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Jobs Bank in Singapore
The digital age has revolutionized the method of recruitment as well as the way of job hunting. The online job portals have revolutionized the traditional hiring process where they become an important source for both job seekers and the recruiters. The reason is simple: online job portal is a fast and convenient platform that enables employer to post job vacancies while job seekers can directly apply for their desired positions. Online job portal or job banks have become a trend in recruitment process. Singapore, at the same time, has come up with the idea of Jobs Bank to ease the recruitment process as well as to benefit many job seekers.
The National Jobs Bank in Singapore
Launched in 2014 under the Fair Consideration Framework, the Jobs Bank is an initiative by the Singaporean government and its run by statutory board Workforce Singapore (WSG). Hailed as the national job database, the Jobs Bank aims to increase the employment rate of Singaporean as well as to help Singaporean to keep up with the constantly changing job market.
In fact, the national Jobs Bank has been created to be more than just a job portal for Singaporeans. The Singaporean government has improved its functions as part of their efforts to better guide employees on skills training and job matching.
How Does the Jobs Bank Benefit Singaporean?
The introduction and implementation of Jobs Bank is actually a monumental leap in Singaporean’s recruitment process. The initiative of Jobs Bank is said to set to improve the overall labour market efficiency and provide the highest visibility of job opportunities to job seekers. It has been integrated with the SkillsFuture Singapore-run Individual Learning Portfolio that curates information about the training and jobs landscape. With this, Singaporeans will be able to turn to one portal for employment needs, which include job’s training, learning, and job search. As of now, the applicants could have their skills gaps identified for them based on their resume and the job’s requirements of the position they apply for. This feature will actually help job seekers to identify their own strengths and weakness.
On top of that, the Jobs Bank is set up to give Singaporeans a fair chance at getting professional, managerial, and executive jobs. Though the public can view the job portal and see the available job vacancies, the applications are only open for Singaporean. In other words, only Singaporeans are eligible to apply for their desired positions directly on the site itself. It is a mandatory requirement that whichever firm wanted to hire foreign professionals must first advertise for Singaporeans in the Jobs Bank. Employers must post job vacancies on the portal for positions with monthly salary less than $12,000, for a period of at least 14 days, before they (employers) can apply to hire foreigners on Employment Passes. However, the rule is not mandatory for firms and companies with 25 or fewer staff, as well as those hiring for jobs that pay $12,000 and above a month.
The government’s initiative does not ignore or neglect the existence of private jobs portal like JobStreet. Private portals are welcomed to work with MOM. Many believe that the collaboration between the national and private jobs banks will provide better efficiency and cost savings.