Singapore strives to be Southeast Asia’s leading financial and tech hub.
Singapore is a highly developed and successful free-market economy. The country has an open corruption-free atmosphere, stable costs, and a per capita GDP than most developed countries.
Singapore has garnered significant investments in advanced manufacturing, pharmaceuticals, and medical technology production. Through these investments, Singapore strives to be Southeast Asia’s leading financial and tech hub.
NNRoad’s industry-leading HR outsourcing services in Singapore help firms big and small enter the Singaporean market with ease.
Our employment service and payroll services in Singapore allow quick and cost-effective hiring and HR administration for businesses seeking flexibility when expanding into the market.
Keep reading to learn about the benefits of HR outsourcing in Singapore.
Top 5 Benefits of Outsourcing HR Services in Singapore
When to Outsource Your HR in Singapore
Many areas in the Asia-Pacific region, such as Hong Kong, China, and Australia, have been competing for efficient business growth.
While there is no better time for HR outsourcing in Singapore than now.
Businesses will know it’s time when:
- There is a shortage of employees with specific skills, especially when you’re just starting up your business. You need skilled positions like engineers and salespeople to move the bottom line and grow your business. Outsourcing HR in Singapore means having an expansive pool of skilled talent to choose from.
- Coping with the ups and downs of business activity. HR Outsourcing allows firms to engage in the country some stability and saving resources that could be used for core business purposes.
- For example, Covid-19 pandemic caused an economic downturn in many countries around the globe. Firms looking to stay afloat may outsource to Singapore, Vietnam, or other Southeast Asian markets they have begun to recover and open up their borders.
a. Employment Contracts and Regulations
It is advised to use written employment contracts in Singapore. Contracts should specify an employee’s compensation, benefits, and termination guidelines. The employee’s salary and compensation should be included in Singapore currency.
There are four types of contracts employees can be employed under:
An employee is not required under his contract of service to work:
- More than 6 consecutive hours without a period of leisure (of at least 45 minutes break)
- More than 8 hours in one day or more than 44 hours in one week.
- Unless specially exempted, employees cannot work more than 12 hours per day or 72 hours of overtime in one month.
b. Common Benefits
Employee benefits in Singapore include, but are not limited to:
- Sick leave
- Annual leave
- Maternity leave
- Incentives & bonuses
- Relocation assistance
- Healthcare benefits
- Retirement fund contributions
To learn more about the requirements of hiring employees in Singapore, check out NNRoad’s Hiring Employees in Singapore: Country Guide, and find more in-depth information regarding Singapore’s labor laws.