Singapore will continue to open its doors to global talents to tap on a diverse talent base. This is to scale up Singapore’s efforts to build a strong pipeline of local tech talent while building world-class teams.
This initiative is in no way meant to replace Singaporeans with foreign talents. The TechSkills Accelerator programme that was used to supply workers with digital skills has placed about 6,600 Singaporeans in tech jobs so far. And the Infocomm Media Development Authority is looking to place and train another 5,500 Singaporeans in tech jobs in the next two to three years.
How can Singapore benefit from hiring global talents?
1) Singapore as a global hub
The pandemic has changed the way companies do business. Instead of having a single regional or global hub, we are looking at a large network where people can connect with others seamlessly. Singapore aims to be in the global system, not just serving as a location to trade through but also adding value to the supply chain and acting as a “critical node” for businesses.
With Singapore’s political stability, transport connectivity, and more, more than 750 foreign companies have set up their regional headquarters in Singapore. To ensure that Singapore remains globally competitive for businesses around the world, it must remain open to foreign talent.
2) Diverse talent base
To compete with world-class businesses and increase opportunities for Singaporeans, Singapore needs to be open to diversifying its talent pool. Before this, people will go to where the jobs are. But with digital technology, jobs will follow where the people are, especially after the pandemic has necessitated the work-from-home policy.
Singapore is looking for the world’s best and brightest to work alongside Team Singapore instead of against them. That way, Team Singapore can augment its skills and capabilities to become globally competitive. Not to mention, the presence of foreign talents will help Singapore to remain economically relevant and create opportunities for Singaporeans.
3) Economic growth in Singapore
Foreign talents can bring economic growth to Lion City. One of the reasons why Singapore needs foreign talents is because there is not enough manpower. Another reason is that Singapore lacks local manpower that is equipped with the right skills to meet the growing demand of businesses.
In 2019, the fertility rate in Singapore was 1.14, which is significantly lower than the 2.1 rates that is needed to have a self-sustaining population. If foreign talents are not brought in, Singapore may face challenges to grow and compete on a global scale. To ensure that local businesses don’t need to move overseas to survive, hiring global talents help to complement the local workforce.
4) Employment for Singaporeans
Continuing from the point above, local businesses will have no choice but to move overseas to find sufficient talent with the necessary skills to survive without foreign talents. What this means for local talents is that the number of jobs in Singapore will reduce significantly.
By successfully attracting global top-tier talents that can bring in their expertise, know-how, networks, and advanced technology, Singapore will be able to open up industries and enterprise opportunities as well as create more job opportunities for Singaporeans. Meaning to say, more global talents lead to better economic growth and, subsequently, more job opportunities for local talents.
5) Singaporeans as foreign talents
Besides hiring global talent, Singapore can also send more Singaporeans overseas to allow them to become the foreign talent that Singapore needs. This way, Singaporeans can gain working experience in another country and use that newly-found expertise to upskill themselves and ensure that they are competitive in an increasingly globalised job market.
Bringing foreign talents to the small island of Singapore can greatly benefit the country’s economy and allow it to position itself as a globally competitive country. Even as the local tech talent pool continues to grow, Singapore should remain open to global talent to build world-class teams.
Seeing how countries like Thailand, China, and France are actively launching their special visa programme to attract more global tech talents, Singapore, too, needs to invite more foreign tech talents to gain a strategic position in the global business landscape.
Singapore is a great country to work in for global talents. If you wish to expand your reach and work in Singapore, get in touch with us now!