Sunday, April 24, 2016
Singapore - Life Sciences Inspire Growth
Science sector will trigger increase in related jobs.
The latest Hays Quarterly Report has found demand for talent in the life sciences sector will be strong and competitive in Singapore. Manufacturing capacity is growing in Asia at a quicker pace than other parts of the world, resulting in an increased number of pharmaceutical and healthcare plants setting up in Singapore. Singapore’s strategic location makes it an ideal regional hub, and new set-ups are in dire need of the technological know-how that is crucial to their success.
“This has led to companies sending local talent abroad to facilitate technology transfer between headquarters and Asia,” says Lynne Roeder, managing director for Hays in Singapore. “Tech-transfer experts with the right skills to speed up research, technology and processes are highly sought after.
“Local talent remains a preference of employers for their knowledge in local regulations and processes as well as employee stability,” Lynne continues. “Those with technical expertise and excellent soft skills are able to command a premium as companies seek commercial-minded talent with strong technical backgrounds.”
The life sciences support industries, including medical instruments and laboratories, are also growing in tandem with the pharmaceutical industry. Hays expect to see a higher need for technical specialists who are customer-focused to drive deeper relationships between the support and life sciences industries. As Singapore invests heavily in healthcare, there will also be more hospitals open or undergoing upgrading and planning. This in turn will fuel the competition for talent in the medical and healthcare instrument businesses. In terms of candidate trends, Hays says that life sciences professionals are now more open to job changes post-bonus season.
“Many candidates are willing to work at upcoming new plants for the career progression opportunities they provide,” says Lynne. “Some candidates will accept lower salaries to join new projects as newly established firms and plants offer them the full spectrum of exposure in research development and operations management.
“It will continue to be a candidate-short market given the keen interest from investors in the life sciences sector,” Lynne adds. “It is imperative for firms to secure the right talent from the start to ensure excellent knowledge transfer and lay the foundations for future succession plans and growth.”