Two reports have been announced this week in proclamation that Singapore is the most desirable Asian nation in the world among expats. AsiaBiz Services recognises that the country’s labour market efficiency and high quality of living are the factors that are responsible for these rankings.
Singapore has been selected as the top Asian choice for expats who are looking to relocate in pursuit of career opportunities, according to two separate survey reports revealed this week. The 2014 Trends in Global Relocation: Global Mobility Policy and Practices survey report by international relocations consultancy, Cartus, and Global Professionals on the Move 2014 report by recruitment firm Hydrogen Group, have both bestowed Singapore with this title.
AsiaBiz Services, Singapore’s leading company formation consultancy, believes that these reports reaffirm Singapore’s stature in Asia-Pacific as the prime destination for expats, especially with regards to its efficient labour market and high quality of living.
The 2014 Trends in Global Relocation report obtained its data by surveying 172 mobility managers from around the globe. It evaluated the responses of an annual average of 581 international relocations that represented over eight million professionals. As a result, the report found that the majority of relocation specialists and human resources (HR) executives cited Singapore as the top place that they would pick to pursue a ‘dream job transfer’.
The report also highlighted that half of all companies that were surveyed anticipate an increase in their mobility volume over the next two years. According to the report, this was because of the growing importance of global mobility to businesses. 38% of the respondents have indicated that global mobility is crucial to attain short-term business goals, and 63% said that global mobility is vital for strategic international business expansion.
With regards to where professionals preferred to relocate to, the Global Professionals on the Move report listed Singapore in the 7th position internationally, and the first in Asia. The report also shed light on why the highly-ranked nations such as Singapore were able to attract expats to their shores. 31% of the respondents indicated that lifestyle of the host nation was the most important factor, while 21% and 17% of them named prospects and culture as the most important factors respectively.
The Economic Development Board of Singapore points to the nation’s labour market efficiency and quality of living as the main reasons that accounted for the high standards of expatriate living in the country.
LABOUR MARKET EFFICIENCY
Singapore dominated the category of labour market efficiency in the Global Competitiveness Report 2013-2014 produced by the World Economic Forum. The report explained that this was because Singapore’s workforce receives strong incentives and possesses the adequate flexibility to contribute their best efforts to the economy. Apart from promoting a meritocratic workplace, Singapore’s business environment also boasts of equity between men and women. This enhances the performance of the employees and the appeal of the nation to international talent.
HIGH QUALITY OF LIVING
The 2014 Quality of Living Worldwide City Rankings, which was compiled by Mercer, pronounced that Singapore has the highest quality of living in Asia. In addition, Singapore was also ranked second in Asia after Japan by the New Global Human Capital Index that was jointly developed by Mercer and the World Economic Forum last October. This report stated that the island nation is among the Asian countries that are most well-suited to contribute to an effective workforce. It also mentioned that Singapore garnered high marks in two distinct categories of health and wellness, and workforce and employment.
“On top of a very efficient labour market, Singapore provides excellent living environment and infrastructure that are essential for a good standard of living. This is why, in spite of tougher criteria for securing the Singapore employment pass, the country is continues to attract expatriates to relocate here. On top of this, the stable political climate, world-class transportation and healthcare systems, as well as the low individual tax rate Singapore offers makes the country attractive to expats”, affirmed Mr. James Nuben, Head of Taxation at AsiaBiz Services.