Why are Singapore and Hong Kong lagging in workforce talent retention?

The annual IMD World Talent Ranking has placed Singapore in 10th position and Hong Kong in 15th in a survey of 63 countries

High cost of living and lower government spending on education are the main reasons the two lag behind European rivals

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A man walks past buildings in Central, Hong Kong. A survey has found Hong Kong and Singapore are falling behind European countries in talent retention. Photo: Reuters

Published: 9:00pm, 18 Nov 2019Updated: 11:39pm, 18 Nov 2019

Singapore and Hong Kong are lagging behind European countries in developing and attracting workforce talent as a result of their higher living costs and lower government spending on education, according to Swiss business school IMD.

The annual IMD World Talent Ranking, released on Monday, ranked Switzerland in top position followed by Denmark, Sweden, Austria and Luxembourg.

Singapore was the only Asian entry in the top 10, coming in at tenth position, while Hong Kong was ranked 15, ahead of Taiwan (20), and Malaysia (22). Mainland China was ranked 42, while the United States was ranked 12.

The business school assessed 63 countries between January and April this year, using economic data and surveys with over 6,000 company executives.

Countries were ranked on three categories: investment and development, appeal, and readiness. Within these broad categories are 30 specific indicators, including cost of living, quality of life, judicial systems, as well as the standards of primary, secondary, and university education.

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