FILIPINOS are now among the least motivated workers in the world due to the pandemic, according to the latest Global Talent Ranking Index released by the Institute for Management Development (IMD) World Competitiveness Center.
Based on the 2021 report, the Philippines slipped 9 notches to 57th out of 64 economies worldwide. This has made Filipinos the fourth most unmotivated workers in the world because of Covid-19.
The Philippines was also the worst performer among the Asean countries included in the index this year. Singapore ranked 12th overall, slipping three notches from its 2020 ranking; Malaysia, 28th, slipped three notches; Thailand retained its ranking at 43rd; and Indonesia, 50th, slipping five notches.
“This has consequences for leadership responsibilities, as it’s clear that talent attraction and retention is no longer just a policy issue. It’s also the responsibility of senior executives who need to realize 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,” said Arturo Bris, director of the IMD World Competitiveness Center, which is behind the research.
IMD said the index assesses the status and the development of competencies necessary for enterprises and the economy to achieve long-term value creation.
There are three major ways of grouping the survey questions thrown to executives from 64 economies—Appeal, Investment and Development, and Readiness.
Appeal refers to the extent to which an economy attracts foreign and retains local talent, while Investment and Development is a measurement of resources earmarked to cultivate a homegrown work force.
IMD said Readiness refers to what the quality of the skills and competencies available in a country’s talent pool are like.
Brain drain
“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,” 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,” he added.
Switzerland remained at the top of the index. This was followed by Sweden which improved three notches to 2nd globally in 2021; Luxembourg, which remained third overall; Norway, which also saw a three-notch improvement in its ranking; and Denmark which saw a decline of three notches to close the top 5 in the index.
At the bottom of the index are Venezuela, ranked 6th overall and which declined four notches from 2020; South Africa, 63rd and declined 11 notches; Peru, 62nd and slipped 11 notches; Mongolia, 61st and improved two notches; and Brazil, 60th overall and declined 1 notch compared to last year.
IMD is an independent academic institution with Swiss roots and global reach, founded 75 years ago by business leaders for business leaders.
Based in Lausanne (Switzerland) and Singapore, IMD has been ranked in the top 3 of the annual FT’s Executive Education Global Ranking for the last nine consecutive years and in the top 5 for 17 consecutive years.