From the 1st Of September 2023, all Employment Pass Applications (except for EP renewals which start later) must go through the Complementarity Assessment Framework (COMPASS). As industry experts, One Visa is here to provide strategic advice and tips to ensure that your company navigates this new landscape with confidence. The combination of expert advice and strategic action is your winning formula for a seamless transition. Let’s delve into a holistic approach that combines our expertise with COMPASS guidelines to thrive in this evolved ecosystem.
1. Strategic Workforce Planning: Tailoring for COMPASS
Your workforce is your company’s backbone. Take a strategic view of your hiring plans. Identify roles and occupations that align with COMPASS requirements, especially those that excel in foundational and bonus attributes. Strategically investing in these roles can increase your chances of success under COMPASS.
2. Salary Benchmarking: Setting the Right Bar
Competitive compensation is a cornerstone. Scrutinize your salary packages for EP candidates. To maximise points under the salary criterion, align salaries with local PMET benchmarks. This places you in a favorable position during assessments.
3. Embracing Diversity and Local Talent: A Win-Win
Diversity and local employment support are cornerstones of COMPASS. Nurture a diverse workforce by hiring talent from various nationalities. Simultaneously, empower local employees through training and upskilling initiatives. A well-rounded workforce strengthens your COMPASS score.
4. Utilising Bonus Criteria: Extra Mile for Extra Points
Capitalise on the bonus criteria by identifying roles qualifying for Skills Bonus or look into how your firm can qualify for under Strategic Economic Priorities. Both bonus categories can help your firm earn an additional 10 – 20 points each, elevating your overall COMPASS score.
5. Leveraging Workforce Insights Tool: Data-Driven Success
The Workforce Insights Tool is your secret weapon. Unleash its potential via the myMOM Portal. Benchmark industry standards for salaries and benefits to adjust your strategies. It’s your guide to meet COMPASS standards effectively.
6. Seeking Professional Guidance: Navigational Brilliance
Consider this new journey as uncharted waters. Navigational brilliance comes from consulting experts well-versed in Singapore’s employment landscape. Their insights translate into a bespoke strategy for your company, aligning with COMPASS criteria and your goals.
7. Upskill Existing Talent: A Lifeline for EP Holders
EP holders are your assets. Evaluate their eligibility under COMPASS. If gaps exist, provide training or upskilling opportunities to bridge them. This ensures your current talent remains a valuable part of your workforce.
8. Continuous Monitoring and Adaptation: Navigating the Evolution
COMPASS is a dynamic framework. Stay informed about changes and guidelines from authorities. Regularly review your strategies to ensure they align with the latest requirements.
Embrace COMPASS with Confidence: Your Path to Success Starts Here!
Navigating the new COMPASS era might seem like a challenge, but with our expertise combined with our strategic approach, success is within your reach. Let us be your guiding light through these changes and help you thrive in the evolving landscape of Employment Pass applications.
Get Started Today with a Free COMPASS Assessment! Contact Us Now