Singapore’s recent rollout of COMPASS (Complementarity Assessment Framework), a new regulatory framework for the Employment Pass program, is presenting new workforce planning challenges to local and international organizations hiring foreign candidates to work in the country. To smoothly transition to the framework and its new processes and requirements, organizations need the power of advanced data management and analysis tools.
The transition to COMPASS presents an opportunity for organizations to revamp and upgrade existing HR systems and processes—including immigration compliance, assessment, workforce planning and talent acquisition. We helped our client, a banking corporation with international operations, to seize this opportunity by leveraging Vialto’s proprietary bot and data analytics solutions—SG Analytics —to develop increasingly time-efficient and data-driven HR decisions and processes.
The Vialto perspective
Data-driven decision making, powered by automation
Using solutions that integrate data extraction, analytics and predictive modeling, organizations can streamline operations, enhance decision making and proactively manage compliance risks. The adoption of data analytics solutions was designed to not only improve regulatory adherence, but also empower our client to anticipate future workforce needs, shaping a more agile and data-centered approach to the bank’s global talent initiatives.
SG Analytics leverages real-time and historical employment and workforce data to permit clients to drive more informed decision-making regarding talent acquisition, workforce insights, candidate assessments, and workforce optimization strategies. In close collaboration with our client, we used SG Analytics to revolutionize critical aspects of its immigration compliance and operations.
SG Analytics can also facilitate proactive risk management, designed to monitor cases at risk and provide real-time alerts and reports as the company profile updates. The bank can then take immediate corrective actions, to ensure ongoing compliance, minimize business risks, and maintain a solid regulatory standing.
The Vialto difference
Over 2,000 eligibility assessments processed in a single day
Our data extraction solution is designed to allow for data to be accessed and extracted from the Singapore Ministry of Manpower’s online portal 30 times faster than before, potentially saving thousands of hours in manual extraction and review. The extracted data is analyzed against COMPASS requirements, resulting in an in-depth, full-population assessment that can provide the client with comprehensive insights and data that could serve as a basis for compliance. In a one-day period, the bank was able to perform over 2,000 eligibility assessments.
Our client has used SG Analytics to streamline operations and ensure compliance by identifying potential cases at risk. The bank has been able to take proactive actions to align talent strategies with regulatory requirements, and has taken further steps to optimize operations, reduce business continuity risks, and improve organizational efficiency.
SG Analytics can also support data-driven policy advocacy by analyzing aggregated employment data and trends. The resulting insights empowered our client to shape its employment policies in an effort to promote complementarity, fairness, and sustainable economic growth within the COMPASS framework.
With our collaborative efforts, SG Analytics will continue to play a pivotal role in our client’s talent acquisition and workforce planning, while providing relevant insights into demographic data, skill trends, and labor market dynamics. Our client intends to use these insights to identify talent gaps, predict future workforce needs, and formulate targeted recruitment and retention strategies.
SG Analytics is designed to assist businesses in future-proofing their workforce strategies by leveraging predictive modeling and analyzing emerging industry trends, technological advancements, and demographic shifts. This can help empower organizations to anticipate future skill demands, identify reskilling opportunities, and develop agile workforce strategies.
Contacts
For a deeper discussion on the above, please reach out to your Vialto Partners point of contact, or alternatively:
Yang Li
Partner, Asia Pacific Immigration Leader
Irin Ou
Director
Let's connect
Please reach out if you’d like to learn more about Vialto.