Singapore emerges as top Asian work destination for global talent

The allure of working abroad remains a potent aspiration for many global professionals despite current geopolitical tensions and economic uncertainties. A new report titled "Decoding Global Talent 2024", published by Boston Consulting Group (BCG), The Network, and The Stepstone Group, sheds light on global mobility trends and reveals insightful data about preferred work destinations among more than 150,000 respondents across 188 countries.

Singapore ranks eighth overall as a preferred work destination worldwide and leads as the top choice among Asian cities. The report highlights that talent from neighbouring countries, particularly Malaysia, is particularly drawn to opportunities in the city-state. Nearly one in three (30%) Malaysian respondents view Singapore as their most desirable work location.

Chew Siew Mee, Managing Director of Jobstreet by SEEK in Singapore, remarked, "Employers in Singapore must strive to attract and retain both local and foreign talent as we could expect talent shortages in the future with the country's small and ageing population. With Singapore being a popular destination for the global workforce, local employers are already well-positioned to do so."

Among those willing to move to Singapore, the most sought-after job opportunities lie in the Marketing and Media sectors and the rapidly expanding fields of Digital, Data Science, and AI. High-skilled professions in Business Management, Engineering, and Research and Laboratory work are also attracting international talent.

The survey also reveals that the primary motivators for global talent include professional advancement, financial and economic opportunities (cited by 64% of respondents), and work experience (56%). Jens Baier, Managing Director and Senior Partner at BCG, stated, "Establishing a channel of workers from abroad requires employers to fundamentally overhaul how they recruit, relocate, and integrate talent. They may have to challenge their own biases and look for talent in markets and regions that they had not previously considered."

Globally, 23% of professionals are actively looking for job opportunities abroad, and 63% are open to the idea of relocating. In comparison, three out of five Singaporeans express willingness to work abroad, with younger Singaporeans showing a higher likelihood of mobility. Despite their interest in international careers, many Singaporeans prefer short-term assignments and intend to return home after achieving their goals.

Respondents relocating abroad expect significant support from employers, including housing assistance (79%), visa and work permit help (78%), and relocation support (69%). Singaporeans looking to move overseas mirrored these expectations, seeking robust housing (84%), relocation (81%), and visa assistance (77%) to ease their transition into new environments.

While Singapore ranks highly, other English-speaking countries with strong economies, such as Australia, the US, Canada, and the UK, lead the list of top destinations for global talent. Singapore has maintained its position within the top ten destinations since 2020 and surpasses Tokyo as the most favoured Asian city.

The report underscores the importance for nations and employers to foster inclusivity and simplify the relocation process to capitalise on the potential of global mobility. It suggests that countries and employers that effectively harness this positive energy from the highly mobile workforce will gain a distinct competitive edge and promote economic growth.