Singapore Tech Talent Demand Exceeds Supply
The demand for Singapore tech talent is far exceeding the supply of workers. Singapore has been increasing its focus on growing this sector of its economy. Singapore is recognized as an excellent location for business startups and tech companies. The nation desires to become a hub for the global tech sector. Several tech companies are currently located in Singapore, including major global companies such as:
Singapore Tech Talent Grows with Tech@SG Plan
Tech@SG is a new plan to help companies hire foreign national employees to expand their Singapore tech talent. The plan is for companies with the commitment and ability to build local workforces and manufacture products in Singapore. Qualifying technology firms will have the Employment Pass applications of “core team members” facilitated by the government. To participate in Tech@SG, tech companies must meet the following requirements:
- Secured over US$10 Million in cumulative venture capital funding
- Received funding from Tech@SG-recognized venture capital in the past 3 years
- Be incorporated in Singapore
- Offer digital or technology products
- Have a business model built around proprietary technologies, hardware, or research
Current Economic Weakness Propels Singapore Tech Talent Demand
Singapore has cut its 2019 economic growth forecast range for Gross Domestic Product (GDP). Previous forecasts ranged from 1.5% to 2.5% for GDP growth. As of August, this forecast is now 0% to 1% for GDP growth. Many factors are negatively impacting the nation’s potential for growth, including:
- Brexit uncertainty depressing economic activity
- China’s slower economic growth
- Japan and Korean trade disputes
- United States and China escalating tariffs on trade
Trade Minister Chan Chun Sing supports the push to develop Singapore tech talent, even as economic growth forecasts begin to decline. He noted that growing the nation’s tech sector is a positive response to Singapore’s economic uncertainties. The goal is to create a foundation for future economic growth. Foreign workers will complement the local Singaporean workforce with new and updated skills. Welcoming foreign national talent with high levels of digital, tech, and engineering skills is critical to Singapore’s long-term success.
What Does This Mean?
Singapore is actively seeking foreign national workers with high levels of skills. Singapore tech talent is seen by the nation as critical to its future economic growth. Many global tech firms maintain facilities in Singapore, and the nation is looking to leverage this presence to cement its position as a global hub for technology companies and technological innovation.
What Should Employers do About Singapore Tech Talent?
Employers currently in Singapore should continue to stay informed about the nation’s increasing push to welcome foreign workers with plans such as Tech@SG. They should expect to see an increase in the number of foreign workers as companies seek to capitalize on Singapore’s investments in growing the tech sector.
Employers should be prepared to apply for Tech@SG and fulfill all of the program requirements.
Employers not currently in Singapore might consider the country as a strategic location for corporate expansion. The services of an International Professional Employer Organization (PEO) may be useful to help an employer enter Singapore and quickly test the local market.
Work with a Qualified and Experienced Relocation Management Company
Employers looking to transfer workers to Singapore or hire new foreign workers should also provide as much information about the country as possible. They should work with a qualified and experienced Relocation Management Company (RMC) that can provide a wealth of valuable resources to assist relocating employees and their family members. RMCs have experience with overcoming challenges in relocation programs. They also have knowledge about the challenges that relocating employees face with their move to a new location.
Destination spotlights that highlight many aspects of Singapore are helpful resources to share with transferees during their pre-decision process. Video destination spotlights are excellent resources to visually show employees and their family members their new location.
GMS’ team of global relocation experts has helped thousands of our clients understand how to grow their company’s international employment. Our team can also help your company understand how to respond to Singapore’s new Tech@SG plan. We can also help your company understand the importance of leveraging Singapore tech talent for future economic growth.
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Contact our experts online to discuss your company’s interest in learning more about how to grow with Singapore tech talent and the nation’s focus on the tech sector, or give us a call at 800.617.1904 or 480.922.0700 today.