SINGAPORE: Up to 250 local executives are set to gain valuable international experience under a new S$16mi scheme set up by Workforce Singapore (WSG).

The Overseas Markets Immersion Programme will subsidise up to 70% of employees’ salaries and overseas allowances on these postings of minimally six months over the next two years.

The initiative aims to support companies in expanding overseas, while simultaneously building a globally competitive workforce.

Manpower Minister Tan See Leng, who launched the scheme on Nov 15, said the government hopes to build not just the “know-how”, but the “know-who”, of local executives as businesses here increasingly look to branch out.

It has become more apparent in recent years that Singaporeans are falling short in filling leadership positions worldwide, leading to two schemes aimed at boosting global exposure for local workers.

In addition to the new WSG initiative, the Global Business Leaders Programme managed by the Economic Development Board is focused on grooming Singaporeans at more senior leadership levels.

Tan told around 200 guests at Fullerton Hotel that bosses may be reluctant to arrange such postings due to costs, or worries that the employees would quit or be poached after their stints.

He added that employees may also hesitate over family needs, adapting to new cultures or living environments, and the posting’s effect on their career progression.

“From my personal experience, such overseas exposure can be hugely rewarding,” Tan noted.

Recalling his time as a physician at the Mayo Clinic in the United States and later in Asean earlier in his career, he said: “The training, the exposure, the thinking and the ethos of how to approach continuous improvement, what they looked at in terms of their operating model, was something that I took away that could last my entire life.”

Workers with little or no overseas market experience are the target of the new WSG programme, which will provide them with opportunities to do marketing, business development, market analysis and franchise operations in a foreign environment.The Singapore Business Federation (SBF), the programme partner, will develop the training plans and manage applications.

More than 100 companies from 17 trade associations support the initiative, though any Singapore-incorporated company can apply. Yong Hsin Yue, group managing director of conglomerate Kuok Singapore and chair of Global Connect@SBF, said sending a Singaporean employee to an overseas market may cost more than hiring the locals, but it is worth the premium.

Companies can receive up to S$72,000 for each employee, with WSG covering 70% of the salary and 70% of the overseas allowance for up to nine months.

The salary subsidy is capped at S$5,000 per month and allowance at S$3,000 per month. There is no cap on the number of employees from each company.

The employee must be making a fixed monthly salary of at least S$4,000 on the overseas posting.

Bosses must show a 24-month career development plan, as well as short-term performance targets for the employee.

- ANN