ATTRACTING AND RETAINING TALENTED PROFESSIONALS IN THE BALTIC STATES

Abstract

During the last decade, many countries have embarked on a transformational transition into the knowledge economy. Given the increased positive influence that this economy has on the political, economic and sociocultural spheres of a globalised society, the unevenness between technologically advanced and developing countries have become more pronounced. The current rise in the global brain drain, especially in technologically challenged countries, has significantly affected the competitiveness of those countries in terms of attracting a talented workforce to their shores. This syndrome has become a significant challenge for the Baltic States, with the mass emigration of skilled professionals. Although the governments in the Baltics have embarked on nation branding strategies to differentiate and market their states on a global basis, these are more geared towards stimulating exports and attracting foreign direct investment (FDI) from multinationals and other private investors. Nation branding can improve a country’s global standing, image and reputation, ultimately influencing the amount of tourism and capital investment, as well as attracting a talented workforce. However, it is apparent that in the Baltic States, proactive measures such as nation “rebranding” are still needed to retain a talented workforce for longer in the region.