BRITISH investment firm Barclays Capital wanted Ms Yu Yingxi so
much that it was willing to fork out a six-figure sum to buy her
out of her six-year bond with the Public Service Commission
(PSC).
She had spent a year from June 2005 working with it in London after
completing her studies in economics at the London School of
Economics on a PSC scholarship.
But Ms Yu, now 25, turned down the offer from the firm - which had
been paying her some £50,000 (about S$150,000) a year - to return
to Singapore to serve out her bond.
While she declined to reveal how much she is getting now, she said
it is considerably lower than what she would have got with
Barclays.
Some of the attractions back home: her family and her wanting to
make more of an impact in her job.
'While there was satisfaction in building up my clients' investment
portfolio at Barclays, I derive greater satisfaction knowing that
the research I do now with the Ministry of Trade and Industry
contributes to economic policies which affect a wide strata of
society, from the businessman to the man in the street,' said the
second of three girls of a retired banker and teacher.
Her story is yet another example of the keen tussle for top talent,
which is getting more intense globally.
The reason is that companies around the world are getting more
aggressive and making no apologies about growing their businesses,
said president and chief executive of home-grown real estate giant
CapitaLand, Mr Liew Mun Leong, who is himself a former senior civil
servant.
The global nature of this fight for talent means that while
Singapore wants to attract more foreigners to Singapore, it would
also have to be prepared to lose some Singaporeans to other
countries, he said.
And there is nothing wrong with this, as it does not mean they are
not contributing to Singapore, said Mr Liew.
'By working overseas, they would still be contributing to the gross
national product (GNP).
'They don't have to just contribute to the gross domestic product
(GDP),' said Mr Liew, 60, whose three children work in Shanghai and
New York.
The GDP measures what is produced in the country and can include
contributions made by foreigners.
The GNP, however, measures citizens' contributions, even if they
are overseas, for example, through foreign businesses or properties
they own.
The competition for talent starts when students are barely out of
their teens.
Mr Tan Yong Liang, 19, currently doing national service, has
friends with multiple offers of scholarships, from fields as varied
as the uniformed services and finance.
The youngest of three sons of a secretary mother and a retiree, Mr
Tan is a recipient of an undergraduate scholarship from the police
force.
He said: 'Some of my friends have really been able to pick and
choose from among the offers.'
Striats Times 12 Mar
