GuideMeSingapore

The war for talent has taken center stage in an increasingly global and sophisticated business environment. Countries are rapidly transforming themselves into knowledge based economies and are strongly encouraging the cross-border flow of foreign talent and professionals. It is a well known fact that multi national corporations, investors and medium sized firms will set up business operations in countries that assure immediate availability of talented human capital. Taking cognizance of the direct correlation between business relocation and availability of a talent pool, Singapore has taken definitive measures to transform itself into a global talent hub.

Singapore’s positive approach to foreign talent is best reflected in its open and liberal immigration policy. Singapore’s work visa schemes are designed to attract entrepreneurs and working professionals from all over the world. Furthermore, foreign professionals are encouraged to take up permanent residency under the various Singapore Permanent Resident schemes. Singapore has reaped the benefits of its liberal immigration policy, which has led to increased investment in the local economy and spurred economic growth.

Having set the basics right, Singapore is now looking at building a “vibrant talent ecosystem” and has launched the Leadership Initiative for Building Networks and Knowledge (LINK). By creating a cluster of business schools, human-resource consultancies and corporate universities, LINK aims at transforming Singapore into a regional center for developing talent and leadership training. Integral to LINK is the newly launched Human Capital Leadership Institute (HCLI) that will engage and collaborate with companies to help them address their pan-Asian leadership development and talent management needs. According to Mr, Gan Kim Yong, Minister of Manpower,

“Top local talents will want to remain in Singapore and global talents will want to come here because we have the best educational infrastructures to help them develop their leadership competencies and further their careers. Global companies will also invest and set up operations in Singapore because of the availability of a deep talent pool.”

Today, Singapore’s reputation as the ideal business and commercial hub in Southeast Asia can be partly attributed to its workforce that is universally recognized for its extensive knowledge, high productivity, technical proficiency, professional expertise and vast experience. Generally, availability of a competent workforce leads to a better business climate and a stronger economy. Developing human capital is an economic imperative for Singapore, which is why it continues to invest heavily in nurturing a strong talent base.

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