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[h=2]More ‘opportunistic’ expats heading to Singapore for jobs[/h]
April 7th, 2013 |
Author: Editorial
Increasing numbers of people are heading to Singapore without a job to try their luck in getting one when they land here
According to a report from UK’s Telegraph [Link], Singapore headhunters are spotting a new trend in Singapore – the rise of ‘opportunistic’ expats arriving in Singapore.
Essentially, ‘opportunistic’ expats are foreigners arriving in Singapore on a social visit pass without a job, trying their luck and hoping to get one here.
HR firms said they have seen a marked increase in ‘opportunistic’ expats.
Mark Hall, vice-president of recruiter Kelly Services in Singapore, said, “People want to be in Singapore. They recognise that in a competitive job market, being on the ground will demonstrate their commitment. At the same time, hiring managers are becoming increasingly reluctant to consider candidates who are based outside of Singapore when a diverse and qualified talent pool already exists here.”
Stella Tang, director at Robert Half Singapore, said, “Singapore’s financial sector is still healthy. So, many expatriates from the UK and elsewhere are looking for employment here. We are seeing more banking and finance professionals arriving as visitors and exploring job opportunities while they are here.”
And it certainly helps with the sort of “Hiring-their-own-Kind” practices that have been going on in the industry. This was mentioned and frowned upon by Acting Manpower Minister Tan Chuan-Jin in Parliament last month. Mr Tan revealed that DPM Tharman and himself had met up with the senior management of a number of financial institutions on a few occasions to stress the point that financial industry players should make a concerted effort to develop a local talent pipeline. The management replied that they would be more mindful of the need to ensure that discriminatory hiring practices are not entrenched in their industry. It remains to be seen if these financial institutions really meant what they have said.
=> So? Why no 'SG first' law to date? Ah, that's because of the Familee's evil scheme to replace SGs with FTrash to perpetuate its rule!
However, HR firms also said that it is increasingly getting difficult for foreigners to get a job with the tightening of foreign labour rules set by the Govt. Since last year, the minimum salary criteria to qualify for an S-Pass and EP were raised to $2,000 and $3,000 respectively. Also, older applicants for EP would have to command higher salaries to qualify, commensurating with their work experience and quality they are expected to bring.
Mr Hall added, “For now this trend is likely to continue because Singapore remains very attractive to many foreign professionals, particularly those from Europe where the unemployment rate has just reached a record high of 12 per cent. Singapore has also built a reputation amongst many people as a city that offers a good quality of life, a favourable tax regime as well as a range of interesting career opportunities.”
HR firms said that while European and US banks have been scaling back their headcounts in the region, Asian banks have been quite proactive in their recruitment drives due to expansions in their business. For example, DBS Group has recently announced that it aims to double its commodity-trading business each year for the next three years, tapping its growing footprint in Asia and hoping to woo customers from Western rivals retreating to their home markets. Last year, it also announced that it will be seeking more branch licences in India (‘As DBS expands its business in India, S’pore will have to take in more Indian professionals‘).
Sonia Fuller, director at headhunter KS Consulting, said, “There are also plenty of opportunities in risk-based roles such as regulation and compliance but it helps if you already have some Asian experience.”
Singapore is diversifying into biotechnology, water technology, environmental and energy science. As the government continues to provide incentives for growth in these sectors, there is likely to be demand for more “foreign talents”.
Presently, there is no quota set for the number of EP holders a company can have despite the tightening of rules by the Govt. So, theoretically speaking, there is nothing to stop a financial institution hiring 100% expats with zero Singaporeans in their company, not withstanding DPM Tharman and Minister Tan meeting with the management of the financial institutions.
.
Join our TRE facebook page here: http://www.facebook.com/TREmeritus
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Increasing numbers of people are heading to Singapore without a job to try their luck in getting one when they land here
According to a report from UK’s Telegraph [Link], Singapore headhunters are spotting a new trend in Singapore – the rise of ‘opportunistic’ expats arriving in Singapore.
Essentially, ‘opportunistic’ expats are foreigners arriving in Singapore on a social visit pass without a job, trying their luck and hoping to get one here.
HR firms said they have seen a marked increase in ‘opportunistic’ expats.
Mark Hall, vice-president of recruiter Kelly Services in Singapore, said, “People want to be in Singapore. They recognise that in a competitive job market, being on the ground will demonstrate their commitment. At the same time, hiring managers are becoming increasingly reluctant to consider candidates who are based outside of Singapore when a diverse and qualified talent pool already exists here.”
Stella Tang, director at Robert Half Singapore, said, “Singapore’s financial sector is still healthy. So, many expatriates from the UK and elsewhere are looking for employment here. We are seeing more banking and finance professionals arriving as visitors and exploring job opportunities while they are here.”
And it certainly helps with the sort of “Hiring-their-own-Kind” practices that have been going on in the industry. This was mentioned and frowned upon by Acting Manpower Minister Tan Chuan-Jin in Parliament last month. Mr Tan revealed that DPM Tharman and himself had met up with the senior management of a number of financial institutions on a few occasions to stress the point that financial industry players should make a concerted effort to develop a local talent pipeline. The management replied that they would be more mindful of the need to ensure that discriminatory hiring practices are not entrenched in their industry. It remains to be seen if these financial institutions really meant what they have said.
=> So? Why no 'SG first' law to date? Ah, that's because of the Familee's evil scheme to replace SGs with FTrash to perpetuate its rule!
However, HR firms also said that it is increasingly getting difficult for foreigners to get a job with the tightening of foreign labour rules set by the Govt. Since last year, the minimum salary criteria to qualify for an S-Pass and EP were raised to $2,000 and $3,000 respectively. Also, older applicants for EP would have to command higher salaries to qualify, commensurating with their work experience and quality they are expected to bring.
Mr Hall added, “For now this trend is likely to continue because Singapore remains very attractive to many foreign professionals, particularly those from Europe where the unemployment rate has just reached a record high of 12 per cent. Singapore has also built a reputation amongst many people as a city that offers a good quality of life, a favourable tax regime as well as a range of interesting career opportunities.”
HR firms said that while European and US banks have been scaling back their headcounts in the region, Asian banks have been quite proactive in their recruitment drives due to expansions in their business. For example, DBS Group has recently announced that it aims to double its commodity-trading business each year for the next three years, tapping its growing footprint in Asia and hoping to woo customers from Western rivals retreating to their home markets. Last year, it also announced that it will be seeking more branch licences in India (‘As DBS expands its business in India, S’pore will have to take in more Indian professionals‘).
Sonia Fuller, director at headhunter KS Consulting, said, “There are also plenty of opportunities in risk-based roles such as regulation and compliance but it helps if you already have some Asian experience.”
Singapore is diversifying into biotechnology, water technology, environmental and energy science. As the government continues to provide incentives for growth in these sectors, there is likely to be demand for more “foreign talents”.
Presently, there is no quota set for the number of EP holders a company can have despite the tightening of rules by the Govt. So, theoretically speaking, there is nothing to stop a financial institution hiring 100% expats with zero Singaporeans in their company, not withstanding DPM Tharman and Minister Tan meeting with the management of the financial institutions.
.
Join our TRE facebook page here: http://www.facebook.com/TREmeritus
.
