Competencies and complexities for citizens of the world

Source: INSEAD. Cover,
The Global
Cosmopolitan Mindset.

An INSEAD professor’s new book explains the unique competencies and complex issues facing multinational, multicultural “citizens of the world”, the people who have multiple passports or live outside their country of citizenship.

“Many of them come from humble immigrant backgrounds, growing up in multiple countries, languages and cultures so have had to work very hard to get where they are today. Some are simply from bicultural families and have been born into a world of globalisation and change,” says Linda Brimm, an Emeritus Professor of Organisational Behaviour at INSEAD. 

“A global mindset is essential in international business and in solving complex problems,” says  Brimm. Given their life and work experience across borders, citizens of the world “have a great deal to teach us about the new ways to address some of the complicated challenges of today,” says Brimm in The Global Cosmopolitan Mindset.

A global cosmopolitan mindset, Brimm says, “is a culmination of a growth mindset, a global mindset and a creative mindset.” Crucially, “their cognitive flexibility also enables global cosmopolitans to think locally while remaining global,” adds Brimm, an important skill to have as the world increasingly looks for new solutions to local challenges.

The book tells the stories of hundreds of global cosmopolitans Brimm has researched throughout her career. While every story is different, Brimm draws them together to find commonalities to understand what makes people successful when they cross borders and what others, especially managers in organisations, can learn from such individuals.

The new book is the sequel to Brimm's Global Cosmopolitans: The Creative Edge of Difference, which introduced the 7Cs Model of Change and Development for the changes people are likely to face on a global journey. The Global Cosmopolitan Mindset delves deeper into how global cosmopolitans develop, the identities they form for themselves and what they have to consider when they want to return home or retire.

Brimm structures the book around three main areas. 

- Part 1: how global cosmopolitans learn from their global lives to develop a mindset and a skillset they use to help them

- Part 2: how global cosmopolitans form their identities throughout their lives

- Part 3: how global cosmopolitans make sense of their journeys as they continue to create new chapters in their life stories

Part 1 explains how global cosmopolitans learn from their global lives to develop a mindset and a skillset they use to help them. Brimm characterises the global cosmopolitans mindset as a combination of learning and growth with a global perspective and creativity. For instance, along their journeys, they will face unpredictable situations such as learning new ways of communicating, new ways of relating to people, even the most mundane things such as how to seek medical care in a foreign land. 

“Those with attitudes of learning and flexibility are able to better learn from their experience and articulate it in constructive ways,” says Brimm.

Part 2 looks at how global cosmopolitans form their identities throughout their lives. Brimm acknowledges that “Some of the classic ways that individuals present themselves as part of their identity story are as relevant for global cosmopolitans as for anyone else. But global cosmopolitans add levels of complexity when facing a major challenge…they author and understand who they are, what they can change, and what must remain the same…black and white perspectives are rarely found in a global mindset.”

Brimm suggests that internal monitoring is a necessary skill for global cosmopolitans and using the image of a “life mosaic” helps them describe a sense of self that travels over time and through change. This helps them manage differences and gives them an acute sensitivity to local vs global norms in the workplace allowing them to feel at home with people of different backgrounds. She also illustrates the unique dilemmas faced by these individuals as they develop their own sense of identity.

Part 3 explains how global cosmopolitans make sense of their journeys as they continue to create new chapters in their life stories. “They write new chapters in their developing lives, which define them as individuals, as well as providing examples of answers to some universal questions, such as how to satisfy the need to belong, what gives a sense of meaning to life, or how to have an impact,” says Brimm. 

“‘If you are used to questioning your life and your possibilities, reflection and personal growth will continue’, is what global cosmopolitans have taught me.”

While nationalism and a resistance to globalisation are ascendant, Brimm believes that it is becoming increasingly clear that solving issues of trade, immigration and climate change transcend any one country or individual. “The global cosmopolitans who have obtained experience in moving skillfully across borders are a major source of energy and expertise to build the coalitions that can address such cross-national, cross-cultural issues,” she concludes.

