According to the newly released IMD World Talent Ranking 2019, Taiwan's ranks 20th in world, the highest since 2013. The ranking also places Taiwan ahead of Japan, South Korea and Mainland China, behind Singapore and Hong Kong.
The Switzerland-based business school International Institute for Management (IMD) recently released its ranking for world talent. Among the 63 participating countries, Taiwan ranks 20th, which was an improvement of 7 places compared to 2018. Among all Asian countries, Taiwan ranks the third, behind Singapore at no. 10 and Hong Kong at 15th place, and is ahead of Japan, South Korea and Mainland China.
Our current industry structure cannot absorb that many talents every years. However, our higher education system is producing more and more talents. Although this has improved our placement in global rankings, for Taiwan, this is the source of our problem.
The ranking measures three main parameters, and Taiwan has made progress in all three. In talent readiness, Taiwan moved 15 places up from last year to rank 12th. In talent investment and development, Taiwan moved one place up to rank 24th. In talent attraction and retention, Taiwan moved up three places to rank 29th. The IMD report has also pointed out that Taiwan suffers from a number of problems, including low attraction to advanced foreign talents and a relatively high cost of living. Taiwan ranks 48 in both categories.
We still have a lot of limitations when it comes to attracting foreign talents to Taiwan. (To qualify,) the foreign university graduates must have at least two years of working work experience, and the monthly wage must reach NT$47,971, which is almost NT$48,000. They also need to bring their families along, and have their children enroll in local schools. And their children must leave Taiwan as they turn 18 years of age.
There is still much room for improvement when it comes to attracting and retaining foreign talents. The National Development Council will hold more discussions on relaxing laws on immigration and foreign talents, as well as to promote the New Economy Immigration Bill in an effort to attract and retain more foreign talents.