Singapore, renowned for its tech-savvy environment, has recently announced a forward-thinking visa program to foster foreign talent in cutting-edge sectors such as artificial intelligence, cybersecurity, and alternative proteins.
The city-state has provided a detailed overview of the new visa scheme, called the Complementarity Assessment Framework (COMPASS). COMPASS is a strategic point-based system, aimed at luring global professionals from pivotal industries to contribute to the city’s thriving economy.
Employers hiring overseas talents will need to recalibrate their recruitment strategies in line with Singapore’s new focus on skills that have significant economic value. This initiative underlines the importance of workplace diversity, recognizing that foreign workers, who constitute nearly a quarter of Singapore’s population, bring an enriching array of skills and experiences.
COMPASS will evaluate Employment Pass (EP) candidates—professional managers, executives, or specialists—based on four criteria: remuneration, qualifications, diversity in the hiring company, and local staff ratios.
The new framework offers bonus points to applicants specializing in 27 designated roles in industries such as AgriTech, financial services, the green economy, health care, ICT, and maritime. The government is particularly keen on attracting specialists in AI, data science, cloud and cybersecurity, software development, and alt protein science—a step towards positioning Singapore as Asia’s upcoming food innovation hub. This roster of specialties will be revised every three years, or annually if necessary, to adapt to industry requirements.
Leonardo Freitas, Chairman and Managing Director of Hayman-Woodward Global Mobility, highlighted that “Organizations are now expected to demonstrate their commitment to nurturing the local workforce and bolstering the economy.” This scheme is anticipated to spur companies to cultivate local talent and lessen their reliance on overseas professionals.
“It’s crucial for businesses to routinely assess their workforce composition to meet the foundational requirements,” advised Sandip Bhandal, the Global Employer Services Partner at Deloitte Singapore.
The primary objective of the new policy is to establish a robust local workforce, enriched by unique foreign expertise, and ensure companies maintain a substantial Singaporean workforce.
Companies that promote diversity and local employment will find no obstacles in bringing in well-qualified foreign professionals, assured Lily Cheang, Associate Partner and Singapore Lead for Global Immigration at EY Corporate Advisors.
News Source: Hive life.