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Top-10 Best Countries for Potential Realization

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The International Institute for Management Development (IMD) has released the world talent attraction rating for 2021. It evaluates the attractiveness of countries for qualified workers. We have studied the report to tell you where the talents are going and why you should not rush after them.

Rating Methodology

The analysts of IMD evaluated 64 states by three main factors, based on which they calculated an index reflecting the quality of the country's personnel reserve:

  • Investment and development - measures the number of resources allocated to human development;
  • Attractiveness - assesses the degree of attractiveness of the economy to attract foreign specialists and retain local;
  • Training - demonstrates the quality of skills and competencies available in the personnel reserve of the country.

These three factors are formed on the basis of 31 criteria. Among them, for example, are "Public spending on education" and "Motivating people to work during a pandemic." By the way, the latter turned out to be crucial for the economic success of the country in the outgoing year.

In previous years, the desire of employees to stay at work was largely explained by the number of wages. In 2021, the situation has changed: now people are motivated by the high quality of life in the country, flexible schedule, and training opportunities provided by the company.

This is an important conclusion for senior managers. They should understand that the motivation of employees is now determined not only by external factors such as remuneration but also by the opportunities provided to them (for example, retraining or gaining international experience).

The labor market has become one of the most affected by Covid-19 economic areas. In order to stay afloat and reduce staff leakage, offices had to adapt their work processes to new realities.

So, more and more companies are giving their employees the opportunity to work remotely. On the one hand, this measure ensures loyalty to management, on the other - the distance between employees increases.

Those employees who stay in the office are increasingly demanding a more diverse workplace culture.

The World Talent Ranking 2021

Country Raiting position in 2021 Raiting position in 2020
Switzerland 1 1
Sweden 2 5
Luxembourg 3 3
Norway 4 7
Denmark 5 2
Austria 6 6
Iceland 7 4
Finland 8 12
Netherlands 9 10
Germany 10 11

Rating Leaders

Switzerland takes first place in the ranking. The country holds the leading position for the fifth year in a row. Sweden is in second place. It has risen by three positions since the last reporting period. Luxembourg closes the top three winners – it has retained this place since last year. Norway, Denmark, and Austria are next.

The report clearly shows that personnel is more motivated in a more competitive economy. This trend is partly attributed to the Covid-19 pandemic.

Stable indicators on three main factors allow Switzerland to remain at the top of the rating. The state allocates large sums for education, internships, and training of employees.

Sweden rose from fifth to second place thanks to improved indicators on factors such as "Attractiveness" and "Preparation". The country pays great attention to employee training.

Luxembourg has demonstrated particularly high indicators in the field of public spending on education and improving its quality, which is measured by the ratio of students to teachers. This is supported by a high quality of life, a low outflow of domestic personnel abroad, and the availability of highly qualified foreign personnel.

Also read: Cities With the Fastest Growth in Residential Real Estate Prices

Conclusions

The obvious advantages of the leading countries of the rating are side by side with disadvantages, which should not be forgotten.

Firstly, the expenses. Switzerland is almost at the bottom of the rating on the housing cost index – in 59th place! Even taking into account salaries, local citizens cannot always afford to buy housing. The cost of a standard apartment (up to 70 sq.m) starts at €600,000. 

Secondly, it is not so easy for a foreigner to get a job there, and even if you are lucky, you will have to pay high taxes. For example, in Sweden, they grow in proportion to wages. In the work contract, the total amount is always indicated, from which municipal (29-35%) and state (20%) taxes are subsequently deducted. And if the annual income exceeds €64,400, an additional 5% is charged. 

Norway and Denmark also do have not the most loyal tax legislation. According to such an indicator as "Levied personal income tax", the countries are in 52nd and 63rd places, respectively.

Thirdly, the difficulties that lie in waiting for foreigners who want to move to these countries that are attractive to qualified specialists are also hidden in the relocation procedure. The immigration laws of Switzerland, Sweden, Luxembourg, Norway, Denmark, and Austria do not suggest easy ways. So, there are no programs "residence permit for the purchase of real estate".

And finally, most of the best countries for realizing the potential are the nordic countries. Therefore, it is definitely not worth going there in search of a mild climate and a warm sea.

In short, it is not necessary to idealize life abroad, because there are pros and cons everywhere. Study the options, compare offers. You can choose the best country for yourself with the help of our section "Immigration Programs".

Photo: Unsplash (Firmbee.com)

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