The Nordics is the perfect talent destination
Next time you speak to a new tech talent, you can boast about more than the great position in your startup. You have a new winning stroke: The Nordics surpasses Silicon Valley big time when it comes to talent competitiveness. According to the new Global City Talent Competitiveness Index (GCTCI), it ranks number 8 on the list while Copenhagen and 3 other Nordic capitals are in the top five ultimate talent destinations.
This year’s Global Talent Competitiveness Index (GTCI) focuses on the link between diversity, talent competitiveness, and prosperity. Copenhagen, the 4th ranking city, is the case study for leveraging diversity to grow.
It doesn’t come as a surprise to the Danish startup ecosystem for whom diversity is integral to their DNA. Most startup teams have international talent and they are often looking at foreign shores to recruit their new colleagues. Deputy Director of the Confederation of Danish Industry, Steen Nielsen says in a recent article that unemployment in the country has greatly reduced and Denmark needs international talents to grow.
It takes more than diversity to become #1
Diversity has been a part of Copenhagen since the early 18th century and today in spite of changing policies, the business and startup communities of Copenhagen continue to see diversity as a fundamental part of growth and innovation.
While celebrating the Nordic capitals, we still need to remember that tech talent shortage in Denmark is real. We must cut to the chase - understand why Copenhagen is towards the bottom of the Nordic line up and take action. It is possible to make Copenhagen #1 destination. Just take a look at Zurich, which lagged 6 points behind Copenhagen in GCTCI 2017. This year Zurich tops the global list but is yet to reach Copenhagen’s score last year, however, Copenhagen has slid down 6 points.
Mind the gaps
The GCTCI takes 68 parameters into consideration to rate the ‘talent competitiveness’ of cities – their ability to attract, develop and retain skilled workforce. The different parameters are clubbed under five pillars, which can enable governments and businesses to help design their talent strategies, overcome talent mismatches and be competitive in the global marketplace.
One thing that GCTCI stresses is evident from the scores in different pillars that the high-ranking cities are getting some things ‘right’ but are far from ideal talent hubs. Copenhagen just about makes it to the bottom of the top-ten line up in the Attract pillar and is way too low in the Retain pillar. A comparison across the five pillars of the GCTCI model also shows that only seven cities rank in the top 10 of three pillars out of the five with only two Nordic cities in the list, Oslo and Copenhagen.
About the pillars
- ENABLE assesses the regulatory, market, business and labour landscapes and how they help foster the businesses and their workforce.
- ATTRACT looks at the openness, how open is a country to absorbing and integrating talent from different sources, be it international talent or people from underprivileged backgrounds, women, and older people.
- GROW evaluates the extent to which a country or city invests in developing its talent in the form of formal education and also avenues, such as availability of trainings, apprenticeship and opportunities of continuous education.
- RETAIN looks at a country or city’s ability to retain its workforce with one of the main components of talent retention being quality of life.
- BE GLOBAL is in line with this year’s focus on diversity and takes into account infrastructure and opportunities for global talent.
Dig deeper: Find the GCTCI ranking list and more