There are three main critical trends in Singapore that will have direct correlation to the business to choose for outsourcing:
Internet trend (Technology)
Internet penetration in Singapore in inclining trend to reach 88% penetration as per 2014 (Figure 21). As WorkBite operation outsourcing relies 100% on internet platform, the familiarity, the infrastructure and acceptance of web outsourcing business is affected by this. The uprising of internet penetration in Singapore give positive impact to a web outsourcing business in Singapore.
Foreign worker permit in Singapore (Political)
There is a declining trend in terms of the number of foreigners working permits in Singapore of around -20% CAGR (Figure 22). This trend will positively impact the web outsourcing business as it is getting harder for a company to apply and get the foreign work permit approved. It means that the business will have more difficulty hiring a web designer in Singapore.
Salary trend (Sociocultural)
The declining trend of granting foreign work permits has an indirect increase in salary in Singapore. The median monthly wage, which increases by 5% annually, has made the business cost in Singapore is higher. This will benefit the web outsourcing business to be more preferable as the cost is cheaper compared with full-time hiring staff in Singapore (Figure 23).