The seven Latin American countries included in the World Talent Report 2016, published by the Swiss business school IMD, are in the final third of the ranking. Brazil has the best relative position (45), and Venezuela the worst, at the bottom of the ranking in position 61.

The ranking also includes Chile (47), Colombia (54), Argentina (55), Mexico (56) and Peru (59).

“The general perception of Latin America is that everything is going wrong, even when compared to Asian countries. These countries invest very little in education, but they are very attractive for foreign talent due to their security levels, low costs and high quality of life”, explained Arturo Bris, who is responsible for the ranking and director of the competitiveness center of the IMD.

He added that these three aspects, which are quite positive in Asia, “are very negative in Latin America”.

Brazil is the only Latin American country that has improved its situation in the ranking, climbing 12 positions. According to Bris, this is a consequence of the fact that in 2015 – the reference year for the data- the perception of the executives had improved when compared to the previous year.

“2014 had been a terrible year, but the improvement of Brazil in the ranking does not mean that the economic policies are better. It simply means that the perception of the situation is not as bad as it used to be”, he stated.

The variable in which Brazil gets the best result (earning position 9) is in the percentage of GDP that goes to education (6.4%), ahead of countries such as Switzerland and Luxemburg.

Nevertheless, Brazil is among the worst countries in the ranking when assessed of aspects such as quality of life and personal security, two criteria that have a major influence on attracting foreign talent.

It is also second to last as regards foreign languages, sciences, and in adaptation of the education system to the needs of the national economy.

Bris mentioned Mexico and Chile as countries with better perspectives. Both countries have initiated greater education reforms, though their positive results will only be noticed in the years to come.

Other aspects that go against the chances of Latin American countries luring and retaining talent are unattractive wages, and the lack of proper human resources management in companies, said Bris.

Chile is the country in the region that attracts the largest share of highly qualified workers, while Colombia stands out in the implementation of professional training.

In Venezuela, the most alarming results and reflected in the talent drain, the lack of motivation among workers, the poor quality of life and insecurity.