Overseas Singaporeans interested to return home to work

Robert Walters, the international recruitment consultancy, has released its Return of the Asian Talent white paper, which reveals that 82% of overseas Singaporean professionals are interested to return home to work.

The three main sectors in Singapore which they are keen on seeking employment fall within banking and financial services, information technology and sales & marketing.

The top three reasons why overseas Asians will consider returning home are to care for ageing parents, the perceived ability to command higher pay and the affinity with their cultures back home. As a result, the top three factors they look for in an employment package are a salary increment over their local rates, clear career progression and flexible working arrangements.

Attracting overseas Asian professionals to return home has emerged as a viable alternative for regional firms looking to overcome the talent shortage. Recognising the value of local talent, Robert Walters launched Balik Kampung (a local phrase that means ‘to return home’) in 2015 to actively engage overseas Singaporeans who may be looking for employment opportunities back home.

Toby Fowlston, MD, Robert Walters Southeast Asia said, “Our Global Salary Survey 2016 reflected the strong demand for skilled IT professionals, particularly for those with specialist skills in cyber security and e-commerce. With returning Asians also seeking employment opportunities in this sector, we expect IT to continue to be one of the most active areas of recruitment in 2016.”

Other highlights from the survey:

Amongst nine in 10 (88%) of hiring managers polled in Southeast Asia say they are currently facing challenges in attracting and recruiting talent.

Nearly the same number (86%) of the hiring managers polled in Southeast Asia see hiring returning locals as a viable option to address their recruitment challenges.

Four in 10 (42%) of overseas Asians looking for employment opportunities back home will first meet with a recruitment consultancy or headhunter.

Three in 10 (32%) of overseas Asians say the most effective way employers can ensure a smooth transition back home is to offer them an attractive salary increment.

posted from Bloggeroid

Four in five overseas Singaporeans are keen to work back home

Source: Robert Walters.

According to the latest annual Global Salary Survey* from specialist professional recruitment firm Robert Walters, the competition for Singaporean talent is set to further intensify in 2016. This will drive more demand for attracting returning overseas Singaporeans. In the interest of developing a home-grown workforce and the Fair Consideration Framework**, hiring managers have recognised the viability of local talent who are currently overseas to ease the talent crunch.

Returning Singaporeans are an attractive talent pool as they typically have international exposure and expanded skillsets compared to Singaporeans who have not worked outside the country. Nearly a quarter (23%) say they have the ability to contribute a global mindset and understanding of the Singapore market. They are also likely to have multilingual skillsets and the ability to work cross culturally, Robert Walters notes.

This pool of talent will be a particular focus within the key areas of recruitment such as digital, cyber security, e-commerce and corporate governance. Firms looking to attract these professionals with specialist experience are likely to face the challenges of a limited talent pool and skills gap, the company said.

Robert Walters' Ivy Low, International Candidate Manager, said the Balik Kampung (a local term meaning to return to where you grew up) programme has been ramping up in the past few months. The initiative only began hiring activities in earnest in June 2015, she said, with awareness building prior to that. The company originally had 2,500 names in its database but added more when they began asking 'inactive' members in their lists globally if they would like to return to Singapore.

Many of those whom Robert Walters had reached out to said that they were either interested to return immediately, or that they were planning for it after several years, Low said. "There are a good handful who want to come back because of ageing parents, or for their children's education, " Low said, pegging this group as couples in their 30s or 40s who have parents in their 60s or 70s. "They see Singapore as home and want to come back home."

Potential employers have been very interested, especially those which have tried to conduct similar recruitment activities. Robert Walters has the advantage of dedicated resources to the programme, Low noted.

Clients want people who are sincere about coming back, Low said. On the other hand, many who want to come back may not find a match. "It is all about timing," Low said.

Data from the report suggests that salaries are expected to remain relatively flat in 2016, though candidates with the skills that are in demand can anticipate an average salary increment of 10 – 20% when switching jobs.

