The Winning Choice For Expats: Singapore Still Ranks First
Lifestyle | 02 May 2019
For 4 consecutive years, Singapore still ranks first by expats all around the world.
The ‘Little Red Dot’ has topped the charts time and time again based on HSBC’s Expat Explorer Survey. It is no coincidence that Singapore ranks first. This is largely based on income competitiveness, living and working experience, as well as the overall quality of life.
With the continual influx of foreign talents coming to Singapore, open-mindedness is key. Here’s our solution for expats, companies and locals to manage everyone’s expectations.
For Expats: Reduce Your Costs Starting with Relocation
While Singapore thrives as a winning hotspot for expats, it is still considerably expensive. 52% of expats in Singapore are dissatisfied with the costs of living. Expats need to come up with money-saving solutions while easing into a foreign country.
Relocation can be tedious especially if you are moving halfway across the globe with a big family – you may even be relocating your entire company. It is crucial to source for relocation companies that are meticulous with your belongings yet maintain competitive price-points.
One such Singapore-based relocation company is Moovaz. Moovaz’s value-for-money business model provides a seamless international relocation experience with its established global network. They even go one step further to provide additional services, such as accommodation-sourcing. Read more in their expat’s guide to Singapore property.
For Companies: How Do You Retain Your Foreign Talents?
It’s important to work on retaining your talents – especially your expats! Regardless of nationality, a good employee package is always appreciated. The average expatriate pay package in Singapore saw a $16,000 dip in 2017.
Besides monetary perks such as pay raises and bonuses, companies must work on enhancing Employee Experience through short-term and long-term non-monetary perks.
There is a high correlation between employee experience and customer experience. Altogether, they generate ROI. Here’s an easy formula businesses can employ: EX = CX = ROI shared during Talent Management Asia 2019 held in Malaysia early this year.
Free food is great. It’s flashy, it’s trendy, and major tech companies are providing perks like free food to their employees. Beyond that, Employee Benefits still weigh in as a perk your talents care about. Employee Benefits ultimately set the benchmark for all employee perks.
PolicyPal is the first in Singapore to offer a 100% digitised platform to purchase and manage Employee Benefits in a straight-through process. Its online platform allows businesses to calculate the estimated costs for their customisable plans.
For Locals: No Need for Xenophobia
“The practice of bringing expatriate employees into Singapore, while often seen as increasing competition for locals, has the frequently overlooked advantage of developing locals themselves.” We quote Channel NewsAsia, as more often than not, the pros outweigh the cons.
A prosperous economy stems from the competition, and as a multiracial and forward-thinking country like Singapore, our landscape is truly a melting pot and an embodiment of cross-cultural life and blood.
Non-economic pros like social harmony and reinforcing cohesion are vital to upholding the quality of life which locals and expats can both enjoy in Singapore. Never undermine the importance of putting forth correct values and mindset to educate our society.
Let’s hope Singapore still ranks first in the HSBC’s Expat Explorer Survey this year!
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