Singapore’s future shaped by technology and talent
Singapore is cementing its solid reputation as one of the world’s most competitive economies while everywhere else seems in flux. It is also making strides on major inward investment in the vital tech sector.
In December, the Financial Times reported that Dyson, the innovative household appliance manufacturer, is making a further substantial investment in Singapore with a new S$585m R&D centre.
The announcement, which Dyson explained would deepen its presence in Asia, reflects the changes we’ve been talking about for much of this past decade: the shifting east of the global economic axis.
Dyson’s decision puts Singapore at the heart of a global network that is creating the future through connected technologies and intelligent machines. The innovative, UK-headquartered company joins maritime business services consultancy Lloyds Register, and others, who continue to look to Singapore to drive success by establishing global technology design and research facilities.
The tech talent challenge
Singapore’s government is keen to support these sectors as it seeks to restructure the economy to meet the commercial and competitive realities of the 21st century. Yet, alongside giving foreign and domestic investors in Singapore the right platform for growth, policymakers and businesses have a further constant focus in this time of flux: the talent challenge.
The recent manpower-lean initiatives, ongoing up-skilling strategies and fair consideration framework designed to propel the economy forward are also leading to some bumps in the road for Singapore’s skills supply and demand, for the short-term at least.
New labour data from the Ministry of Manpower shows job seekers continue to outnumber vacancies. More job seekers are also taking a longer time to find work. Analysis from recruiters Hays, in association with Oxford Economics, indicates too that wage pressure in high-skill roles in engineering and technology are highest of all sectors, registering 8.5 on a 10-point scale.
Innovating skills solutions
The issue for Singapore’s employers then, is how to match their skills needs with the labour market reality. It means navigating the ever-changing legislation around employing non-Singaporean nationals and rising wages and costs, especially in the fiercely skills-intensive and competitive digital creative and technology sectors, and continuing to consider how best to attract, retain and develop talented people.
The challenges these factors now present to mobility professionals include how to respond to the talent and culture shifts taking place in this next industrial revolution. How can we best support, harness and innovate with technology to deliver the most effective solutions from a skills and talent, policy, budgetary, immigration and compliance perspective?
The right approach of course ultimately depends on your company’s unique set of aspirations and challenges in this age of transition where technology and talent are combining to take on an even keener strategic edge. Just as critical in helping to maximise the opportunities are your mobility partner’s insight, agility, customer focus and responsiveness to your individual needs.
At Sterling, we offer bespoke, seamless, technology-oriented and direct-delivered local expertise that adds clear value to our clients’ operations. Give us a call to find out more, we would love to hear from you.