Fowlston delivers a presentation on the key results from the Salary Survey.

Toby Fowlston, MD, Robert Walters Southeast Asia, commented: “Singapore remains a crucial economic hub for Southeast Asia and will continue to be for the foreseeable future, with a dynamic recruitment market to match. As organisations vie for the best Singaporean professionals, the hiring landscape in 2016 will be candidate driven. To gain an edge in talent attraction and retention, companies need to look beyond offering attractive salary packages. It is essential to constantly assess interview processes as well as training and development programs for stronger employer branding.”

Three out of four overseas Singaporeans will not return without first securing a job, however. Several benefits are rated by overseas Singaporeans as top sweeteners to a package, Fowlston added. One out of two returning Singaporeans expect a 15% increment over their existing salary, he shared. However, only one out of five companies are willing to give a new hire that 15% increment. "The reality in Singapore is that we have some wage inflation," he said.

Flexitime is another popular benefit, but many have found that they end up working longer hours than on a standard package, and have asked to switch later on, he said. A clear career progression, flexible working hours, and a relocation allowance, including for housing and transport, are also deal-makers.

According to Fowlston, nine out of 10 employers would be happy to hire returning Singaporeans, and 46% have already done so.

Other highlights for Singapore in 2016:

 There will be vacancies for secretaries who can support whole divisions, as well as for top-tier executive secretaries and office managers who can run an office independently

 Singapore’s position as an arbitration hub will boost hiring levels within private practice. Lawyers with proven track records and familiarity with the Singapore market will be sought after for in-house legal teams

 In the accounting field, employers offering training and development, flexible working hours and overseas work opportunities are likely to retain professionals. Specialists skilled in niche areas such as treasury, tax and internal audit are in high demand due to the limited talent pool
 Continued offshoring and cost management measures within financial services, particularly investment banking, will fuel market uncertainty, but professionals in cash management, trade finance sales and structured trade will see job opportunities

 Strong recruitment demand within technology, particularly for specialists in data protection and cyber security as firms defend themselves from online threats, driving up salaries by as much as 20% for job movers

 Perception shifts in the market on contracting has created a healthy pool of highly-qualified professionals becoming 'career contractors' in search of better work-life balance

 Despite moves to a business-partnering HR function, continuous restructuring will result in leaner HR operations. Therefore HR professionals will still be expected to be more hands-on, regardless of seniority

According to the recruitment firm, the banking sector continued to experience difficulties in 2015, feeling the impact of further cost cutting and increased offshoring. While uncertainty following the China slowdown made financial companies reluctant to increase their permanent headcount, the contract market saw a boost.

IT professionals experienced strong demand for their skills in 2015. There was particularly high demand for those with specialist skills in cyber security and e-commerce.

The company advises employers to be specific about role requirements and the career opportunities on offer, and provide clear timelines for their interview processes to secure the best talent. "Hiring teams need to be in agreement about what they are looking for, to avoid sending mixed messages to candidates. It is also imperative that all stakeholders are agreed on salary budget at the beginning of the recruitment process," the company noted in the Singapore pages for its Salary Survey 2016.

Recruitment in Malaysia is likely to remain cautious in the first half of 2016 due to pressures from the weak ringgit as well as falling crude oil prices. Across sectors, hiring is only anticipated either for replacement positions or within critical business units, Robert Walters said.

With a slowdown in recruitment, employers are turning their efforts towards upskilling their existing professionals. This strategic move is expected to assist companies with retaining their top talent in preparation for the economy's recovery. Hiring is anticipated to rise in the latter half of 2016 as the Malaysian economy is expected to stabilise.

Published figures suggested that qualified job movers with in-demand skills such as IT and corporate governance can expect an average overall salary package increment of 20-25% in 2016.

