Why Hiring Foreigners in Singapore is Becoming More Difficult
If you are looking to get hired in Singapore as a foreigner, then it is key that you have the right tools and resources to work with. Otherwise, you could face major challenges and miss out on your dream job. And while this seems overwhelming at first, www.futurework.sg can be your main resource in getting that coveted job in Singapore, with lucrative benefits and competitive pay in a growing industry. But here is why it has recently become much harder for businesses hiring foreigners in Singapore:
New Law: An Overview
In 2017, Singapore saw a large drop in the number of foreign worker visas. It was actually ten times more than the decline in 2016. Singapore has very ambitious growth targets, however this has been slowed down thanks to the frameworks trying to encourage them to hire local.
The reason for this is the Fair Consideration Framework (FCF) that was implemented in 2014. And a tighter ruling came through in 2018 that made things even more difficult by narrowing the approval requirements for foreign employment pass applications so that city state companies would have to consider locals for jobs ahead of foreign talent when hiring foreigners in Singapore.
New Addition to the Rule for July 2018
The ruling goes into effect July 2018. When companies seek to hire foreign employees on an employment pass for a salary of below S$15,000 they now must advertise the position in the National Jobs Bank portal for 14 days or more. This rule applies to any company that has more than 10 employees.
This is more strict than the previous rule of S$12,000 salary and employee size of 25. Many more companies are going to be subject to this ruling when it comes through. There is also an increase to the minimum salary needed to get an S-Pass. It will go up from S$2,300 to $2,400.
There is now a watchlist of companies that are considered to be noncompliant with the hiring practices and the FCF has added 500 new companies to that list. But this is becoming a real problem for the tech sector, that needs more analysts, programmers, and cybersecurity personnel. Companies are still hungry to grow, and are having to either outsource while keeping their HQ in Singapore or just not grow at all.
All of these measures highlight the problem that Singapore has: a growing economy and shrinking population. Their birthrates are very low, meaning that there simply won’t be enough talented local workers to fill roles demanded by companies in the coming years. What that means is, despite the increased regulations, well qualified foreigners will be able to get hired by quality companies if they meet the skills and aptitude needed. So what industries are hiring?
Industries that are Hiring Foreigners in Singapore
- FinTech – Singapore is known as a global banking hub. Everything from small regional banks to large international corporations have their headquarters in this city-state. And this has led to a lot of growth year over year for the banking sector.
- Cybersecurity – Cybersecurity is of the utmost importance to most companies. Even small companies have a risk of hackers getting their information or that of their customers. This can lead to major consequences if they don’t have the proper firewalls, network monitoring tools, or protocols in place. This of course requires a great team on site to see this all through.
- Programming – Those looking to work in finance or technology programming will have a leg up over the competition. The banking industry is going through major changes right now. They are looking for ways to change their algorithms and other technologies to have more profit for their transactions and cut costs.
- Hospitality – If you speak multiple languages and are great with people, then look no further than the hospitality industry. This is one of the few markets where your foreign nature will actually be a benefit to you, as it means you can connect with people who share your language.
- IT – IT is one of the fastest growing fields in the world. Everything from setting up servers, to encrypting files, to securing data centers needs qualified IT workers. If you have work experience or qualifications such as certifications, then you should submit your resume to several IT companies and see what kind of rates the market is offering right now for your position.
Benefits of Working in Singapore
- Pay – Singapore is one of the most wealthy nations on earth. This means that they can afford to pay a little more for foreign talent than other countries. This is especially true if you work in one of the industries mentioned above.
- Weather – Life is too short to work in a place that doesn’t have great weather. Singapore is sunny all year round. Whether it is January or July, you can head to the coast anytime.
- Nightlife – Singapore offers an attractive array of nightlife. From upscale bars and clubs, to world class restaurants, fun karaoke spots, and comedy clubs, (Future Work are proud sponsors of The Merry Lion) it has it all. You’ll never be bored in this city of lights, especially on the weekends.
- Family – Your family is the most important thing to you. If you have children, then you will be happy to know that Singapore is perfect for them. It has some of the best schools in the world for all ages. It also is one of the safest nations on earth. You’ll never have to worry about your children going to or from school.
- Travel – One of the great joys of life is traveling. Of course, if you live inland in a major country, this can be hard. However, due to Singapore’s island status, it is close to the water anywhere. It is also just a short plane ride away from other Asian holiday hotspots. Whether it is Hong Kong, Thailand, Bali, or anywhere else, you can get away for the weekend without any troubles.
When it comes to today’s job market, it is incredibly competitive. It is not enough to simply submit an application the old fashioned way anymore. Today, you need to leverage technology and resources that can help you stand out as a candidate and get into the door of a business you respect and want to work for. With our help, you can get your dream position even with all of the recent challenges facing companies hiring foreigners in Singapore. Don’t delay, submit your CV and subscribe for future job updates today!
Why Hiring Foreigners in Singapore is Becoming More Difficult