Singapore, 3rd lowest risk city for employers

A survey ranks Singapore as #3 in the world for low risk of recruiting, employing, and relocating employees.



The People Risk Index published by Aon Consulting is a survey that measures the risks organizations face with hiring, employing, and moving staff. A total of 90 cities were included in the survey. The study measured demographic risks associated with labor supply, the economy and the society; people risks associated with government support; education risk associated with finding qualified professionals in a location; talent development risk associated with the quality and availability of recruiting and training resources; and employment practices risk associated with employing people in a given location.



Singapore emerged as the third lowest people risk city after Toronto and New York. However, it was ahead of economies such as London, Zurich, and Copenhagen. Moreover, Singapore is the only city in Asia-Pacific to be ranked among the 10 lowest-risk cities. The country scored particularly well in the areas of demographic risks and government support risks.



Singapore’s outstanding performance in the Index comes as no surprise as it is a country that is well known for its workforce quality, employer-employee relations, governmental support towards the development of human capital, and flexible labor market. Singapore currently faces the problems of a low population, declining birth rates and a rapidly ageing population. Despite these drawbacks, the country boasts of one of the best talent pools in the world thanks to its open immigration policy that has led to the influx of foreign professionals. Singapore’s work visa schemes are drawing top-notch talent from across the globe and has boosted its image as a business friendly jurisdiction.



With the rapid rise of Asia as the next economic powerhouse, companies are relocating their business operations or expanding their businesses in the Asia-Pacific region. MNCs are naturally drawn to countries that pose the least risks for employing or relocating staff from overseas. In this regard, Singapore is a favored location in the Asian region as it imposes strict anti-discrimination laws, enforces occupational health and safety standards, and maintains flexibility in personnel costs. Furthermore, the government collaborates with the private sector on human resource related issues. As a result, foreign businesses are keen to relocate to Singapore and are likely to consider Singapore Company Setup for their business expansion in Asia.



According to Rick Payne, chief research officer of Aon Consulting’s Global Research Center, based in Singapore,



"Cities with low risk typically have a government that is transparent, non-confrontational, and deal with employment issues fairly. Employers in these cities are less likely to be surprised by changes in government policies on employment, health care, and retirement. Therefore, they have fewer issues finding and retaining educated and experienced talent. These employers also have more flexibility to restructure their operations without fear of incurring significant unanticipated costs."



Earlier this year, the IMD, World Competitiveness Yearbook rated Singapore as ‘The Country with Most Business Conducive Labor Regulations in Asia’.



Keen to do business in Singapore? Find out more about how to form a Singapore company. Visit http://www.guidemesingapore.com



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