Singapore companies with overseas ambitions can tap into the new Overseas Markets Immersion Programme (OMIP). Launched in mid-November by Workforce Singapore (WSG), the programme supports these companies to equip their employees with relevant skills and market knowhow through an overseas stint, so they can enhance their firms’ global mobility.
The Singapore Business Federation (SBF), which has been appointed by WSG as the first OMIP programme partner, will be working with companies to explore internationalisation opportunities.
Through OMIP, companies will receive generous support to send their local employees, who have little or no overseas market experience, overseas. Those going abroad can look forward to enriching overseas postings in roles such as global and regional sales and marketing, regional business development, market analysis and franchise operations. Through the programme, they will undergo on-the-job, in-market training to gain a deeper understanding of diverse business operating environments. They will also benefit from networking opportunities with their international counterparts, experience first-hand the culture of the foreign market and learn about their business practices.
Through OMIP, companies will receive generous support to send their local employees abroad. This includes 70% of salary and 70% of overseas allowance for up to nine months, capped at $5,000 and $3,000 per month respectively. In total, companies can receive up to $72,000 for each eligible individual that they send for an overseas posting.
To be eligible for OMIP, companies must provide a fixed monthly salary of at least $4,000 for an employee on overseas posting. They must also provide a detailed career development plan outlining progression over 24 months, along with quantifiable short-term key performance indicators to be achieved after training. SBF will work with participating companies to develop these training plans.
WSG has set aside $16 million for the initial run of OMIP. This will enable local companies to send up to 250 local employees to participate in OMIP over a period of two years, where they will take on overseas postings for at least six months.
“The launch of OMIP marks a significant milestone in WSG’s efforts to enable overseas business expansion by building our local workforce with the experience to operate in complex, overseas markets. This initiative will provide individuals with the necessary in-market exposure to understand local market practices, foster cross-cultural competencies and expand professional networks overseas,” says Dilys Boey, Chief Executive of WSG. “By immersing our talent in diverse overseas markets, we aim to empower individuals to take charge of their career health and seize new growth opportunities overseas while reinforcing Singapore’s position as a hub for global-minded talent. This programme reflects WSG’s commitment towards developing a future-ready workforce capable of thriving in an increasingly interconnected global economy,” she adds.
“The findings from our National Business Survey Singapore show that businesses are keener to venture overseas in 2024 than 2023,” says Kok Ping Soon, Chief Executive of SBF. “To thrive globally, Singapore businesses have to stay nimble and adapt. Establishing overseas operations is a complex undertaking that requires careful planning, risk management, good knowledge of the markets as well as a strong focus on human capital, which is possibly the most critical asset in an overseas operation,” he adds.
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