Hunt for local talent hots up with S'poreans-first scheme
THE war for Singapore talent has heated up with the Fair Consideration Framework (FCF), and the private and public sectors are looking overseas to woo them back home, a new survey found.
Professional recruitment firm Robert Walters, which conducted the survey, noted that employers in Singapore are increasingly seeking to hire local talent in line with the FCF, which obliges hiring managers to consider Singaporeans first for all vacancies.
The scheme, which began in August, requires firms to prove that they tried to hire Singaporeans first by posting job advertisements for 14 days at the national jobs bank. Only then are they allowed to recruit foreign professionals.
"Job opportunities remained open for longer, as companies tried to source domestic and overseas Singaporean talent," said the firm, adding that with a limited Singaporean talent pool, competition for their skills remained strong.
Toby Fowlston, managing director of Robert Walters Singapore, said: "The employment landscape for this year will likely see the competition for Singaporean professionals accelerate.
"To fulfil the market's demands, organisations are looking outside of the tight candidate pool and recognising the importance of attracting overseas Singaporeans back home," he said. "This creates opportunities for a more dynamic workforce and offers potential employers varied professional experiences to draw from."
Figures from the survey suggest that people who were in demand and switched jobs last year commanded an average 10 to 20 per cent salary increase.
Employers in the financial sector continue to experience skills shortages in the areas of governance, such as compliance, internal audit, legal and risk, as regulatory measures were tightened, the study found.
Information technology and marketing professionals skilled in areas such as online content, mobile and application development are in demand, too.