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by Strong Eagle » Mon, 28 Mar 2005 5:44 pm
What could be wrong? How about a fundamental shift in the Singaporean economy.
Consider: Up until the financial meltdown of 96/97 which started in Thailand, the whole of Southeast Asia was booming, and Singapore was its hub, financially, technically, and managerially. When the meltdown occurred, about 70 percent of all expats in the region, including those in Singapore, were repatriated because of serious revenue downturns.
Having all those expats leave Singapore didn't do much for the economy. They brought in lots of foreign dollars with high salaries and packages. However, the economy is only part of it. Singapore also lost a significant part of its managerial and technical infrastructure. It just wasn't needed.
Fast forward to now. The economy is recovering but it is still nowhere near the boom years of the 90's. And it is unlikely that it will ever be that strong again for Singapore, and in particular, for expats wanting to move to Singpore. There are several reasons for this.
1) Some expats managed to hang around and they are willing to work for much closer to local wages in order to stay here. There are quite a few of these folks around here, if the number of resumes I receive are any indication. They also have PR's so companies don't have to mess with getting EP's for foreigners.
2) In addition to the expats, the local talent pool continues to expand. Yes, it could be said that it still needs to mature, but there are more and more good local people out there everyday, and you will compete against them for a job.
3) MNC's are much less willing to hire permanent staff these days because is it very hard to fire them if things go bad. So, they either delay growth/projects or they hire contract staff or they outsource in order to get things done. And, when possible, they will hire locals first. It's just good business for many reasons.
4) China is eating everybody's lunch in the region. A decade ago, Singapore was a low cost source of labor for lots of high tech manufacturing. All that has gone to China. Many plants have been closing, displacing factory workers here. Other ASEAN countries have also been competing with Singapore for new factories, even as they get clobbered by China. So, while there is investment $$ moving in, there is also lots of investment $$ moving out.
5) China is the big growth place this decade, and if expats are going anywhere with big packages, it is China. So, while the Singaporean government is working hard to attract investment dollars and the jobs that they create, they face the problem of the fact that capital is being invested in China. If anything, resources are being shifted around.
I'm not trying to be totally negative. I know quite a few people making it quite well, thank you. But, relationships are important here. For any given sector, it doesn't take too long to get to know all the players... at least by reputation. If you have no track record and no network, it is hard to break in.
You don't mention your line of work. Is it IT? It is truly a commoditized function out here and competition for jobs is fierce. Do post a reply as to the nature of the work you do.