Singapore is the world's 3rd most popular work destination for techies around the world and 2nd for those in the finance sector, cementing its position as the top Asian market for global professionals.
According to the fourth instalment of its annual report on "Global professionals on the move", recruitment company Hydrogen Group said the city-state remains the 4th most attractive destination worldwide to which professionals from all sectors want to relocate. It leads as the top location in Asia, inching out rival Hong Kong which came in 8th.
"Singapore has solidified its position as a major hub for oil and gas, energy, commidities and banking, continuing to attract workers from overseas," said Hydrogen. "Singapore is now known throughout the world as a great location for expats to move to, offering highly developed industries and an excellent quality of life."
The report polled 2,146 respondents in 90 countries, assessing the experience, attitudes, and priorities of "highly-qualified, high-earning professionals" on working overseas. It noted various barriers and motivation for relocating. For instance, 22 percent pointed to insufficient job opportunities as a barrier to finding a job overseas, while 19 percent highlighted the economic climate and another 19 percent noted difficulties in obtaining visas and work permits.
The United States was the top global destination respondents, 25 percent, would want to work in, followed by the United Kingdom at 13 percent, Australia at 13 percent, Singapore at 9 percent, and Canada rounded up the top five at 8 percent. Two other Asian markets, Hong Kong and China, ranked 8th and 11th, respectively.
Singapore has emerged one of the top global locations for private banking and investing money, and as one of the world's largest shipping ports, is strategically placed for global trade and as the gateway to Southeast Asia and the Pacific.
As the 3rd most popular location for IT profesisonals, Hydrogen said the Little Red Dot also excels as a global technology hub, specializing in high-end segments of the market. The top two locations for techies were the U.S. and U.S., according to the report.
Simon Walker, the recruiters's Asia managing director said in a statement released Tuesday: "With an exceptionally well-educated and highly-motivated workforce, Singapore is an extremely innovative country. It is producing tech entrepreneurs and engineers who are creating much of the high-tech industry of the future, for example, in life sciences, medical equipment and biotech. For professionals, it's about wanting to build a career in a busy and cutting-edge region."
The study also noted the growing value of Asian professionals who have worked overseas and are now being lured back by their home countries. These professionals have become "highly prized commdity" with their combination of global skills and training and understanding of both local culture and customs--traits which are critial in doing business in Asia, Hydrogen noted. Asian nations are offering various incentives including tax breaks in a bid to lure them back home to the local industry.
According to the study, younger female professionals aged between 21 and 30 years relocated earlier at 33 percent, compared to 17 percent of men in the same age range who relocated. The recruitment company explained this could be the result of women looking to gain overseas experience early before taking a career break.
Other findings in the report included 83 percent of respondents who believed relocating overseas had accelerated their personal development, 77 percent who said doing likewise benefited their career prospects, while another 72 percent said it enhanced their pay packages.