Parliament: Foreign technicians needed to fill the local workforce, Politics News & Top Stories
SINGAPORE – With deep-tech industries and companies evolving to be the mainstay of the future economy, Singapore needs to employ technicians from other countries to supplement the local workforce for the Republic to develop its technological ecosystem.
This will let the country ride on a wave that has seen technology companies record the fastest growth in the world, Commerce and Industry Minister Chan Chun Sing told parliament on Monday (September 2).
Talent is critical in this effort, he said, and technology companies require experts with specialized skills.
"Increasingly, companies are making their investment decisions based on the availability of talent rather than traditional factors such as cost and availability of land. Unfortunately, there is a global shortage of technical talent and competition is intense," he added.
If Singapore does nothing, it will probably remain. Chan said it's just a small window to build a critical mass of professional, start-up companies and companies.
"How we do it today will determine whether or not we do it as a technical hub. We must move quickly and move now," he added.
Mr. Chan answered a question from Patrick Tay (GRC West Coast), who had asked if there is a need for a government program to help technology companies hire foreign talent, given the current economic conditions and Singapore's focus on hiring, developing and strengthening talent here.
Mr Chan said that Singapore risks reducing its "competitive advantage" if it does not attract these professionals to the country, adding that having workers from other countries provides opportunities for Singaporeans and encourages them to come up with new ideas.
"In a world where multisectoral, interdisciplinary and intercultural teams are becoming more commonplace, Singaporeans must learn to work with people from all over the world," Mr. Chan said.
"This will increase our competitiveness as individual employees and make them more attractive to employers."
There is currently a Tech @ SG program, announced in July by the Economic Development Board (EDB) and Enterprise Singapore.
The program will allow foreign professionals who wish to work in technology companies here to have more flexible requirements when applying for a work permit.
It starts in the fourth quarter of 201[ads1]9 and will last for two years, and is intended to help technology companies grow and expand in the region.
On Monday, Chan gave more details about the program.
He said that companies applying for the Tech @ SG program to recruit talent must be incorporated here, have a digital or technology offering, or have a business model built around proprietary technologies, research or hardware.
These companies would also have to have secured more than $ 10 million illion ($ 13.9 million) in venture capital (VC) financing cumulatively. They must also have received funding from a VC firm recognized by Tech @ SG for the past three years.
This is how the government can ensure that these companies have enough resources and are prepared to internationalize, Chan added.
A spokesman for EDB had told ST in July that there would be flexibility under the Tech @ SG program when applying for a hiring pass for these foreign technical talents.
This includes considering alternative factors in the application if necessary, such as stock option remuneration to core team members, or if they have deep skills rather than formal academic qualifications.
The Ministry of Manpower's website states that the Employment Pass is for foreign professionals who have a job offer here, work in a managerial, executive or specialized job, earn a fixed monthly salary of at least $ 3,600 and have acceptable qualifications.
Mr Chan, who is also responsible for public sector ice cream, said the government is also trying to get more local technicians, as it uses technology to transform public services and serve businesses and Singaporeans better.
In a study published in June, recruitment consultant Robert Walters found that in South East Asia, nearly 70 percent of hiring managers took at least three months to fill a technical position that was open.
Research from specialist recruiter Robert Half in 2018 found that more than 90 percent of Singaporean IT executives were concerned that Singapore does not have the IT talent readily available to build a Smart Nation-ready workforce.