Adapting to Global Talent Shifts While Staying Rooted in Singapore
As the global competition for talent intensifies, experts suggest that Singapore must create an environment that enables citizens who work abroad to reintegrate smoothly when they return. Despite increasing numbers of Singaporeans seeking growth opportunities overseas, there is a need for strategies that keep them connected to their home country, ensuring they bring their acquired skills and experiences back to benefit the nation.
Dr. Mathew Mathews, principal research fellow at the Institute of Policy Studies, explained that Singapore should not view this migration as a “brain drain.” He believes the country has the necessary framework to welcome back returning nationals, with an environment that will allow them to reintegrate seamlessly. “It wouldn’t be a disadvantage for you,” Dr. Mathews noted.
In his Budget 2023 speech, Deputy Prime Minister and Finance Minister Lawrence Wong highlighted the expected global economic shifts and stressed that Singaporeans must be agile and competitive in this rapidly changing landscape. Dr. Mathews further emphasized that Singapore’s values of fairness, inclusivity, and graciousness will appeal to those abroad, setting it apart from other parts of the world.
The Singapore Government is investing approximately S$104.2 billion to position the country for future growth, focusing on economic expansion, workforce development, and strengthening collective resilience. This investment aims to ensure that Singapore remains an attractive and dynamic hub for both local talent and foreign investment.
Retaining Singaporeans’ Connection to Home
Sim Gim Guan, executive director of the Singapore National Employers Federation, pointed out that the government continues efforts to help Singaporeans feel rooted and view the country as home. He suggested that with the growing presence of global firms, it is crucial for Singaporeans to gain international exposure to take on leadership roles in these companies. “Companies should continue to send employees abroad for experience,” Sim added, noting that this will help them move beyond their comfort zones.
The increasing presence of foreign companies in Singapore creates additional opportunities for locals, but there’s also a need for local workers to develop relevant skills to meet global standards. Sim emphasized the importance of nurturing a local talent pipeline that not only attracts foreign investment but also allows Singaporeans to thrive in these new industries.
Capitalising on New Opportunities in a Competitive World
Sim further stressed that the government’s focus on talent development is key to sustaining Singapore’s competitiveness. “Investment in upskilling and reskilling our workforce is crucial,” he said, highlighting the need to adapt to new growth areas like sustainability and digitalisation. This effort ensures that Singaporeans are well-prepared for emerging industries and can secure fulfilling jobs within them.
Dr. Mathews echoed the importance of this approach, noting that when Singaporeans feel supported by their country and confident in their opportunities, they will be less concerned about competition from foreign workers. Sim added that Singapore’s multicultural society, rather than being a challenge, is one of its key strengths, which locals should continue to embrace.
Supporting All Segments of Society
In his Budget speech, Wong also underscored the importance of supporting all segments of society, from families to vulnerable groups. The government is introducing measures such as extending the Senior Employment Credit and enhancing the Enabling Employment Credit to provide wage offsets for employers hiring seniors and individuals with disabilities. These initiatives aim to foster a more inclusive workforce where every individual can live a dignified and independent life.
The government is also focusing on upskilling the workforce to meet the demands of the evolving economy. By ensuring that local workers can adapt to new opportunities in fields like sustainability and digitalisation, Singapore aims to enhance employment prospects for its citizens and maintain a competitive edge in the global marketplace.
