The International Institute for Management Development (IMD) has released its 2024 “World Talent Ranking,” placing Luxembourg in third position globally, based on 67 global economies. This is one position lower than last year.
This year’s IMD World Talent Ranking assessed 67 economies based on their ability to attract, develop, and retain talent, using indicators such as investment in education, quality of life, and appeal to foreign talent.
Luxembourg stood out in certain key areas such as investment in local talent development (2nd) and overall attractiveness (4th). However, challenges remain, particularly in workforce availability. The country dropped from 16th to 30th in this area, reflecting concerns over the supply of both skilled and unskilled labour.
Other weaknesses include the high cost of living and limited availability of senior executives. The report emphasizes the need to address these issues to maintain competitiveness, especially with the growing importance of skills for environmental and digital transitions.
Importantly, this ranking stands in stark contrast to this IMD’s competitiveness rank where Luxembourg scored its lowest score yet this year. As such, this year’s 3rd place should be taken with a grain of salt.