In a previous post titled, "Singapore's workforce shrinks in 2017 for the first time since 2003, but more locals have jobs" we discussed an increase in hiring for local Singaporeans. Now, we are seeing a more aggressive action where the Ministry of Manpower (MOM) are taking the next step to ensure hiring local Singaporeans increases further.
MOM has placed another 500 companies under the Fair Consideration Framework (FCF) watch list (a watch list that already had 250 companies on it from last year at this time) will surely increase the pressure for corporations to continue to consider hiring talent from within Singapore. For organizations within Singapore, hiring local talent may also help when it comes to acquiring work permits for expats. Many companies worry that their applications for work permits could be declined which will result in delays to address the business needs of hiring talent in the first place.
What will other Asian countries do in order to use this opportunity and attract talents? What is certain is that we may see more movement within Asia Pacific, whether it is outbound Singapore to other Asian countries or outbound EMEA/US into other locations within APAC.
SINGAPORE — Some 500 companies have been placed on a government watch list for not doing enough to hire Singaporeans, double the 250 on the list this time last year, said Manpower Minister Lim Swee Say on Monday (March 5) as he warned that such firms will be taken to task. Addressing the same issue in March last year, Mr Lim said then that the Ministry of Manpower (MOM) had placed 250 companies on the Fair Consideration Framework (FCF) watch list. The firms were from the information and communication technology, professional services, and financial and insurance activities industries, among others. So far, 150 companies have improved their human resource practices and "exited" from the watch list. Some 60 of the remaining 350 companies have not been cooperative, Mr Lim said on Monday.