SINGAPORE - The war for Singapore talent has heated up with Fair Consideration Framework, and the private and public sectors are looking overseas to lure them back home, a new survey found.
Professional recruitment firm Robert Walters, who conducted the survey, noted that employers in Singapore are increasingly seeking to hire local talent in line with the Fair Consideration Framework which obliges hiring managers to consider Singaporeans first for all vacancies.
The scheme, which began last 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 they are 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.
Mr Toby Fowlston, managing director of Robert Walters Singapore, said: "The employment landscape of 2015 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 in 2014, 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, noted the survey, as regulatory measures tighten, th study found.
Information technology and marketing professionals skilled in various areas such as online content, mobile and application development, are in demand too.