Benjamin Mak and Thng Yi Ren - Economic Society of Singapore

organisation‟ supporting SMEs which are not served by existing financing schemes 23 or private
institutions during booms and recessions. Hence, even as immigrants are attracted to our shores by
our success, we extend our success beyond our shores
Widening the talent pool for Singapore
Since independence, Singapore has invested heavily in human capital, with tertiary education being
regarded as a „consumption good as well as an investment. 24 . Many students seek higher education,
with high job expectations which unfortunately do not square with reality because the supply of
„managerial jobs in maturing economies, [including Singapore] are levelling off‟ 25 . While fresh
graduates may have good theoretical grounding and some occupational training, firms remain
hesitant about employing inexperienced graduates.
Hence, the gap between demand and supply of experienced professionals is currently filled by
immigrants. This could be addressed by adapting elements of the „French model of the elite
administration‟ 26 to Singapore, a point alluded to by former Civil Service Head Ngiam Tong Dow.
Under this system, top government scholars are offered secondment opportunities in both public
and private companies which can extend beyond a year. This facilitates distribution of talent under
the banner of Singapore, reducing destructive competition between the Civil Service and private
sector. Since scholars at statutory boards like the Infocomm Development Authority are already
offered 6-month stints at firms like M1, our recommendation is merely an extension to, and not a
major shift from, the status quo. To buffer against brain drain which has harmed countries like the
Philippines, companies included within this scheme must be locally registered.
23 See Lee (2010).
24 See Chew & Chew (1995).
25 Ibid.,
26 See Ngiam & Tay (2006).
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