Since independence, Singapore’s economy has grown by leaps and bounds and it is undoubtedly the leader when it comes to GDP Per Capita and Standard of Living among the Asian Tigers.
Yet, such rapid growth also brings with it significant challenges which the business community has to grapple with. Chief among this is the skills shortage issue faced in various industries which is compounded by the fact that we have a small but rapidly ageing local population.
Compounding this above situation is the backdrop of our economy which sees an increasing number of newly created positions year-on-year with over 40% of vacant jobs being newly created roles in growth industries such as information and communications, financial and insurances services, and professional services.
Areas of Work That YOU The Employer May Need To Fill Up Urgently
1. Technology and Information Technology (IT)
Singapore, like many other countries, has been experiencing a shortage of skilled workers in the technology and IT sectors. With the growing emphasis on digitalisation and technology-driven innovation, demand for professionals with expertise in areas such as software development, data analytics, cybersecurity, and artificial intelligence, and even multi-channel platform marketing has been consistently high.
2. Healthcare and Biomedical Sciences
Singapore’s rapidly aging population and the increasing demand for healthcare services have led to a shortage of healthcare professionals, including doctors, nurses, and allied health professionals. Additionally, the biomedical sciences industry, which is a key pillar of Singapore’s economy, has also faced challenges in recruiting skilled researchers, scientists, and engineers.
3. Finance and Financial Technology (Fintech)
Singapore’s status as a leading global financial hub has resulted in high demand for skilled professionals in the finance sector. However, there has been a shortage of talent in specialized areas such as risk management, compliance, financial technology (Fintech), and data analytics.
4. Engineering and Manufacturing
Despite Singapore’s strong emphasis on developing its engineering and manufacturing sectors, there has been a shortage of skilled workers in these fields. This shortage includes engineers, technicians, and skilled workers with expertise in areas such as precision engineering, electronics, aerospace, and marine engineering
5. Construction and Built Environment
The construction industry in Singapore has faced challenges in recruiting skilled workers due to factors such as an aging workforce, labor shortages, and competition from other industries. Skilled professionals such as architects, civil engineers, project managers, and skilled tradespeople are in demand to support Singapore’s infrastructure development projects.
6. Hospitality and Tourism:
Singapore’s vibrant hospitality and tourism industry has also faced skill shortages, particularly in roles such as hotel management, culinary arts, customer service, and tour guiding. The COVID-19 pandemic exacerbated these shortages due to travel restrictions and reduced tourism activity.
Your Solution Can Be Found Here
You probably may have seen your fair share of hiring challenges in the above areas if you have been advertising for roles in your company . I am sure that you must have stay tuned to discussions about the rising cost of labour and may even actively feel it punching you in your gut right now.
Thankfully for you, Singapore is a wide-open economy with linkages all over the world and you are encouraged to leverage international talent. That, my friend, is not just an option anymore—it’s a strategic imperative for small and medium-sized businesses like yours aiming to survive, thrive and expand.
Unlike the common misconception that global staffing only serves to reduce costs, the true benefits extend far beyond financial savings, offering a robust pathway to accelerated business growth and enhanced competitive advantage through gaining an upper hand in areas like IT Development & Operations, Efficient Business Processes, and Customer Service.
If this sounds too good to be true, I assure you it’s not! There is a better solution today than Working-On-Site, and Traditional Outsourcing.
Bringing together decades of combined experience among its team members, Best Outsourcing Services and Solutions, a pioneer in this field, offers you manpower and service solutions that will meet your needs and exceed them should you be willing to consider remote work as a solution.
We can cut down your costs by at least 30% while ensuring excellent execution to accelerate your growth!
Engage with Us and Grow—The World is Your Talent Pool!