Employers Joining the Race for Local Talent in Singapore
The Year of the Horse looks like being a steeplechase for jobs in Singapore. While this year’s Chinese New Year celebrations were titled Galloping to Prosperity, recruitment in Singapore, for those who use overseas labour, is starting to resemble a high speed obstacle course where both agility and stamina will determine who wins. 70-686
As Annie Min, Talent Acquisition Manager of the Asia Desk at Global Career Company put it, “The pressure is on for firms dependent on expatriate labour, but this is something that has been anticipated by our clients, whose drive towards local skills and returning nationals from abroad puts them ahead of the curve.”
Singapore revises recruitment policy
So how does the Singapore job market look, now the New Year’s celebrations are over and the golden coins and wooden horses have been taken down from Eu Tong Sen Street?
New legislation means that vacancies for skilled labour will require many employers to ensure they’ve sought Singaporean citizens for those roles before expanding their recruitment search outside the city state. At some point in 2014 the payment for mandatory employment passes issued to non-Singaporean execs and professionals will be raised by 300 Singapore dollars – a significant jump. Advertising practices for vacancies will eddiebarbermusic also change to prioritise nationals first.
Economy, jobs and business in Singapore – the 2014 perspective
Of course this is partly Singapore being a victim of its own success – a thriving economy, vibrant multicultural community and increasingly harmonious business relationship with China all make the republic a key location for skilled foreign professionals as well as returning citizens who’ve spent time honing their skills and practice overseas. The growth model that has worked so well for Singapore has, to a certain extent, depended on a labour expansion based on attracting the best overseas talent. New government attempts to reduce this reliance on outside talent require careful planning but swift execution if major players are to attract the best experts and most gifted individuals to continue their company’s growth within this buoyant but fast-moving environment. The expectation is that companies, in addition to scouring the local market for the best talent, will have to add an international sourcing approach to their mix, as Min notes,
“The chase is on now for others to catch up with the likes of Henkel and Maybank, and a quick reaction is demanded to find the best Singaporean candidates worldwide.”