In November 2020, the Swiss institute IMD published the seventh edition of its World Talent Ranking (WTR) report. The report assesses how 63 countries around the world are developing, attracting and retaining the talent needed by their economies and businesses to thrive. The report is based on different indicators divided into three sub-categories:
o Investment and development of resident talent (investment in education, quality of national education, internships, continuing education, etc.).
o Attraction of foreign talent (quality of life, cost of living, brain drain, etc.).
o Availability of skilled labor and skills (labor force growth, skills, student mobility, PISA test results, etc.).
According to the last report, Luxembourg ranks as the 3rd most competitive country in terms of talent development, attraction and retention. According to the report, Luxembourg’s consistent improvement over the past five years, progressing from 11th to 3rd, is due to “a marked improvement in the Investment & Development factor, both relative to other economies but also in absolute terms”.
It is indeed a top priority for the Grand Duchy of Luxembourg to invest in talent and maintain, cultivate and attract a seasoned, educated and skilled workforce, thus enabling local businesses to thrive and achieve long-term sustainable growth in a competitive and fast-paced environment characterized by new technologies such as robotics and artificial intelligence.
For more information about the ranking, please click here.
For more information about launching your business in Luxembourg, please click here.