Singapore is now more focused on hiring locals as the number of foreign hires has been declining over the past few years, a study by international recruitment expert Hays revealed.
According to the Singapore Business Review, human resources (HR) departments and managers are being pressured to employ Singaporean staff members, driving local jobseekers to upskill themselves so they can take on advanced positions.
"As hiring managers and HR departments face pressures to employ local staff, the appetite of Singapore businesses for foreign hires has been gradually diminishing, compared to previous years," Hays said in its study.
Regional Director at Hays Singapore Grant Torrens suggested that obtaining ACCA/CPA/CFA certifications or completing Master's studies in Finance and Accounting could benefit jobseekers who want to be part of the top list.
Finance is still one of the key drivers in Singaporean economy but firms and financial institutions nowadays are in search of candidates who can join management meetings. Hiring parties now require skills in financial planning and financial analysis.
Outside of the finance sector, other industries are struggling with Singapore's move of cutting down on foreign hires. Some business owners in the food and beverage sector, in particular, have expressed fears about the decision since F&B employers find it hard to attract local workers.
Business owners told Channel News Asia that they understand the government's sentiments about more hires and less growth but they stressed that for many Singaporeans, the food and beverage sector is not a suitable workplace.
Industry experts noted that most foreign workers are willing to overcome tough work conditions and lower wages - a situation that does not match with the lifestyle choices of locals.
They also revealed that ever since tighter policies on foreign workers were implemented, business owners saw their workload double for around six months. The long wait for locals to apply has burdened some employers as they are pressured to shun foreigners who are willing to take on night shifts and weekend posts.
Amid some opposition, the Singaporean government has stood firm on its stand that the city-state should reduce its dependence on foreign hires. The government previously said continuous manpower reliance on foreign employees will prove to be less sustainable in the future.
Singapore is expecting industries to cut on foreign hires from 40 percent to 38 percent next year and down to 35 percent by 2021. The government said companies should commit to continuous learning to curb the impact of reduced foreign workers in the city-state's overall workforce.