Sally Raj, MD, Robert Walters Malaysia, comments: "In times of market uncertainty, companies need to see the long-term value of investing in their employees. Staff retention is now more crucial than ever as Malaysian professionals are highly motivated by training and development initiatives as well as leadership opportunities. Despite this general slowdown, growth is still forecasted within IT, corporate governance and Islamic banking, all of which are driving recruitment of top-tier skilled specialists."

Other highlights for Malaysia in 2016:

 Demand for accounting and finance professionals experienced in project management and the shared services businesses environment as more multinational corporations migrate their functions to Malaysia

 Malaysia remains the biggest player in the global Islamic banking industry which will drive more opportunities for relevant professionals, particularly in Islamic asset management

 As the technology space experiences rapid growth, more firms are likely to utilise digital channels to boost revenue. This will increase positions for IT specialists skilled in big data and e-commerce

 Penang has been earmarked as a hub for semiconductor and electrical and electronics (E&E)  manufacturing as more foreign direct investments enter the state

Robert Walters focuses on placing high-calibre professionals into permanent, contract and temporary positions at all levels of seniority. The Singapore business recruits across the accounting, banking, business support, compliance, financial services, HR, legal, IT, risk, sales, supply chain, marketing, procurement and supply chain fields. The Malaysia business recruits across the accountancy and finance, banking, business support, compliance, financial services, HR, legal, IT, sales, supply chain, marketing, procurement and supply chain fields.

Interested?

Read the WorkSmart Asia blog post about the launch of the Balik Kampung programme

WorkSmart Asia also covered how Singapore fared in the Robert Walters Asia Jobs Index

*Compiled by Robert Walters' dedicated research division, the Salary Survey is based on an analysis of placements made across the company's network of offices and specialist disciplines during the course of 2015. Now in its 17th year, the Survey is used by employers, HR managers and employees for benchmarking salary levels within their industry. 

**The Fair Consideration Framework, launched in 2014, legislates on local employment quotas.

posted from Bloggeroid

Mercer charts changing profile of expat assignments

The majority of multinational companies (56%) expect to increase their use of short-term assignments in 2015/16, according to a report on expatriate policies and practices by Mercer - a global consulting player in advancing health, wealth and careers.

The research highlighted an ongoing diversification in the type of assignments used by companies. Notably, over the next year or so, around half of companies anticipate an increase in the use of permanent transfers (54%), developmental and training assignments (50%) and locally hired foreigners (47%). A smaller proportion of respondents (44%) expect to see an increase in more traditional long-term assignments.

“Companies are using a more varied range of assignments in order to respond to evolving business needs and changing patterns in the global workforce,” said Anne Rossier-Renaud, Principal in Mercer’s global mobility business. “The increased diversification of assignment types adds complexity which can result in potential compliance and policy challenges for HR and mobility directors. However, it also creates opportunities to positively impact the overall business strategy by mobilising key resources in more flexible and cost effective ways.”

Commenting on the Asia Pacific implications of the research, Mario Ferraro, Regional Global Mobility Leader for Asia, Middle East and Africa for Mercer said:  “Many organisations continue to face the challenge of moving talent to pursue strategic expansion, whilst managing the cost of international assignments in an increasingly uncertain economic environment. A significant 57.1% of companies reported an increased number of assignments requiring specific technical skills and just over half of respondents (50.3%) are sending more people overseas to fill vacancies requiring specific managerial skills.”

“In Asia Pacific, most organisations are constrained in terms of the attractiveness of the compensation package offered to their cross-border talent.  Thirty percent of organisations reported that “poor package attractiveness” is a large obstacle to mobility. It is evident that mobility professionals have a difficult equation to balance and need to find creative ways to offer more attractive terms and conditions without increasing the cost. These research results suggest that dual career families pose a significant obstacle to employee mobility, with 33.5% reporting this as a mobility inhibitor,” said Ferraro.  

“It is interesting to note that 54.5% of Asia Pacific respondents opted for short-term assignments in the past two years, whereas 50% reported an increase in the number of 'commuter' assignments. Short-term and commuter assignments are usually undertaken on an unaccompanied basis, circumventing the dual-career family issues, although they imply spending more time away from the family and hence are not without implications,” he added.

