Talent in the 21st-Century Economy
This report explores the need for nations to adjust their thinking and policy toward attracting the coveted elite class of highly skilled global talent as emerging and middle-income countries attempt to woo back their nationals and engage their diaspora to invest in moving their economy forward. The authors illustrate the dynamic elements of this pursuit of human capital through the perspective of governments, businesses, and highly skilled foreign-born professionals. They then examine what public-sector policymakers can learn from the recruitment strategies of global corporations in this “borderless” talent pool, and propose ways governments can apply these lessons to create immigration regimes that effectively meet the challenges of heightened competition in the 21st century global economy.
The report’s findings indicate that highly skilled immigrants’ decision-making calculus for emigration take into account essential drivers—opportunity, capital infrastructure, and the presence of other talented professionals in the destination; and second-order facilitators of lesser significance—the host society’s social model, quality of life, and level of safety and tolerance. The “total immigration package,” or the immigration rules that apply to immigrants both upon and after entry, also carry substantial weight in this process.
Authors recommend that policymakers, akin to global businesses, create value for the customer by building immigration systems that consider such decision-making variables and perhaps even tailor to the circumstances of different nationality and skill groups.