a standstill. Job losses or reduced working hours due to its impact cost the world the equivalent of 255 million jobs in 2020, the UN International Labour Organisation said in January, nearly four times the number lost during the 2008/09 global financial crisis.
However, the World Economic Forum cautions against overstating the ill-effects of the pandemic, as it would vary by stakeholder: monetary policymakers have the most to lose from unrealistic expectations and investors stand to lose if unrealistic expectations of productivity growth lead them to pay unjustified valuations across asset classes.
Business leaders, on the other hand, should be exuberant because their instinct is to make the most from crisis learning and to innovate, the WEF said.
European dominance
The top 10 countries on the IMD's index were all in Europe, with those from the continent's western region having dominated the rankings in the last five years. Switzerland, Sweden, Luxembourg, Norway, Denmark, Austria, Iceland, Finland, the Netherlands and Germany displayed the prevailing strength that these economies enjoy in all the factors under consideration.
With the exception of Luxembourg's score of 23 in readiness, none of those in the top 10 registered lower than 18th in any factor.
The study noted that during the 2017-2021 period, Western Europe's dominance reflects a significant difference from Eastern Asian economies, with the latter posting a slight increase, exchanging second place with North America, which experienced a decline.
Conversely, the ex-CIS and Central Europe, and South America regions have room for improvement.
There is not such a marked drop in talent-rich economies than predicted because there has been an increase in motivation
Arturo Bris,
director of the IMD World Competitiveness Centre
Eastern Asian economies followed in investment and development, and readiness, as they lay importance on education and the development of local talent. They also benefited from a robust alignment between the graduates from all levels of education and the needs of a competitive market.
North America was second in the appeal factor, showing the attractiveness that the US and Canada have in the international talent pool of skilled workers.
“Clearly, mobility issues throughout the pandemic have meant there is less brain drain – well-educated and skilled people leaving their country – everywhere since 2020. But there is not such a marked drop in talent-rich economies than predicted because there has been an increase in motivation,” Mr Bris said.
“Talent-weak economies, on the other hand, are suffering even more from brain drain than is consistent with the blows of the pandemic and the need to find a job anywhere.”
Ukraine was the biggest riser, climbing 13 spots to 46th, on significant improvements in investment and development, and readiness. Jordan was the best improver from the Middle East, rising nine places to 40th.
The UAE improved one spot to 23rd, scoring highest in readiness. Skilled labour, international experience and competent senior managers were among the Emirates' top strengths.
The labour market was one of the worst-hit sectors during the pandemic, forcing concepts like teleworking and home-office to be ingrained in workforces all over the world. In addition, a general shift in preferences of workers towards a more flexible work-life balance have become key documented trends in many of the largest economies in the world, the report said.
In this hybrid environment of working from home for some employees, while others, because of the nature of their tasks, need to be on-site, the decline of organisational and operational culture has been noted, the IMD said. Therefore, since the aftermath of the first pandemic wave, workers’ motivation has become increasingly important for companies to assess and consider to attract and retain talent.
“The separation of individuals teleworking from their workplace has brought not only a degree of deterioration to the organisational culture but also has increased the distance among staff. In turn, such limited interaction with colleagues has negatively affected the employees’ support network,” the report added.
The US, the world's largest economy, improved one place to 14th, with weaknesses lying in the areas of cost of living and collected personal income. China, the second-largest, climbed four places to 36th, improving from 32nd to 22nd in readiness since 2018.
The UK rose two places to 21st, making substantial gains in the readiness factor this year. Singapore dropped out of the top 10, sliding three places to 12th, but improved by six in appeal. Japan fell another spot, being on an overall decline since it was ranked 29th in 2018, but improved its readiness by six places.
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km
Killing of Qassem Suleimani
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE currency: the story behind the money in your pockets
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
Race card:
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.
7.05pm: Maiden (TB) Dh165,000 1,400m.
7.40pm: Handicap (TB) Dh190,000 1,200m.
8.15pm: Maiden (TB) Dh165,000 1,200m.
8.50pm: Rated Conditions (TB) Dh240,000 1,600m.
9.20pm: Handicap (TB) Dh165,000 1,400m.
10pm: Handicap (TB) Dh175,000 2,000m.
Scores in brief:
Day 1
New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38
Pakistan (1st innings) 59-2 (23 overs)
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
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