Once again, Singapore has been ranked as the second-best country for top talent, according to the Global Talent Competitiveness Index 2022.
It is also the only Asian state to make the top 20. That is fantastic, of course, but there is something here many people are missing.
I believe there is an x-factor at play that will put Singapore in pole position for global talent in the very near future.
In this article, we will look at the real-world reasons that have put Singapore in such a successful position on the global talent map for over 10 years.
What Factors Drive Singapore’s Global Talent Competitiveness?
Singapore topped the world for highly skilled workers and ranked among the world’s 5 best in 68 of the 69 categories surveyed in the Global Talent Competitiveness Index.
Related Read: Why is Singapore a Prime Spot for Top-Tier Foreign Talent? »
These rankings have a practical impact as these studies offer valuable insights to workers considering relocating to another country.
From this data, the world’s best talent can plainly say that Singapore continues to be a desirable location. This is because of reasons such as:
- Favourable regulatory and business environments
- Investment in education and training
- Sustainability practices.
These are some of the critical real-world factors that will continue to gravitate talent to the city-state:
a. Singapore’s Outstanding Workforce
One of the reasons why Singapore is a top talent destination is our highly educated and skilled workforce. An incredible 30% of our employees hold a university degree, and an additional 15% boast a diploma or professional qualification.
Our bilingual education policy means that our people are proficient in English and at least one other language, such as Mandarin, Tamil, or Bahasa Melayu. This gives us massive, direct reach into Europe, North America, and Asia for seamless business operations.
This foundation of educated English and Mandarin-speaking talent is a massive factor for any expat looking to advance their career.
That lack of a language barrier brings immense certainty to any prospective talent who otherwise may have been worried about fitting into a new culture.
Once immersed in the melting pot that is Singapore’s working culture, that expat talent is strengthening our diversity, a quality for which we are proudly known.
The diversity of our workforce has enabled us to create a more robust economy, competing in a global market that calls for businesses to be agile, frictionless, and ready for innovation.
Related Read: The 2022 Lesson for HR in Singapore: Think Flexibly »
b. Investment in Talent Development
Singapore is committed to investing in continuous training for our workforce, ensuring they remain responsive to evolving business needs and rapid technological advancements.
The government’s SkillsFuture programme is just one example that helps residents train, transition or upskill to all manner of disciplines.
By 2020, about 600,000 or 23.5% of eligible Singaporeans had already been educated by SkillsFuture. Additionally, between 2015 and 2020, Singapore spent S$1 billion per year on continuing education and training.
It is understandably attractive to overseas talent who see this focused dedication to training and upskilling.
No matter where the market forces go, the country will provide a stable, safe training environment to allow the talent to stay relevant and keep learning.
c. Academic-Industry Partnerships
Our world-class universities and tertiary institutes have established partnerships with leading companies such as IBM, Rolls Royce, Applied Materials, and Salesforce, to name a few.
We are nurturing future leaders in groundbreaking fields such as artificial intelligence (AI), robotics, biotechnology, blockchain, and data analytics by fostering these relationships.
When looking for countries to work in, talent will notice the partnerships some of the world’s most forward-thinking companies have with our academic institutes.
As these initiatives continue to bear fruit and strengthen Singapore’s reputation as an education hub for STEM and business-related disciplines, the city-state will draw more talent.
d. Excellent Work Visas
Singapore has always had excellent foresight for, and the execution of, work visas. The new Overseas Networks and Expertise (ONE) Pass is an excellent example of this, as it is aggressive in pursuing the world’s top talent.
The eligibility requirements, which include a fixed monthly salary of at least $30,000 per month, or outstanding achievements in various fields, ensure that only highly skilled and accomplished individuals can apply for the pass.
This allows prospective talent to be confident in their ability to secure the ONE Pass and move forward with their plans.
The ability to concurrently start, operate, and work for multiple companies in Singapore is a unique advantage that provides prospective talent with greater flexibility and career growth opportunities.
The 5-year validity period provides stability and peace of mind for prospective talent and their dependents. This is an overt signal that Singapore is serious about talent, and I think it will attract the eyes of skilled professionals around the world.
Related Read: Is the Singapore ONE Pass or Hong Kong Top Talent Pass Better? »
The X Factor
Above all, there is one thing that I think will dictate why and how Singapore will remain one of, if not the best, places in the world for educated, driven talent to work.
We have all seen rapid developments in AI, robotics, VR, and blockchain over the past few years.
Related Read: Why is Singapore a Global Winner for Cloud Startups? »
With that sort of exceptional advancement, the only certain thing is uncertainty.
None of us can predict exactly what impact these technologies will have on the job market, and that is a worrying prospect for millions of young people worldwide.
But if I were one of those young, hungry, talented people, I would look to a country that is ensuring they are preparing its citizens for those changes.
I would invest heavily in the training and development of its population so that no matter what digital shapes our world takes, they will be ready.
That country right now is Singapore: an attractive hub for international talent who know that there is a secure future for them if they make a move.
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- Singapore has a positive outlook as it ramps up its efforts to invest in its workforce and offerings to attract international talent.
- Singapore has implemented various policies to attract and keep global talent. For example, it has a highly competitive work pass, tax system, and a supportive government.
- Businesses can engage an immigration expert to help them get the work passes in Singapore that they need for their talent to work. InCorp has a reliable team backed by years of experience and high success rates!