From a global standpoint, it is clear as day that technology skills are required in order to future proof businesses in this growing digital era. It is more important now than ever before to upskill in light of this evolving demand, as companies continue to actively recruit tech talents.
As Singapore inches closer to becoming Southeast Asia’s tech hub, the demand for tech talents is soaring but the difference between the demand and the supply of tech talents continue to widen. With major tech companies like US-based Zoom Communications and China’s Bytedance expanding their operations in the sunny island, the severe tech talent crunch is hampering Singapore’s progress in becoming a regional tech hub.
Dr Vivian Balakrishnan, Singapore’s Minister-in-charge of the Smart Nation Initiative, said in 2020 that the information communications sector demand will surge over the next three years and another 60,000 professionals will be needed. In fact, in September 2020, there were already 10,000 tech-related job postings on government-run career portals. Through industry partnerships, there will also be an expected addition of 6,800 jobs and traineeships by June 2021.
In normal circumstances, companies will typically expand their search towards foreign talent in the face of a talent crunch. However, due to COVID-19, the tightened foreign worker policies is exacerbating the talent shortage in the IT sector. This is driving up wage premiums for IT professionals, and the situation will likely remain status quo for the foreseeable future.
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This article is written with reference from:
The Straits Times Business. (2021, January 27). Singapore faces talent crunch as tech giants scale up. Retrieved June 21, 2021, from The Straits Times website: https://www.straitstimes.com/business/economy/singapore-faces-talent-crunch-as-tech-giants-scale-up