Mercer’s Worldwide Survey of International Assignment Policies and Practices report covers 831 multinational companies with approximately 29 million employees combined. It found that over half of companies increased their use of short term (51%) and permanent (50%) assignments over the past two years – whereas only 43% increased the use of long-term assignments. Globally, 85% of companies have a policy or policies in place for international assignments (up from 81% in 2012). The report also noted a marked increase in companies with multiple policies (64%, up from 57%), a consequence of the diversifying trend in assignments.

“One policy is unlikely to fit all, and such an approach can lead to inadequate compensation which again can make it difficult to attract and retain talent. Implementing fit-for-purpose policies, to suit both different assignees and assignments, can be a highly efficient cost-saving initiative for most global mobility functions,” said Rossier-Renaud.

The top five drivers behind international assignments are; to ‘provide specific technical skills not available locally’ (47%), to ensure ‘knowhow transfer’ (43%), to provide ‘specific managerial skills’ (41%), to facilitate ‘career management and leadership development’ (41%) and fulfil ‘specific project needs’ (40%). In the future, 57% of companies expect the number of key or strategic assignments to increase, 51% expect to deploy a higher number of younger assignees and 41% anticipate more assignments to remote locations. Companies reported the highest expected increase in assignments to be deployed to US, China, UK, Singapore and Brazil.

‘Dual career’, i.e. the challenge of effectively helping to manage the career aspirations of the spouse, and ‘family issues’ are cited as the main barriers to employee mobility, with 37% of respondents citing these issues combined as a large or very large obstacle. The ‘cost of current conditions’ ranks as the second highest obstacle (35%), followed by ‘hardship considerations’ (25%) and ‘career management’ (23%). Notably, all obstacles scored as significantly less important than in the previous survey, suggesting companies are implementing proactive measures to overcome these issues.

“With the increased use of alternative assignment types such as commuters and short term assignments, companies are by-passing some of the major obstacles to mobility,” said Rossier-Renaud. ”Employees on these assignments are less likely to bring the family along, allowing the spouse to continue working in the home country and saving the company the cost of relocation. However, these assignment types can come with significant compliance challenges, and it is imperative that companies monitor these assignees carefully for tax, social security and immigration purposes. Failure to do so can expose both the company and employee to serious legal and financial penalties.”

The proportion of female expatriates has increased somewhat, with the worldwide average participation standing at 15%, up from 12% in 2013 and 9% in 2010... Agewise the majority of long-term assignees (66%) are between 35 and 55 years old, whereas short-term assignees are increasingly younger, under 35 years old (48%, up from 45% in 2013). With an average of 10% and 7% representation in long and short term assignments respectively, the over 55s remain very under-represented in a mobility context. Looming skills shortages as a result of an ageing population is likely to change this picture over time.

Kate Fitzpatrick, Senior Mobility Consultant and Mercer, said: “The statistics on female assignee representation are clearly not representative of the workforce at large. Companies would do well to review their candidate identification and selection procedures, as well as the benefits provided under international assignment policies, to ensure there is nothing overt nor implied which is restricting the deployment of female talent.”

posted from Bloggeroid

Singapore's Budget 2015 supports businesses

Source: Ministry of Finance, Singapore. Infrastructure investments were also announced as part of Budget 2015.

The measures announced in yesterday's Singapore Budget 2015 by Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam for businesses included more training help, tapering off aid for business restructuring, freezing of foreign worker levies other than for manufacturing and construction, as well as boosting innovation and expansion.

Training and development 

"We will invest continually in Singaporeans, throughout their careers," said Shanmugaratnam. With SkillsFuture, the government will help Singaporeans learn at every age and develop mastery and flair in every field. The SkillsFuture measures specific to businesses are:

· SkillsFuture Earn and Learn Programme. Fresh polytechnic and ITE graduates will be placed in jobs and receive a salary while undergoing institution-based and structured on-the-job training that leads to an industry-recognised qualification. Both trainees and employers will receive substantial support from the government.

