Singapore addresses workforce shortages through the recruitment of foreign talent
Over the years of 2019 and 2021, when the pandemic was at its peak, Singapore has seen a decline in the number of foreign workers by more than 194,000. In the past two years, the number has increased to 260,000 making Singapore implement substantial initiatives to address critical workforce shortages. Singapore offered opportunities to sales and compliance specialists, engineers, software developers, IT specialists, product managers and artificial intelligence experts.
Although the workforce shortage situation is stabilizing, many companies still look for foreign recruits to avoid facing shortages again. Industries like information and communication technologies and financial services are looking for recruiters today.
Some of the industry leaders in Singapore that are expressing a rapid desire to hire employees are fintech and IT tech. Recently, the demand for foreign employees from such companies has increased by 40%. This demonstrates the industry’s ongoing efforts to address skills gaps and maintain the pace of technological innovation. One of the country’s initiatives is to attract qualified technicians by offering bonus points for eligibility, ensuring further growth of the sector.
As a result of the workforce shortages, the Singapore Economic Development Board has attracted global multinational companies, resulting in a large number of vacancies for both local and foreign employees. To attract more foreign workers, Singapore offers a strong base for tech companies considering entering Southeast Asia and other regions of the APAC region in hopes of cross-national development and collaboration.
Additionally, in response to workforce shortages, Singapore and Hong Kong have created new visa programs to allow high-achieving, highly-educated professionals and entrepreneurs to enter their country of choice easily.
Hong Kong’s initiative to introduce the Talent-Pass program, which allows people to enter the country for 24 months without job offers, has pushed Singapore to implement a similar system. Singapore overhauled its immigration policies and launched the Overseas Networks and Expertise (ONE) Pass in January 2023. This program aims to attract more international workers.
As Singapore’s most versatile visa to date, it allows the pass holder to leisurely search for their ideal spot. Having found it, they gain the freedom to work in several companies at the same time. They can also start their own business while employed by another company.
This program aims to attract global talent by granting the visa holder and their partners the opportunity to work for five years.
While applicants must demonstrate high income with a fixed monthly salary of S$30,000 or S$360,000 per year, they can be qualified even if they do not meet the salary criteria. As long as the applicant has sufficient achievements and qualities in fields such as science and technology, research, arts and culture or sports, they can expect to receive a ONE Pass without a high salary.
Singapore has set its sights on bolstering innovation and enhancing productivity as crucial elements in its strategy to achieve ambitious goals. There has never been a better time for expatriate workers looking to work abroad to join a company in Singapore or start their own business. The most in-demand professionals will be those who have the required skill set or experience as a software engineer, product manager, sales and compliance specialist, IT or artificial intelligence specialist.
