Singapore has been receiving a lot of attention from multinationals. Affected by the tech talent crunch, MNCs from the US and Europe are widening their talent pool by looking East. At the same time, Chinese tech giants like Alibaba, ByteDance and Tencent are aggressively building their tech teams here in Singapore.
By embracing technology, every industry is becoming a tech industry. Manufacturers and supply-chain companies are investing in SaaS (Software as a Service) solutions to improve logistics; banking and insurance firms are pushing the growth of FinTech; recruiters are automating HR processes to increase hiring efficiency while marketers are using AI to understand consumer needs and predict trends.
Although this is good for the tech talent in Singapore, employers are feeling the heat from the resulting talent wars. As the demand for technical expertise rises, local tech professionals are being enticed by pay increments of up to 30% just to switch employers.
Singapore’s Supply of Tech Talent
Recognized as a regional tech talent hub, MNCs are looking to set up operations in Singapore. Despite the fact that the city-state’s population is pretty small, it’s nonetheless well educated and highly adaptive to change. This can be seen in how the workforce has embraced retraining and upskilling in their efforts to fill the talent gap and reduce layoffs.
Attracting Foreign Tech Talent
To satisfy the growing tech talent demand and maintain its position as APAC’s tech hub, Singapore has had to look beyond its borders. Singapore has been marketing itself as the location of choice for American companies expanding into Asia as well as Chinese companies targeting the global market. To succeed in this, the government launched the Tech Pass visa aimed at attracting global tech specialists into the country. These are mainly founders, leaders and technical experts with experience in established or fast-growing tech companies.
The tech leaders who qualify for the visa will be able to start and operate a business in the country, be an investor, consultant, director, mentor and even lecturer at local universities. Allowing these experts to come in with their families on either a Dependant’s Pass (DP) or a Long-Term Visit Pass (LTVP) makes it easier for Singapore to attract the foreign talent that will grow its local tech talent.
More tips on how foreign companies can understand Singapore and the working culture here.
How Can MNCs Hire High-Demand Tech Talent in Singapore?
Even with the current supply of talent—which is not enough—filling tech positions isn’t easy. Companies looking to bridge this gap by tapping into the Singaporean workforce will still have to attract and retain the right talent. This is where technical recruiters and hiring managers are called in to strategize and build teams which will help their companies grow.
Here are three main ways companies can recruit tech talent in Singapore.
A. Job Boards
HR professionals and the majority of candidates know about job boards. Just placing a job ad in one or several job boards is enough to give you thousands of resumes from which to choose. The problem is that no-one really has the time to go through so many applications to find the right candidate. Although Applicant Tracking Systems have made this a bit easier, they don’t guarantee that you will hire the right candidate.
Taking the job board route means HR is inundated with applications and spends valuable time running background checks and interviews. If your company is going to have an HR strategy and implement it to meet business goals, you know that you can’t be tied to such cumbersome processes.
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2. Talent Recruiters
Smart HR executives have always known that working with a recruitment agency is a wise decision. Instead of wasting time chasing down passive candidates and trying to convince them to join your company, you let someone else do that job then present to you the right candidate. However, as good as this option is, it falls short in two ways: talent recruiters don’t always understand tech needs and they often experience miscommunication issues with hiring managers.
Tech talent is very liquid; one of the reasons why attrition rates in the tech industry are so high. In a recent SGInnovate study, over 40% of R&D and technical professionals said talent retention is a big challenge for the tech industry. According to a CAP study, the cost of replacing an employee increases with wage and role. Replacing highly-skilled and highly-paid executives can cost up to 213% of the position’s annual salary.
If you’re looking to exploit the opportunities availed by the Asian market, you can’t afford this avoidable expense.
3. Specialist IT Recruiters
When it comes to hiring tech talent, nothing beats specialist recruiting. Focusing solely on the tech industry, IT recruiters help fill positions fast and efficiently. Here are three reasons why you should work with a specialist IT recruiter in Singapore.
They are IT experts – specialist recruiters are experts in the field. They know what tech staff like and dislike, the latest tech trends and have an eye on upcoming tech. They can therefore advise clients on matters ranging from the right skills for the job to how to create the right work environment for their tech talent.
They’re connected – when talent is scarce, networks become invaluable. Specialist IT recruiters are constantly building their tech talent base from which they quickly source candidates when called upon. This eliminates the need for a tedious hiring process.
They’re experienced in recruiting IT talent – tech talents come with unique, varied skill sets and so you need to work with someone who deeply understands who your team is looking for. For instance, developers have different preferences compared to network admins. A specialist IT recruiter knows what questions to ask candidates and how to sell your company to the best talent to build your employer brand.
Hiring for tech talent can be challenging for HR executives in tech industries. Learn more about the top challenges tech recruiters in Singapore face.
Conclusion
As a specialist headhunter in Singapore providing high-demand tech talent to both the public and private sector, BGC Group is always witnessing the challenges companies face in filling tech positions. From searching internet-based talent pools to having daily back-and-forths with passive candidates, finding and hiring the right tech talent is both difficult and expensive.
Whether you’re looking for developers, network admins, CTOs, CISOs or running an executive search in Singapore, working with us will give you a smooth hiring experience. As a top agency for IT recruitment in Singapore, we have a ready tech base which guarantees a shorter lead time. We’ll help you fill tech positions faster so you can focus on your key business goals.
What are some challenges that comes with recruiting high tech talent? Share them with us in the comments section below!
Read More: 4 Ways To Attract Tech Talents In A New Location in 2021