· Targeted support for career progression. According to Shanmugaratnam, these will support individuals who wish to develop the specialist skills required for future growth clusters. 
"For example, they may include software developers, satellite engineers or master craftsmen. The awards can also support those who already have deep specialist skills and wish to develop other competencies such as business and cross-cultural  skills," he said. 

According to the Minister, the growth clusters Singapore will focus on are:

• Advanced manufacturing, including advanced robotics and additive manufacturing (3D printing); 
• Applied health sciences, such as developing new medical devices and better nutrition, and transforming healthcare delivery; Smart, sustainable urban solutions, from water and waste management to transport and urban planning; 
• Logistics and aerospace, capitalising on air and seaport infrastructure and investing in new technological platforms; and 
• Asian and global financial services. 

SkillsFuture Study Awards will be introduced in phases, starting this year, and will be awarded to about 2,000 recipients per year eventually. SkillsFuture Fellowships will also be introduced from 2016, to develop Singaporeans to achieve mastery in their respective fields. About 100 fellowships will be awarded each year.

· Under the SkillsFuture Leadership Development Initiative, collaborations with strategic companies will be stepped up, to develop a pipeline of Singaporeans to take on corporate leadership roles and responsibilities.

· Industry collaboration. To uplift the broad base of companies, and to help Singaporeans develop their careers, the government will work with employers, unions, and education and training providers to develop and implement Sectoral Manpower Plans (SMPs) in all key sectors by 2020.

To help SMEs overcome the constraints they face in developing capabilities and capacity, the government will also work with industry partners to develop a shared pool of SkillsFuture Mentors with specialised, industry-relevant skills which SMEs can tap on.

More details on these initiatives will be provided subsequently.

Restructuring support

Shanmugaratnam noted that Singapore's productivity level is 13% higher today than the start of the national restructuring journey in 2010. "This is an average growth rate of 2.5% per year. All of this gain was achieved in 2010 (11.6%) and 2011 (2.3%) as we recovered from the recession, and growth has been negligible in the three years since then," he said.

More productivity is possible, especially when globalising companies are compared against those firms which only compete locally, he added. "There is a stark difference between productivity growth in industries where our businesses compete internationally, and in those where businesses compete mainly in the domestic market, such as construction, retail and F&B. 

"Over the past five years, our outward-oriented sectors saw productivity growth of over 5% per year on average, compared to less than 1% for our domestic-oriented sectors. Further, employment growth has been mainly in the domestic-oriented sectors. This is essentially why our overall productivity growth has lagged," he said.

"Every sector can achieve a lift in productivity, but it is especially important for our domestic sectors. It will only happen as firms rethink business strategies, seek to break the mould by finding new ways of growing their revenues, and take full advantage of government incentives for upgrading. Our tight labour market itself will motivate businesses to do so. We know that this major upgrading is possible in our domestic industries where productivity has lagged, because there are leaders internationally who have done it."

As businesses may need more time to adjust to rising costs as they restructure, the Transition Support Package will be extended by two years but provided at reduced support levels.

· The Wage Credit Scheme will be extended to 2017, to give employers more time to adjust to the tight labour market. Gross monthly wage increases of at least S$50 in the qualifying year (2016 to 2017), up to a gross monthly wage level of $4,000, will qualify for 20% co-funding.

In addition, gross monthly wage increases of at least S$50 given in 2015 and sustained in 2016/2017, and wage increases given in 2016 and sustained in 2017, will continue to be co-funded at 20%.

· The 30% Corporate Income Tax (CIT) Rebate will be extended for Year of Assessment (YA) 2016 and YA2017, with a reduced cap of S$20,000 per company per YA. The reduced cap will ensure that more support is focused on SMEs.

