Singapore tops Asian countries in Global Talent Ranking report which assesses the extent to which countries develop, attract and retain talent to sustain the pool that enterprises employ to create long-term value.
Singapore is facing an inherent 30% talent shortage, particularly in the industries of Fintech, where the government set the goal of adding 1,000 jobs per year and pledged to invest S$225 million over five years, and manufacturing, as the development of smart technologies demands an evolving skill set from engineers.
Singapore is competing in a dynamic global economy in which two assets—a skilled and versatile workforce—as well as the capacity for creativity, innovation, and entrepreneurship, would provide a competitive edge.
The release of the Ministry of Manpower's 'Labour Market Advance Release 2016' showed both slowing employment growth (an increase of 0.4%, down from 0.9% in 2015), and an increase in unemployment, creeping up to 2.2%.
Following an announcement in 2010 by the Economic Strategies Committee to reach a productivity growth target of 2-3% per year over the next decade, the Singapore government has since introduced a slew of initiatives to raise productivity.
Global mobility programmes are pivotal to the growth and success of organisations, but with increasing complexities and the increasing volume of information to manage, the decision-making process can get rather daunting.
The Monetary Authority of Singapore's regulatory changes in 2016 and planned reforms throughout 2017 has seen many financial institutions launch a recruitment drive for regulatory reporting professionals and risk control experts.
Information technology professionals with sound communication and presentation skills will have an abundance of forthcoming opportunities in Singapore as multinational companies increasingly set up support sites in the country.