KEY POINTS
- The Philippines’ talent appeal fell from No. 43 in 2022 to No. 55 this year
- It also saw a staggering plunge to 51st place from 35th last year in talent readiness
- Talent retention is a major issue in Philippine employment this year
The Philippines is at the second-to-the-last spot in the ranking of Asia’s top countries with the ability to develop, retain and attract both domestic and international high-skilled talents.
Among 14 Asia Pacific countries in the APAC ranking, the Philippines has claimed the 13th spot, as per IMD’s World Talent Ranking 2023. The Southeast Asian nation is 60th globally, marking a six-spot slump from its position at No. 54 last year. In 2019, the country was at the 49th spot.
The Philippines saw a significant decline in two of three tenets in the methodology used in the ranking: investment and development, appeal and readiness. In investment and development, the country retained its 62nd rank. In terms of appeal, the country fell from the 43rd spot in 2022 to 55th this year. As for talent readiness, the Philippines saw a staggering fall from the 35th spot last year to 51st in the 2023 ranking.
The Philippine Department of Labor and Employment (DOLE) did not immediately respond to International Business Times‘ request for comment.
“Adapting education systems to the needs of economic systems remains one of the biggest challenges of talent competitiveness. Many ‘winners’ in our ranking – such as Singapore, Switzerland, Germany and Denmark – are also countries that emphasize professional training and apprenticeships over general academic subjects,” said Arturo Bris, director of IMD’s World Competitiveness Center.
Among the Philippines’ biggest weaknesses, as per the ranking’s results, is its total public expenditure on education per student. The country is ranked 63rd in the said aspect. The Philippine Department of Education (DepEd) did not immediately respond to IBT’s request for comment.
Aside from educational lapses in preparing students to become top talents, the Philippines has also had problems with talent retention.
In the 2023 State of HR Report by human resources solutions firm Sprout, it was stated that employee retention was a major problem in the Philippines. Last year, recruitment topped the report’s list of biggest challenges. “The shift emphasizes the significance of retaining talent and cultivating a dedicated workforce, as evidenced by the emphasis on recruitment in both years,” the report noted.
Despite the Philippines’ less-than-stellar talent rankings, it appears that most Filipinos remain positive about their careers. A recent work outlook report by professional services company PwC Philippines found that 70% of employees are moderately satisfied with their jobs – a percentage higher than the average of 57% in Asia.
Meanwhile, in IMD’s World Competitiveness Ranking, the Philippines is at No. 52, from No. 48 overall last year. The country is also ranked 52nd in government efficiency, down four spots from its rank last year. In business efficiency, the country fell one spot to 40th this year.
