Heng Swee Keat says companies will hit a "dead end" if they remain averse to change
In a recent study, business leaders in Singapore were found struggling with tech transformation as they remain stuck with legacy ways of working. This is at odds with the government’s plans to push for restructuring and change, as highlighted in this year’s focus for Budget 2019.
On Monday (25 February), Finance Minister Heng Swee Keat emphasised the importance for companies to transform and warned of the dangers of delaying the process.
He also acknowledged that labour-intensive sectors will face more stress as Singapore “doubles down” on its economic restructuring push.
“If we do not change, then we will be hitting a dead end and changes later on will be that much harder,” he said during a visit to ST Engineering’s aerospace facility.
“It is far better for us to take the more difficult road today so that we will reach the destination.”
The minister said companies will need to upskill the local workforce and tap on technology like automation to address the shortage of skilled manpower.
“We will need to continue to work closely together with our trade associations, with our unions, so that we can make this major transition,” he said.
He added that “precisely because it is not easy” is why companies should devote even more time and effort into easing any changes, reported The Straits Times.
“Rather than looking at problems, I want to focus on solutions,” he said. “I think it's important for us to devote time, attention and resources to the upgrading of our workers.”
Foo Mao Gen, head of Southeast Asia at Qualtrics shared with HRD his thoughts on the minister’s call for employers to “step up” their transformative efforts.
“People are the biggest asset to any organisation,” Foo said. “Minister Heng highlighted that senior leadership of an organisation plays a key role in enhancing the capabilities of the employees.
“Companies that are ready to move in this direction will certainly help to create more positive experiences for employees in time to come.”
To read our round-up on the Budget 2019 announcement, click here: Budget 2019: How will it affect HR?
