Building a winning team: How to do it right

Every hire can make a monumental impact. Thus, attracting the right talent—whether local or foreign—is important. This article serves as a guide for small and medium-sized businesses (SMBs) in Singapore on how to effectively source, hire, and retain both local and foreign talent.

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Building a winning team: How to do it right

Key takeaways

  • Singapore's job market is recovering, offering vast opportunities for SMBs to hire both local and foreign talent through proactive strategies.
  • SMBs in Singapore must navigate specific rules and frameworks, like the Employment Act and Employment of Foreign Manpower Act when hiring, to ensure fair practices.
  • While Singapore has a robust pool of cybersecurity professionals, SMBs can lean on solutions like Singtel's Security-as-a-Service (SECaaS) and Unified Threat Management to bolster their data protection without bearing the full financial burden of a dedicated team

29 Sept 2023 | SME, Hiring, Digitalisation | 5 min read

Singapore's job market has bounced back from the COVID-19 pandemic, reaching an employment rate that is 2.9% above pre-pandemic levels. With this uptick in job opportunities, many talents, local and foreign, are driven to capitalise on this employment opportunity.

For SMBs seeking to bolster growth, hiring the right talent is important.

In this guide, we'll break down the essentials to find, hire, and retain the best talent in Singapore. 

How do you find the right talent?

Being proactive is key.

To hire local talent, you need to tap into local job boards such as the MyCareersFuture portal and JobsCentral, collaborate with recruitment agencies, and actively participate in job fairs to post your openings and attract local applicants.

To attract overseas talent, you should maximise the use of platforms like LinkedIn. In addition, partnering with international recruitment agencies can widen your talent pool. Also, don't overlook local portals like JobStreet and JobsDB as they frequently feature overseas applicants seeking opportunities in Singapore.

While proactiveness streamlines the hiring process, discernment ensures the quality of hires. As such, you should implement a structured interview process to assess applicants. Conducting first-round interviews via teleconferencing solutions such as Singtel's BizConference can be a cost-effective approach, especially when hiring overseas candidates. 

What are the rules when hiring overseas employees?

If you wish to hire a foreigner, you will be required to apply for a valid work pass or work permit on their behalf in accordance with the Singapore Employment Act

The three types of passes available are the following:

  • Employment Pass (EP): This is for skilled employees with tertiary-level education and relevant work experience. They must have a job offer in Singapore.
  • S-Pass: This is for mid-skilled employees with diploma-level education and relevant work experience.
  • Work Permit: This is for unskilled workers in the construction, manufacturing, marine, and process sectors.

For more information about hiring foreign workers, the Ministry of Manpower (MOM) has a comprehensive list of guidelines and regulations.

What are the employment policies SMBs need to be aware of?

A.     Singapore Employment Act

The Employment Act is the main labour legislation governing employment relations in Singapore. It breaks down the rights, duties, and responsibilities of both employees and employers.

●       This act covers all employees in Singapore, regardless of salary level, with some exceptions for managerial and executive roles, seafarers, domestic workers, and government staff.

●       Employers are mandated to pay salaries to all employees at least once a month and within 7 days after the end of the salary period.

●       The standard workweek is defined as not exceeding 44 hours. Exceeding that would require overtime pay.

●       Employees are entitled to a rest day every week.

●       Employees are entitled to public holidays and various leave entitlements such as annual leave, sick leave, maternity leave, and childcare leave.

B.     Employment of Foreign Manpower Act (EFMA)    

This legislation specifically governs the employment of foreign employees in Singapore.

●       The EFMA mandates that foreign workers can only work in Singapore if they hold a valid work pass, such as the Employment Pass, S Pass, or Work Permit.

●       Employers have specific responsibilities and regulations to follow regarding their foreign employees depending on the type of pass, such as paying for medical treatment or not illegally deploying them in unauthorised jobs.

C.     Fair Consideration Framework (FCF)

This framework ensures that employers in Singapore prohibit discrimination against factors not connected to the job role, such as age, ethnicity, gender, religious beliefs, marital status, familial obligations, and disabilities. 

How do you determine the right salary?

Understanding market rates, industry benchmarks, and the cost of living in Singapore is essential in determining the right salary. Resources like the MOM's wage benchmarking tool can provide insights, especially for local hires.

That said, for foreign hires, their salaries can be based on their pass type. For example:

●       Employment Pass: Monthly salary > $5,000

●       S Pass: Monthly salary > $3,150

●       Work Permit: Depends on industry 

How do you keep and develop talent?

Retaining talent is as significant as hiring.

●       Invest in continuous learning programs. SkillsFuture can be a great platform for upskilling opportunities. 

●       Provide competitive compensation. Ensure that salaries and benefits are in line with or better than industry standards. Likewise, regularly review and adjust compensation packages to remain attractive.

●       Regularly recognise and reward employees for their contributions. This can be through bonuses, promotions, or even non-monetary incentives like public acknowledgement.

●       Clearly define growth paths within the organisation so employees can visualise their career trajectory and feel motivated to aim higher.

What talent is important in today's digital age?

In today's digital age, cybersecurity has become an important skill SMBs need to look out for in their applicants. However, while Singapore boasts having around 77,000 cybersecurity experts in the country, the cost of onboarding a dedicated cybersecurity team can be financially stifling, especially for an SMB.

Recognising this difficulty, there are solutions tailored to your business to ensure that you are not left vulnerable. For instance, Singtel's Security-as-a-Service (SECaaS) and Unified Threat Management (UTM) can offer you the opportunity to harness top-tier cybersecurity capabilities without the hefty price tag of a full-scale in-house team.

As the digital era propels businesses into uncharted territories, the emphasis on the right talent becomes a keystone of success. For SMBs in Singapore, a strategic, well-informed hiring approach, coupled with continuous talent development and leveraging solutions like Singtel’s, ensures a sustainable future.

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