Attracting and Selecting from the Global Talent Pool — Policy Challenges

More than ever before, human capital is recognized as the one resource that can propel firms and economies to the top tier of competitiveness. The gradual shift away from labor-intensive activities, the much-reported growth of "knowledge-based" industries, and rising skills requirements within occupations across the economy have placed a premium on high-quality education, training, and the constant honing of skills. Despite this, domestic education and workforce training systems in many countries have struggled to keep up with employer demand. At the same time, the global talent pool has grown enormously as emerging economies invest heavily in education.

Taken together, these developments point to substantial increases in both the supply and demand for skilled workers across the globe. Noting these increases, governments will have to think carefully about how they engage with the global talent pool, and how they can select most effectively from it. Many countries are already doing so; as these countries countinue to grow, and if their immigration policies become less bureaucratic and cumbersome, a much greater choice of destinations will open up for the internationally mobile. 

Three observations are warranted. First, government seeking to attract, select, and retain skillied immigrants can rely on a broad range of policies, which must be brought together into a coherent strategy that considers how different measures complement each other. Second, the role of employers in both attracting and selecting immigrants is crucial. Third, it is worth emphasizing that attracting skilled immigrants is not just the domain of immigration and visa policy, but also depends on the success of policy efforts in other fields.