Thailand ranks 70th in terms of global talent competitiveness, but performs well in terms of gender equality.
The ranking, compiled by temporary staffing firm Adecco Group, Insead and Tata Communications interviewed people from 119 countries.
Switzerland retained the top spot in the Global Talent Competitiveness Index (GTCI), followed by Singapore and the US. Thailand moved from 73rd to 70th, ahead of regional neighbours like Vietnam, Laos and Cambodia, but far behind peers like Malaysia and the Philippines.
Thailand performed relatively well in the "enable" and "attract" rankings, which indicate supportive government policies, and has a robust labour market and business environment.
But the country fared poorly in the "grow" and "retain" rankings and needs to produce a more technically skilled labour force to improve its overall ranking.
Thailand is ranked 21st in terms of gender equality, ahead of the US, France and Britain. Thailand was ranked 11th in terms of the gender earnings gap and 28th in leadership opportunities afforded to women.
"Government and academic institutions should foster the production of vocational skills-based labour to feed the emerging market," said chief executive Alain Dehaze.
Tidarat Kanchanawat, regional director for Thailand and Vietnam, said: "We are flooded with undergraduates while the market actually needs labour that is equipped with vocational skills and technical knowledge to feed high growth sectors such as auto-parts manufacturing and electronics industries."
The solution is to change the perception of vocational education, establishing skilled-labour as having high social value, so that more Thai people will focus on vocational training and their technical capabilities.
In the meantime, the government sector must develop better vocational education systems and implement courses and modules that relate more to practical market demand. Educating students in relevant technical competencies as well as improving their English skills will increase Thailand's competitiveness in the talent market.
To grow and retain top talent, Adecco said the mentorship system should be restored. Senior employees who have the skills, experience and positive attitudes should work closely with new employees to provide training and advice on organisational culture.
Such measures will help new employees to better adapt to their employers company, as well as instil employees with a positive attitude toward their employer and create a lasting relationship and commitment to the company.
Companies can also use the system to develop corporate social responsibility and attract talent by coaching undergraduates and offering career advice to new workers. The government can support the mentorship system by allowing experienced volunteers to offer ongoing career training and assist those who are seeking work.
