Because of its economic environment, education, and labor market, Singapore has been touted as a top destination for businesses implementing international recruiting efforts. The country is one of the highest-ranking countries in the world for its ability to attract, develop, and retain talent.
In this post, we take an overall glance at Singapore, and outline what you need to know to recruit in the country and unlock some of the world’s brightest talent.
Singapore’s Economic Growth
The World Bank lists Singapore as the globe’s second-best market for its overall ease of doing business. The country provides businesses with a flexible and dynamic launchpad into Asia. Both historically and recently, Singapore restructured its economy to adapt to the ever-changing needs of both the domestic and international marketplaces.
Over the past few years, Singapore’s GDP growth has lagged, which is largely due to decreased global trade. However, business sentiments in the country have regained momentum, and the international economy has improved overall.
Singapore Education and Workforce
Today, Singapore is well-known for its educated and multicultural workforce. This makes it a strategic location for businesses pursuing top-tier talent through international recruiting. In addition to its pro-business regulatory environment, Singapore ranks 11th by the World Economic Forum for human capital. Although the nation is home to just 5.6 million people, it boosts one of the strongest education systems in the world. The population’s mean years of education is approximately 11.4 years, with 56.2% of its population considered highly-skilled.
The government is taking targeted steps to ensure citizens are at the forefront of the digital era, which primarily focus on automation and digital technology. In tandem, the policies are directed toward investing in skill development, innovation, and digitalization. Policy-makers believe this will help position Singapore as the go-to market for international corporations seeking to expand in the region.
Singapore Employment and Labor Market
The Singapore labor market improved at the end of the third quarter in 2017. The local citizens’ unemployment rate slightly improved, while the unemployment rate of residents remained stagnant. Additionally, the market experienced reduced retrenchments.
Although the seasonally adjusted unemployment rate declined modestly, it remained unchanged overall at 2.2%. Given the highly-competitive nature of the labor market and low unemployment rate, adding these fringe benefits to statutory requirements can help you compete for top talent in Singapore:
- Healthcare: It is common for companies seeking top-tier talent to offer employees and their dependents health insurance plans, which often cover both personal accidents and hospitalization.
- Car Allowance: For positions that may require travel, it is common to provide the candidate with a car allowance.
- Per Diem: Companies can also provide candidates that are required to travel a per diem or daily allowance, especially in the case of international travel.
- Employee Stock Purchase Plans: For more senior positions, company stock options are often included within the candidate’s full benefit package.
- Additional Perks: Lower cost benefit perks may also be explored to help entice top talent. Typical perks may include sponsoring employee education or professional development courses, sabbaticals, paid health club memberships, and referral schemes.
Manage International Recruiting in Singapore with Ease
When considering international expansion, it is important to build an informed strategy around your global recruiting and hiring efforts. Working with a premier global expansion partner can alleviate the stresses associated with sourcing, recruiting, and hiring international employees.
If you’re seeking to expand into Singapore or another new market, contact Velocity Global to help with your international recruiting efforts. Our team is here to offer expert advice—for wherever your business takes you.