· The Productivity and Innovation Credit (PIC) Bonus will be phased out after YA2015 as it was intended as a transitional measure and has been successful in spreading the culture of productivity amongst SMEs. Businesses will continue to benefit from the PIC scheme which has been extended till YA2018, and the PIC+ scheme introduced in Budget 2014.

Foreign worker levies 

As the net inflow of foreign workers (excluding construction) has slowed significantly, the Government will defer this year’s round of announced levy increases for S Pass and Work Permit Holders, with the exception of Work Permit Holder levies in the Manufacturing and Construction sectors. 

Shanmugaratnam stressed that the government is not changing its stance on reliance on foreign talent. "..to avoid any misunderstanding, let me affirm unequivocally that while we are adjusting the pace of our foreign worker measures, we are not changing direction. It remains crucial for Singapore that we restructure towards reducing our reliance on manpower, and find new and more innovative ways to do business," he said.

"Our basic approach remains unchanged. We have to stay the course in reducing reliance on labour and especially unskilled foreign workers. However, we will continue to calibrate our foreign worker policies as informed by evidence on the pace of inflows, the quality of workers being employed, and the progress being made in raising productivity, sector by sector."

Strengthening support for innovation

Shanmugaratnam noted that Singapore's public investments have catalysed S$8.6 billion of industry R&D since 2011. He lauded local electronics manufacturer Dou Yee International as an innovation success story. "From a small trading business, it has transformed itself into a dominant player in the electrostatic materials industry with an annual turnover of S$300 million. It did this through R&D and a longstanding partnership with A*STAR. Most recently, Dou Yee has worked with A*STAR to develop smart plastic packaging that extends the freshness and shelf-life of food," he said.

"In our next Research, Innovation and Enterprise five-year plan, we will step up efforts to help companies develop, test and commercialise new products and solutions. More details will be provided later in the year."

· To support SME innovation, the Capability Development Grant (CDG) will be made more accessible to companies via a simplified application process for projects below S$30,000. The CDG’s enhanced funding support level of up to 70% of qualifying costs will also be extended for three more years, to 31 March 2018.

· To promote industry collaborations, SPRING’s Collaborative Industry Projects will be extended to all industry sectors to develop productive and innovative solutions. The Partnerships for Capability Transformation (PACT) scheme will also be enhanced to foster collaboration between large companies and SMEs in their supply chain.

· The National Research Fund will be topped up by S$1 billion this year, with greater efforts to help companies develop and commercialise new products.

· To ensure that promising companies have access to capital that they need to grow, the government will:

• Top up the Business Angel Scheme (BAS) by S$75 million and increase the co-investment cap to S$2 million per company for BAS and SPRING’s Startup Enterprise Development Scheme (SEEDS) to reduce early-stage funding gaps for startups. 
• Pilot a venture debt risk-sharing programme to provide 50% risk-sharing to selected financial institutions for such loans, over an initial period of two years. The aim is to catalyse about 100 venture debt loans, totalling approximately S$500 million. 

Expanding overseas

To support internationalisation, the government will:

· Raise the support level for SMEs for all activities under IE Singapore’s grant schemes from 50% to 70% for three years, to 31 March 2018*.

· Enhance the Double Tax Deduction for Internationalisation scheme to cover qualifying manpower expenses incurred for Singaporeans posted to new overseas entities.

· Introduce a new International Growth Scheme to provide qualifying companies a 10% concessionary tax rate on their incremental income from qualifying internationalisation activities. The scheme will expire on 31 March 2020.

Encouraging mergers & acquisitions

To help companies acquire scale through mergers & acquisitions (M&A), the government will:

· Increase the tax allowance for acquisition costs from the current 5% to 25% of the value of acquisition, with the cap on the allowance remaining at S$5 million per YA. In addition, companies will be able to claim M&A benefits for acquisitions that result in at least 20% shareholding in the target company, down from the current threshold of 50% shareholding. Also, the M&A tax allowance scheme will be extended till 31 March 2020.

