Going Global: 73% of Singapore professionals seek work overseas

Singapore employers are also following suit, as half of them plan to recruit from abroad amid the skills shortage.

As economic globalisation continues apace, the benefits of international mobility within the workplace have become more pronounced to businesses. However, while many finance and accounting professionals in Singapore are keen to pursue their careers further ashore, they may find such opportunities hard to come by within their organisations.

These are among the key findings of the International Talent Mobility Report, a recent study developed jointly by the Association of Chartered Certified Accountants and specialised recruitment firm Robert Half, which examines the forces driving the movement of the finance and accounting talent pool.

STRONG DESIRE TO GO OVERSEAS
The survey found that a significant 73% of finance and accounting professionals from Singapore are interested to move overseas for a job. Career advancement is the top consideration, with 27% selecting career growth as the main reason for wanting overseas experience. Not surprisingly, the ability to enjoy a bigger salary package was not far behind, with 22% ranking it as their main reason.

Apart from a better salary, the notion that an overseas move will be accompanied by significant benefits is still common. Singapore employees expect a relocation package to incorporate a housing allowance (91%), moving allowance (81%) and medical insurance (81%). In addition, home country visits (78%), tax preparation assistance (64%) and transportation allowances (61%) are also expected by the majority.

However, while finance and accounting professionals understand the benefits to their career of working in different markets, few employers provide regular opportunities for their staff to gain international or regional exposure. Of the companies in Singapore that send employees overseas, only 13% indicated they do so regularly. Almost half said they rarely provide secondments.

For those that do offer secondments, their main motivations are to encourage the transfer of knowledge and expertise between local and international teams, enhance the training and development of employees, plug the current skills shortage and increase the diversity of experience within their organisations.

Mr Tim Hird, Managing Director, Robert Half Asia, said, “The findings show that there is a distinct gap between what employers offer and what employees want. With the majority of professionals interested in an overseas experience and given the highly competitive market for skilled talent, Singapore companies with overseas operations may do well to consider offering international secondments, not only to plug the persistent skills shortage but also to attract and retain talent. Moreover, both the employer and employee stand to gain from the benefits of secondment, including the sharing of experiences and best practices across different locations and countries.”

THE SELECTION PROCESS
There are many factors that can help an employee get the nod for an international role. First, employers need to know the staff member can do the job, with an emphatic 90% of Singapore employers rating appropriate skills and job knowledge as important or essential. Employers also value interpersonal skills, such as adaptability (86%), collaboration skills (83%) and the ability to demonstrate cultural sensitivity (74%). Other factors that can sway a decision in an employee’s favour include having a recognised accounting qualification (55%) and local language proficiency (50%).

Mr Darryl Wee, Country Head, ACCA Singapore said, “To increase one’s chances of landing a secondment, employees need to work at differentiating themselves by raising their international knowledge of accounting, finance, legal and tax norms, and enhancing their overall skill sets. This would also help convince their employers they are valuable assets with transferrable skills and knowledge across different markets. In addition, employees are also encouraged to be flexible and open to compromise when negotiating an overseas contract. The real benefit of an overseas opportunity should go beyond monetary compensation, as having international work experience is invaluable and will stand an employee in good stead in his/ her career progression.”

A GLOBAL QUEST FOR TALENT
While opportunities of an international posting within the same firm are few, many companies in Singapore are open to tapping international markets in their search for talent. According to the survey, half of Singapore employers polled said they would hire skilled finance and accounting professionals from overseas in the second half of the year. For those not planning to do so, high relocation costs (50%) was cited as the main reason, followed by the lack of knowledge of accounting practices and regulations (43%), and the difficulty in finding and evaluating candidates (27%).

Mr Hird, said, “It is clear from the survey that the quest for finance and accounting talent is an international one. As globalisation continues to impact the way the world does business, employers stand to gain if they promote international mobility within their organisations. Not only can secondments be a strategic retention tactic, organisations can also benefit from the additional value that employees bring to the company when they return.

Offering employees the chance to gain invaluable international experience is also a good strategy for a company seeking to attract talent from overseas.”

Mr Wee concluded, “Just as importantly, employers need to plan for the return of their seconded employees in order to ensure the leadership, experience and diversity of skills acquired on assignment are retained within the organisation. They can do so by providing clear and longterm career development paths, as well as indentifying strategic goals and targets for employees upon their return. Companies need people with international perspectives and skills for long term growth, and as such, employees/ candidates with an overseas track record will be highly valued.”