Ireland among the best in the world for attracting top workers - and losing its own
Ireland ranks 12th in the world for its ability to attract, retain, train and educate skilled workers, according to a new survey ahead of the World Economic Forum in Davos.
Ireland features ahead of Germany, Canada and France, but falls behind the UK, the US, and most of the Nordic countries, according to the Adecco group's Global Talent Competitiveness Index (GTCI).
The presence of large tech companies with a global reach such as Apple, Facebook and LinkedIn in basing their European headquarters here led to Dublin being ranked 10th out of 46 capital cities for global talent competitiveness, ahead of cities including London, New York and Berlin.
The report says Ireland's status as a European tech hub bodes well for its ability to reap the benefits of technology.
However, the report, carried out by HR firm Adecco, business school INSEAD and the Human Capital Leadership Institute, warns that while Ireland is a magnet for foreign talent, it lags behind in formal education and in "preventing the brain drain of its own top workers".
"This year's Global Talent Competitiveness Index demonstrates Ireland's success in building a robust talent infrastructure, capable of both attracting and retaining highly skilled talent from across the world," said John L Marshall, CEO of Adecco Group UK & Ireland.
"This is greatly facilitated by Ireland's phenomenal success in positioning itself as a European tech hub and securing a steady stream of foreign direct investment. The first ever global ranking of cities shows that Dublin, ranked 10th ahead of London and New York, has the potential to further boost Ireland's attractiveness to highly skilled workers.
"That said, the report also demonstrates the need to continue to invest in home-grown talent, to ensure the next generation of Irish professionals are equipped to compete in the global marketplace and face challenges of the future."
Taoiseach Enda Kenny and Finance Minister Michael Noonan are leading the Irish delegation to Davos this year where the IDA is hosting a series of bilateral meetings with investors.
The world leaders meet as the World Economic Forum has warned rising income inequality and the polarisation of societies pose a risk to the global economy and could result in the rolling back of globalisation.
In a report launched today, Oxfam says eight men own the same wealth as the 3.6 billion people who make up the poorer half of the world's population.
"A fundamental change in the way we manage our economies is required so they benefit everyone, not just a fortunate few," said Oxfam Ireland chief Jim Clarken. "We need a global economy for the 99pc not just the 1pc."
The most talked about Davos guest is Chinese President Xi Jinping who is attending for the first time.
Mr Jinping will lead an 80-strong delegation of business executives and billionaires to the annual gathering where he is expected to speak out against the protectionist policies espoused by Donald Trump, president-elect of the United States.
Many world leaders are not attending this year's forum. French President Francois Hollande, German Chancellor Angela Merkel and Canadian Prime Minister Justin Trudeau have all cancelled.