Singapore—In order to address the shortfall in tech talent in the country, local IT professionals are being aggressively poached by competing companies. This move in the backdrop of rising tensions between locals PMETs and the government’s foreign talent policy is a cause for concern here.
And while the number of foreign workers in Singapore decreased by 8.6 per cent last year, there has been a recent jump in foreigners working in the tech sector, who have been issued 90 work passes, since the Tech.Pass scheme was launched in January.
Singapore’s tech talent crunch was acknowledged some weeks ago by Mr Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), who called the shortage “severe.”
On May 4, Mr Menon underlined in a speech that the “competition for tech talent is economy-wide as more sectors embark on digitalisation” and added that there are not enough tech graduates to fill vacancies.
Because of the large demand and small supply of local tech workers, he added that “we have to continue to depend on foreigners to fill the growing vacancies for technology jobs over the next few years”.
ST reported that some businesses have responded to the shortfall of tech talent through aggressive poaching tactics, which include highly attractive salary packages.
The report quotes the country manager for Singapore at recruitment company Robert Walters, Mr Monty Sujanani, as noting that the market is candidate-driven and that firms competing for top talent was “bound to happen.”
It also quotes a senior director of technology at recruitment agency Randstad Singapore, Mr Daljit Sall, as saying that this type of poaching is often focused on top management or jobs that call for unique skill sets.
These job candidates being wooed by other companies may look forward to salary increase of 8 to 12 per cent, and sometimes even 20 or 30 per cent.
In another report, ST said that 90 Tech.Passes have been issued as of May 31, up from the 22 passes reported in March.
The Tech.Pass, administered by the Economic Development Board (EDB), is valid for two years and allows established tech entrepreneurs, leaders, or technical experts from around the world to come to the country to perform frontier and disruptive innovations.
Tech.Pass holders are expected to have credentials in establishing tech firms and developing products that have been widely adopted.
The scheme was designed specifically to attract top foreign tech talent to come and work in Singapore.
Launched on Jan 19 of this year, the Government said it would allow for 500 Tech.Passes to be issued.
Tech.Pass holders may also sponsor their spouses, children and parents on dependant’s or long-term visit passes.
There’ll be a ministerial statement on this topic in Parliament tomorrow. The Independent will be bringing updates on the jobs debate.
/TISG
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