· Extend the scope of IE Singapore’s Internationalisation Finance Scheme to cover overseas M&A financing.

More details will be announced at the Ministry of Trade and Industry’s Committee of Supply.

Read more about the Budget for 2015 here.

*These are the Global Company Partnership (GCP), and the Market Readiness Assistance (MRA) grants. The current support level for both these schemes is up to 50%, except for four activities: design, branding, intellectual property, and M&A, which are supported at 70% from 1 Apr 2012 to 31 Mar 2015.

Robert Walters woos Singaporeans overseas to alleviate talent crunch In 2015

The newly launched Robert Walters Balik Kampung campaign is aimed at widening the existing Singapore talent pool and creating a more dynamic workforce.

The professional recruitment firm is currently engaging with 2,000 white collar Singaporeans overseas, and has even helped some of them secure jobs in Singapore even before they return. Overseas Singaporeans have the advantage of international exposure coupled with knowledge of the local business culture, which companies in Singapore are increasingly seeing as an advantage, Toby Fowlston, Managing Director of Robert Walters Singapore, said. 

Tim Klimcke, Associate Director, Sales, Marketing, Procurement and Supply Chain, Robert Walters, added that Robert Walters' focus on overseas Singaporeans has been in place for about 12 months. It is a win-win situation, he said, as Singaporeans overseas are given access to up-to-date information on the job situation in Singapore while employers are given access to candidates whom they haven't had access to before.

"It's about creating a community and giving people access to knowledge and employment opportunities. What they think and what the reality is could be two different things," he said of overseas Singaporeans. 

The competition for Singaporean talent has intensified over the past few years and will continue to increase in the year ahead, according to the annual Global Salary Survey* from Robert Walters.

Fowlston noted that the government and employers in Singapore are increasingly seeking to hire Singaporean talent as supported by the Fair Consideration Framework, which
requires hiring managers to consider Singaporean talent
first for job vacancies before looking elsewhere. In 2014, Fowlston said, job opportunities remained vacant for a longer time as companies gave priority to Singaporean talent. As the Singaporean talent pool is still limited, competition for their skills remained strong, he said.

Where supply is particularly scarce, candidates can see hefty salary increases, he said. Figures from the survey suggest that in-demand candidates who switched jobs in 2014 could command an average 10 - 20% salary increment. A strong compliance candidate could receive an average increment of 20 to 30% on their current base salary, the survey reports.

“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. This creates opportunities for a more dynamic workforce and offers potential employers varied professional experiences to draw from,” Fowlston said.

Other highlights for 2015:

• Due to tightened regulatory measures from the Monetary Authority of Singapore (MAS), employers continue to experience skills shortages in the areas of governance such as compliance, internal audit, legal and risk
• As businesses continue to invest in digital strategies, IT and marketing professionals skilled in online content, project delivery, mobile and application development as well as user experience will be in demand
• HR professionals are expected to be more involved in the wider business activities and experienced practitioners with business partnering skills are likely to be sought-after. Employee attraction, retention and talent development remain a key priority 
• Candidates within accounting and finance skilled in audit, tax and pricing will see opportunities in both permanent and contract positions as demand outstrips supply 
• Contracting recruitment will continue to grow in 2015, particularly where companies are apprehensive around permanent headcount and look towards alternative sources for potential talent 

In 2015, Robert Walters says employers will need to offer competitive packages in order to encourage candidates to change roles, and estimates that an increment of 15% may help to influence the outcome. However, it adds that the market for junior to mid-level professionals remains fluid, with candidates much more willing to consider a career move. 

Professionals with business partnering, pricing, tax, treasury and internal audit experience will be high demand, it said.

*Compiled by Robert Walters' dedicated research division, the Salary Survey is based on an analysis of placements made across the company's network of offices and specialist disciplines during the course of 2014. Now in its sixteenth year, the Survey is used by employers, HR managers and employees for benchmarking salary levels within their industry.