Last week, we had the chance to meet the Minister of Manpower, Mr Lim Swee Say and his team from the Ministry of Manpower (MOM). During the sharing session, we got to understand more about the various types of companies operating in Singapore.
Here is a candid look at some of these companies that we could be working for.
1. Companies That Hire A Lots Of People For Low-Value Work
Some companies need a lot of manpower to do “low-value” work. The term, “low-value”, is somewhat controversial, since nobody wants to think that his or her job is of “low-value”. However most of the time, it really depends on how people are being deployed by their company.
For example, a security guard can be employed to sit in a room and monitor 20 cameras for an entire building. Alternatively, the security company could also employ 10 guards to prowl the building for the night. The latter would be considered a “low-value” work against the former since the company is deploying 10 people to do the job that 1 person could have done with some technology introduced.
Generally speaking, low-value jobs would command a lower salary.
2. Companies That Hire Very Little People For High-Value Work
On the flip side, we have good companies that do high-value adding work but hire very little people. An example would be start-ups. The amount of value a start-up can create for its sector is potentially high. At the same time, most start-ups do not usually hire a lot of people, especially in the initial stage.
Such companies are great for the economy. The only problem is that they usually do not hire many people unless they become bigger.
3. Companies That Hire A Lot Of People To Do High-Value Work
These are the jobs that people usually look out for, and which start-ups strive towards. Companies that hire many high-value people to do high-value work usually pay good money to attract top talents.
An example will be investment banks. Investment banks typically hire the best graduates and entice them with extremely high salary to convince these talents to join and stay with them. Other examples include mega-tech firms such as Google and Facebook.
4. Companies That Hire Very Little Local To Do High-Value Work
These are the companies we love to hate. They provide great value for the economy and pay top talents to do their job. The only problem is that Singaporeans do not usually get to take up these jobs.
An example would be quantitative traders (Quants). These are the guys who sit in their offices in jeans and t-shirt creating the algorithm to help clients beat the financial markets. Many of them have great programming and mathematics skills. Not many of them are Singaporeans.
5. Companies That Hire A Lot Of Locals To Do High-Value Jobs
The best type of companies that we would like to have in Singapore. These are the companies that do well and hire a lot of locals to fill in for their positions. The best examples would be the big multinational corporations (MNCs) who set up their global or regional headquarters (HQ) in Singapore.
These companies usually set up their HQ in Singapore for various reasons. For example, they might enjoy the stability and safety that Singapore provides. In additional, access to education and a multilingual population are also plus points for these companies. The cost of labour and rental might be expensive, but an educated workforce is also present for them to tap on.
Are you able to identify the type of company that you are currently working for? Or have we missed out on some of the different types of companies. Share with us your thoughts on Facebook.
DollarsAndSense.sg aims to provide interesting, bite-sized financial articles that are relevant to all Singaporeans. Subscribe to our free e-newsletter to receive exclusive content not available anywhere else. Also follow us on Instagram to get your dose of finance knowledge visually.
Bonds and Fixed Income