Foreign talent in Singapore: A win-win

The recent celebration of Singapore's 50th anniversary, or SG50, provides us with a timely opportunity to reflect on the decades of success that the Lion City has experienced and remind ourselves why it's such a popular destination for foreign talent.

In half a century, Singapore has risen from a developing country to become the world's fourth largest financial centre. It's no wonder that Singapore remains one of Asia's most sought after destinations for foreign talent considering new career horizons abroad. Foreign immigrants currently form a huge 40% of the population.

The island is situated at the heart of the region and has a reputation for being a forward-thinking, economic hub with a clean, safe environment which plays a key role in attracting foreign talent from abroad.

Anti-corruption, anti-drugs, and population control policies also help make Singapore an attractive destination for foreign investors. Singapore is now a regional hub for many of the world's multinationals. These are contributing factors to the myriad of career opportunities available for skilled professionals in Singapore.

Whilst local labour laws and the Fair Consideration Framework favour local hires, there are still opportunities for foreigners to fill roles in skill-short areas. There are particular pockets where demand for foreign talent exists due to a shortage of local available talent.

Let's take a look at the life sciences sector where Singapore is emerging as a pharmaceutical and biologics manufacturing base, creating a range of opportunities for Field Service Engineers, Category Managers, and Salespeople.

Apart from the technical skills required to fill these roles, employers are looking for candidates with cultural adaptability and the relevant soft skills such as leadership and stakeholder management.

Within the finance technology arena, increasing regulatory demands are driving banks to invest heavily into voice recording and email archiving to ensure the security of employee correspondence. As such banks are looking to recruit overseas cybersecurity professionals.

The engineering sector is also a hotbed for foreign workers, as new projects have taken off in rail and transport such as the new Thomson line (TSL) underway. These projects require more skilled and qualified talent than the local market can supply.

For the foreigners who can fill these areas of demand, all the benefits of working in Singapore can be enjoyed. Not only are they able to expand their international mindset and advance their careers, they enjoy some of the lowest tax rates in the world, proximity to be able to travel the rest of Asia as well as have access to some of the world's best healthcare and education.

Given the worsening shortage of highly-skilled local professionals in Asia, the need for foreign talent is not abating, so Singapore is fortunate that it is considered to be one of the most attractive destinations in the region.

Foreign talent will continue to play a key role in the next 50 years of Singapore's exciting future and there are benefits for both parties to be had.