Talent recruitment is a known issue across the globe for companies, and Singapore is at the top of its game with attracting and maintaining talent.
Singapore ranked second globally in the recently published Global Talent Competitiveness Index, while other Asia Pacific countries lagged behind, with Australia ranking sixth and New Zealand ranking 14th.
With Asia Pacific not well represented in the rankings, companies will have to account for a talent shortfall when expanding into the region. With that being said, a more competitive relocation package may need to be considered to move talent to the needed locations.
Singapore’s government is seeking to build the economy into a regional high-tech hub. It’s helping small businesses adopt new technologies and supporting workers in getting re-skilled. With immigration curbs in place, the city state is pushing for automation of some low-skilled jobs, such as cleaners. “Digital technologies will help small and exposed economies like Singapore punch above their weight by creating means for their businesses and talent to reach out to the global market,” said Su-Yen Wong, chief executive officer of the Singapore-based Human Capital Leadership Institute, which helped compile the index. Some of Asia’s biggest economies ranked much lower on the index. Japan dropped three spots to No. 22 globally, while China was ranked at 54 and India at 92.