Early this year, the International Institute for Management Development (IMD) 2024 World Competitiveness Ranking ranked Singapore first out of 67 countries as the most competitive economy across the world’s eight major regions. Singapore excelled strongly in economic performance and infrastructure, including human resource availability to meet business needs.
While achieving success is hard, sustaining success is even harder. For Singapore to maintain its competitiveness, the country needs to go above and beyond by embracing new advanced technologies like artificial intelligence (AI), helping workers reskill, and supporting business transformation.
Fortunately, Singapore already has ambitious plans to position itself as a global hub for AI, as articulated by Prime Minister Lawrence Wong in the refreshed National AI Strategy. However, despite its strategic advantages – an ideal location, robust digital infrastructure, and supportive government policies – local tech talent scarcity can potentially hinder progress. This is where tapping on global talent can play a key role in propelling AI advancement and ushering in a new era of competitiveness.
Despite the strong push for AI outlined by Singapore’s National AI Strategy, the nation still is plagued by challenges in landing the right talent with the right skills. A study conducted by Oliver Wyman and the Monetary Authority of Singapore (MAS) revealed difficulties in sourcing strong AI talent for various positions, including principal data engineers, data analysts, lead AI scientists, and more. Overcoming challenges in sourcing top AI talent will be crucial for Singapore to realise its vision and maintain its status on the global stage.
Given this outlook, the democratisation of employment as a result of globalisation can become a powerful tool for both Singaporean companies and the country as a whole. A company can increase its chances of finding the right talent with highly specialised skills by expanding the talent pool outside of the country. Global hiring is an approach that companies worldwide and in Singapore are looking to adopt.
According to Deel’s recent Singapore Business Leader Pulse Check: Talent Landscape research, more than 9 in 10 (93 per cent) of large organisations in Singapore are open to recruiting talent from outside the country. Talent exists everywhere in the world, and companies are increasingly becoming aware of this.
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With global hiring, local companies that are experiencing skill shortages can benefit from finding talent abroad. For instance, they are able to alleviate the burden of finding the right talent while enabling knowledge and skills transfer to existing employees.
In fact, the same report also finds that skills transfer is among the most sought-after benefits, with 58 per cent of organisations surveyed considering it an advantage of global hiring. This can help fast-track reskilling and upskilling of the existing local workforce to ensure they are equipped with the right skills to stay active in this competitive digital economy.
As a result, it creates a chain reaction that allows the nation to flourish economically. According to the World Economic Forum, a competitive economy boosts productivity, leading to growth, higher income levels, and improved well-being. By enhancing the country’s competitiveness, it can attract more global investors, foster a thriving business environment, and drive sustainable economic growth, ultimately improving the well-being of the country and its citizens.
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Additionally, the new way of working such as hybrid or remote work has also removed barriers for high-skilled talent, who are no longer limited by geography. In this landscape, individuals can now choose where they want to live and how they wish to work.
New online tools have also been developed to address the challenge of scarce talent in specific locations, using technology to eliminate the borders between regions with abundant skilled workers and enabling businesses to hire, pay, and manage these talent seamlessly.
If a country with high competitiveness lacks the necessary talent to propel or maintain its position, it is vital to expand options. Echoing the National AI Strategy, it is imperative for Singapore to leverage its international networks and collaborate with top talent around the world to address the complex challenges facing AI today.
If Singapore broadens its horizons, it not only benefits individuals within the country but also enhances, if not maintains, its global competitiveness.
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