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Singapore should rethink future business strategy

Anuradha Shukla | March 30, 2016
New CIPD report presents future challenges.

Businesses in Singapore should think about their future strategy and the talent they will need, according to the new Chartered Institute of Personnel and Development (CIPD) report "The Future of Talent in Singapore 2030."

The state, organisations and individuals in the nation are set to face a range of challenges in new scenarios in 2030.

Singapore will continue to rely on foreign employees, and because a growing number of individuals seek to be entrepreneurs, many with traditional skills are left behind in the success race.

Besides that, Singapore refuses entry to irregular migrants and refugees, and thus may not have the best of talent. However, the nation is invited by its neighbours to lead the regional recovery for environmental disasters and food shortages. This is because Singapore has emerged as a stable and prosperous nation with its most talented citizens working comfortably across borders, cultures and organisations, according to CIPD.

"The talents needed for Singapore to succeed in the future may be very different from those required in the past and even today," said Dr Wilson Wong, Head of Insight and Futures at CIPD. "One theme that is consistent across all scenarios is that old jobs will be destroyed or redefined and new ones will emerge, forcing individuals to seek out opportunities for their skills, and in many cases to reskill."

Steps to build capability

Singapore businesses and organisations should build resilience into national and organisational strategies in order to meet dangers and opportunities with agility and confidence, said Wong.

To do so, organisations should take a longer-term view and address current and future challenges to ensure that future opportunities are not inadvertently shut off.

Businesses should also consciously increase the range and diversity in their workforce and actively support alternate voices and ways of thinking. Besides that, employees should be supported and encouraged so that they don't fear risk but understand and appreciate the opportunities these challenges bring.

 

Additionally, Singapore organisations should develop their ability to understand and maneuver within complex systems, as well as accept that the compact between the state, organisations and their employees are subject to constant change. 

 

 

 

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