Singapore is seen to boost employment in the technology sector after announcing the launch of the new pass for foreign tech talents, according to human resource agencies.
The new Tech Pass is a special visa aimed at attracting more technology experts, business leaders, and businesses into Singapore. The tech pass has been announced as the country rolls out initiatives to accelerate the growth for the technology industry.
Headhunters said that the new work pass will help put more technology experts in leadership roles while boosting overall employment for the sector by encouraging more startups to establish businesses. Earlier, the government said it was aiming to attract top-tier foreign tech professionals, who have at least five years of experience at big tech companies, to the country.
Recruitment firms said that the Tech Pass will definitely generate a lot of interest from overseas technology experts and professionals.
In fact, they noted that there has been a spike in the number of applications in the past months from foreign tech professionals. These tech talents are eyeing to have a job under the Singapore’s Employment Pass regime, which allows overseas professionals, managers, and executives to work in the country.
The pass was only expected because the country has been handling the coronavirus pandemic situation well, both from healthcare and financial aspects, according to analysts. This makes Singapore a very attractive location for foreign workers.
Filling the Employment Gap in Tech Sector
The new work pass will help the banks and other tech-based firms employ technology experts in senior and high-level leadership roles. Hiring more tech professionals is a must especially for the financial sector as Singapore builds up its virtual banking sector.
Currently, the United States and Europe already have virtual banks and are looking for senior candidates with expertise. This poses a problem with the supply of tech experts given the great demand in the market. With the new work pass, Singapore is seen to attract a portion of these job-seeking tech professionals.
Meanwhile, the government data shows Singapore is set to create another 60,000 tech and digital jobs in the next three years. But the Tech Pass has only 500 slots. At the same time, only 8,400 tech graduates are expected to be produced in the next three years as well.
What is the seen solution here? The new visa program for tech experts also aims to bring in educators and mentors in the field. With the local employees being exposed to foreign talents, an upskilling process is expected to be beneficial for the companies.
Stiff Competition in the Talent Market
Many countries, including Singapore, are now on the lookout for the top-tier tech talents in the world. They seek to onboard tech business leaders and experts who have the capital, networks, and knowledge on the field to beef up their tech industry.
The launch of Tech Pass puts Singapore in the map, along with France, Malaysia, Thailand, and Britain—all of which have special visas to attract more overseas talents.
The stiff competition arises from the fact that the Internet economy is bound to grow even bigger even after the coronavirus pandemic. Everyone is building up the talent pool so the sector will remain competitive.
In Singapore alone, the digital economy is set to reach US$22 billion by 2025. In Southeast Asia, the Internet economy may hit over US$300 billion by the same period.
Launching Your Business in Singapore Today
Singapore has been launching initiatives to make it more business-friendly, as evidenced by the Tech Pass. When looking for formation of company Singapore, the country is keen on making it a worthwhile experience for local and international investors. If you need help in setting up your business, contact 3E Accounting today.