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Singapore has an extremely business-friendly environment, a strategic position in Southeast Asia, a highly skilled and English-speaking workforce, favourable taxation policies, and numerous free trade agreements with nearby Asian nations, the European Union, the United States, China, and India.
These impressive business benefits will convince many startups and larger businesses within the United Kingdom to hire talent from within Singapore. This is where an employer-of-record (EOR) provider comes into play.
This article will help you understand why you should hire top talent from Singapore, the role of an EOR provider when doing so, and some future trends for EOR services in Lion City.
Why Should I Hire Top Talent From Singapore?
There are a plethora of benefits to hiring Singaporean employees, including:
They are more affordable. If a UK business hires Singaporean employees, they often adjust their salary to the local market, so they will be paid less than a UK-based colleague. In addition, when using an EOR provider to hire a Singaporean employee, you won't have to worry about visa processing costs.
They have access to upskilling opportunities. Singaporean employees working for UK businesses can still apply for SkillsFuture Singapore Credit (SSGC), which can be used to participate in one of the government-approved upskilling programs.
(Source: https://www.skillsfuture.gov.sg/initiatives/mid-career/credit)
They have better knowledge of local business practices and culture. Singaporean employees understand the local business practices and the culture they live in. This means that UK businesses can more seamlessly appeal to Asian markets with the help of their Singaporean employees.
They have access to local resources. Singaporean employees who've gained expertise in specific local industries can help UK businesses source cheaper products and services.
Singapore has a highly skilled workforce. Singapore is recognised globally for its highly skilled workforce, ranking 2nd in the 2023 Global Talent Competitiveness Index due to its ability to attract, develop, and retain talent.
Singapore has a predominantly English-speaking workforce. English is the most popular language spoken in Singapore, especially in the workforce. Other languages include Chinese, Singaporean Mandarin, Malay, and Tamil.
The easiest way to hire top Singaporean talent is to work with an EOR provider.
Key Points: What Is an EOR Provider?
- An EOR (Employer of Record) provider is a third-party organization that acts as the legal employer for your overseas hires.
- It enables companies to hire employees in other countries without setting up a local legal entity.
- The EOR provider manages essential employment tasks, including:
- Payroll processing
- Tax compliance
- Employee benefits administration
- Businesses maintain day-to-day working relationships with their foreign employees while the EOR handles legal and administrative responsibilities.
- Using an EOR allows companies to focus on core business activities, reducing operational complexity and risk.
- An EOR provider essentially functions as an extension of your HR department, especially valuable for quick and compliant hiring in countries like Singapore.
(Source: https://remotepeople.com/countries/singapore/employer-of-record/)
Understanding the Role of an EOR Provider in Singapore
Recognizing the role of an EOR (Employer of Record) provider is crucial for UK businesses, whether startups or established corporations, seeking to hire talent in Singapore.
- EOR providers act as the legal employer for your Singapore-based staff, allowing you to hire without establishing a local entity.
- Startups benefit from rapid market entry and can outsource complex HR tasks, letting them focus on business growth.
- As your company scales, EOR providers can quickly adapt to your evolving workforce needs.
- EORs ensure strict compliance with Singapore’s labor laws and regulations.
- This minimizes the risk of non-compliance, which can lead to costly penalties or reputational damage.
For startups, partnering with an EOR provider offers a fast and efficient way to establish a presence in Singapore without the burden of setting up a legal entity. This allows founders and small teams to concentrate on scaling their business, while the EOR handles payroll, benefits, and compliance.
As your business expands, the flexibility of an EOR means you can adjust your hiring strategy quickly, whether you need to scale up or down, without administrative delays. Moreover, by ensuring adherence to Singapore’s stringent regulations, EOR providers protect your company from legal risks and help maintain your reputation in a competitive market
Future Trends For EOR Services In Singapore
With Singapore's strategic location and business-friendly environment, it is emerging as a hub for businesses aiming to expand in Asia. This means the demand for EOR services in the country is expected to rise.
One significant trend for an EOR provider in Singapore is the integration of advanced technology, such as automation and artificial intelligence (AI). This technology will optimise payroll, compliance, and HR functions, ensuring accuracy for businesses of all sizes.
Sustainability is also becoming a priority in Singapore, with the country's Green Plan 2030. EOR providers will be expected to adopt eco-friendly practices and align with global environmental goals if they want to appeal to Singaporean employees. This shift will also enhance corporate responsibility.
Wrapping Up
With Singaporeans currently finding it hard to secure and land a local job, now is a better time than ever for UK businesses to hire top talent from within the business-friendly country.
Choosing the right EOR provider when hiring employees within Singapore will significantly impact a business’ Asian market position and future success.