Singapore will soon introduce new policies to facilitate the attraction and retention of top talent in the workforce.
Prime Minister (PM) Lee Hsien Loong announced this during his National Day Rally (NDR) speech on Sunday (21 Aug).
While there are schemes in place to secure foreign talent, he hinted at the need to do more to nurture the growth of the workforce in a post-pandemic world.
In his speech, PM Lee said the building of a world-class talent pool would be vital in ensuring that the future of Singapore remains strong.
Source: Prime Minister’s Office on YouTube
He noted that Singapore maintains a focus on developing its own local talent, enabling everyone to reach their fullest potential.
Even so, he added,
When it comes to top talent, we can never have enough.
In the same way that Singapore has continued to develop ways of attracting and retaining investments, it needs to attract and retain top talent as well.
PM Lee furthermore pointed out that employing such a strategy is not unique to Singapore.
He listed Germany and the United Kingdom (UK) as examples of countries that seek out leading foreign talents.
“In this global contest for talent, Singapore cannot afford to be creamed off, or left behind,” PM Lee said.
Additionally, he addressed concerns about the impact of foreign professionals living here, stating that the government will continue to tackle the issue.
However, he stated,
While we manage the overall population of foreign professionals here, we must not stop seeking out top talent who can contribute to our Singapore Story.
Now that we’re in a post-pandemic world, PM Lee highlighted the need to seize the window of opportunity that Singapore has.
With Singapore’s brand of quality, reliability, efficiency, and track record of dealing with COVID-19 giving the country a competitive edge, it has attracted the interest of talented people and countries all over the world.
“Those with special talents and skills are looking for places to move to, where they and their families feel safe and welcome, and where they can make an impact,” he said.
Source: Prime Minister’s Office on YouTube
In addition, businesses are looking to invest in areas with a functional system, skilled workforce, stable politics, and policies.
PM Lee noted that this is how the Economic Development Board (EDB) continued to bring in many good projects even during the pandemic.
“Even now, we have a very strong investment pipeline of potential projects whom we have a good chance of getting.”
There are already schemes in place to attract and retain top talent, especially in the technology industry.
However, Singapore still needs to do more, particularly in sectors with good potential.
“We want to make top talent everywhere sit up, pay attention, and think seriously about coming to Singapore,” PM Lee emphasised.
The Ministry of Manpower (MOM), the Ministry of Trade and Industry (MTI), and other economic agencies will be announcing new initiatives in order to achieve this.
If successful, such a policy framework will help Singapore to stand out as a “hub of innovation, entrepreneurship, and growth”.
“It will make our own talent want to stay in Singapore, to participate in building a dynamic and outstanding nation,” said PM Lee. “And every Singaporean will benefit from our progress and success.”
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Featured image adapted from Prime Minister’s Office on YouTube and MS News.
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