As the global talent race intensifies, it is crucial for Singapore to foster an environment where returning professionals can seamlessly reintegrate into society.
SINGAPORE: With an increasing number of Singaporeans seeking new growth opportunities abroad, the challenge now is to ensure they stay connected to their roots and eventually return to share their expertise. As global competition for talent intensifies, experts emphasize the need for Singapore to build an environment where locals who work overseas can reintegrate smoothly once they come back.
Dr. Mathew Mathews, Principal Research Fellow at the Institute of Policy Studies, pointed out, “I don’t view this as a brain drain. Singapore’s society has always been welcoming, providing a space for those who return.” He highlighted that Singapore’s inclusive environment would not disadvantage returning professionals, ensuring their contributions are valued.
This observation aligns with Deputy Prime Minister and Finance Minister Lawrence Wong’s statement during his Budget 2023 speech, where he acknowledged that the global economy is heading toward greater fragmentation and competition. As such, Dr. Mathews emphasized the need for Singaporeans to remain adaptable and competitive in this dynamic environment. He further noted that Singapore’s commitment to fairness and inclusivity is an attractive factor, drawing people back from other parts of the world where such values might be less prevalent.
The Government’s new initiatives include an investment of approximately S$104.2 billion aimed at fostering economic growth, enhancing workforce skills, and boosting collective resilience to prepare Singapore for a “new era” of global development.
Keeping Singaporeans Rooted
Sim Gim Guan, Executive Director of the Singapore National Employers Federation, stressed the importance of helping Singaporeans feel connected to their homeland. “We must continue fostering a sense of belonging, so they’ll consider Singapore their home, no matter where they go,” he stated.
As more international companies set up operations in Singapore, there is an increasing need for local professionals to gain global exposure, Mr. Sim noted. He suggested that sending younger employees abroad for work stints could help them develop the skills needed for leadership roles. Without such international experience, Singaporeans may struggle to qualify for senior positions, he added.
Fostering Growth in a Hypercompetitive World
On the subject of attracting foreign investment, Mr. Sim emphasized the need for Singapore to equip its workforce with the right skills to meet the demands of global companies. He added that these companies should also transfer their knowledge to local talent to build a sustainable talent pipeline for the country. “By continually investing in the upskilling and reskilling of our workforce, we ensure that Singapore remains an attractive destination for investment and talent,” Mr. Sim explained.
He also stressed the importance of altering mindsets. “We must embrace the idea that foreign talent is not here to compete with locals, but to enhance our capabilities,” he said, underscoring the value of Singapore’s diverse and multicultural society as a key strength.
Support for All Segments of Society
Dr. Mathews also pointed to the Government’s efforts to uplift various segments of society, particularly families. During the Budget speech, Deputy Prime Minister Wong highlighted the importance of supporting families with the rising costs of living, child-rearing, and housing. When Singaporeans feel secure and supported, they are less likely to worry about foreigners competing for jobs, he suggested.
The Government has also committed to extending the Senior Employment Credit until 2025, offering wage offsets to employers who hire older workers, and increasing the Enabling Employment Credit for businesses employing people with disabilities. There will also be time-limited wage offsets for employers who hire ex-offenders, all of which contribute to creating a more inclusive society.
A Focus on Upskilling for New Opportunities
In light of the increasing focus on sustainability and digitalization, Dr. Mathews emphasized that upskilling Singapore’s workforce is essential for ensuring locals can access better job opportunities in new sectors of the economy. He concluded, “The government’s emphasis on workforce development and continuous investment in skills training is vital to ensuring Singapore’s competitiveness on the global stage.”
