Objectives and application
Developed by ABS, MAS, MOM, NTUC and SNEF, the advisory promotes a strong Singapore Core alongside complementary international skills, continuous learning and responsible workforce transitions. It builds on fair-employment and responsible-retrenchment guidance. Banks should have policies and processes appropriate to these outcomes; professionals should develop digital and data capabilities.
Build a local talent pipeline
Partner education institutions, offer graduate training and develop mid-career/leadership pathways, specialist skills and international exposure. Avoid nationality concentration; use independent senior oversight of foreign hiring and transfer expertise to local staff. Advertisements and selection should focus on skills and competence; years of experience can be a preference where a rigid cutoff would exclude capable candidates. Train HR professionals continuously.
Plan reskilling and redeployment
Look one to three years ahead at technology’s effect on functions, size at-risk groups and map alternatives with IBF, MAS and WSG. Engage employees early, explain evolving roles, encourage learning and offer retraining/redeployment in growth areas. Obtain employee feedback rather than announce redundancy only at the end.
If retrenchment is unavoidable
Provide responsible treatment and outplacement/career support and work with relevant unions and agencies. The advisory suggests advance MAS notification of one to two months for significant retrenchments where practicable. References to PCPs and Adapt and Grow reflect the document’s programme names; current scheme eligibility should be checked before an application.