Strategies for Singaporean Businesses to Thrive in Uncertainty (Part 1)
IndSights Research
Delivering industry insights based on rigorous research to shape government policies for the benefit of SG companies.
In today’s dynamic and competitive business landscape, the only constant is change and uncertainty. Fortunately, Singapore has established itself as a global business hub, navigating the complexities of a rapidly changing world with agility and strategic foresight.??
However, amidst these uncertainties lie opportunities and challenges for innovation, adaptation, and sustainable growth. This is particularly true for business leaders and senior management, who face the pressing challenge of fostering growth and sustainability amidst a sense of the unknown, characterised by the BANI (Brittle, Anxious, Non-linear, and Incomprehensible) framework.??
To help businesses thrive in today’s dynamic landscape, this thought leadership piece will explore strategies to navigate uncertainties and achieve sustainable growth. Drawing insights from the IndSights Business Forum 2024, we will delve into key approaches tailored to empower Singaporean companies.?
In the first of our two-part series, we shall tackle the critical issue of manpower shortages and discuss how companies can leverage government support initiatives to unlock their growth potential. We will also list the relevant supporting schemes which Singapore businesses can leverage on at the end of each section.?
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Unlocking Growth Potential Through Government Support
Countries around the world offer various support schemes and incentives to encourage business growth, innovation, and competitiveness. These schemes may include grants, subsidies, tax incentives, and other forms of financial assistance aimed at facilitating investment, job creation, and industry development.?
The Singapore government also provide a multitude of grants and incentives designed to support businesses in overcoming uncertainties and achieving sustainable growth. Effectively leveraging government support requires some planning, coordination, and compliance with regulatory requirements. Thus, businesses should identify relevant schemes that align with their growth priorities and strategic objectives, and prepare applications that clearly articulate their business plans, objectives, and expected outcomes.??
Panelists at the IndSights Business Forum 2024 highlighted the potential benefits of exploring government schemes. By understanding how these programs can provide support, businesses can gain a competitive edge. For example:?
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Manpower Challenges & The Path Forward
Manpower shortage
Singapore’s workforce landscape is undergoing a significant transformation where talent shortages and an aging population pose significant challenges. Businesses across industries have been grappling with a shortage of skilled manpower. According to IndSights Research Business Sentiment Survey (BSS), only 13 percent of businesses expected an increase in manpower in April to June 2024.
Additionally, the Talent Shortage Survey 2024 by ManpowerGroup Singapore reported 79 percent of employers in Singapore had difficulty in filling roles in 2024. The shortage is exacerbated by factors such as demographic shifts, changing workforce dynamics, and increasing competition for talent.
As a result, organisations are finding it increasingly challenging to fill key positions with qualified candidates, leading to productivity bottlenecks and operational inefficiencies.?
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Upskilling manpower and digitalisation
Effective manpower acquisition is essential for sustaining business growth and competitiveness. This involves developing targeted recruitment strategies tailored to the needs of the organisations, identifying key skill requirements, conducting comprehensive candidate assessments, and streamlining the hiring process to ensure timely onboarding of new employees.
To overcome the manpower shortage hurdles, companies can employ strategies such as: ?
To overcome the challenges posed by talent scarcity and high turnover rates, Singapore businesses can also hop on the digitalisation bandwagon by using tools, such as an AI adoption framework, or schemes, such as CTO-as-a-service. IndSights is cognizant that digitalisation or AI adoption may not be equally applicable across all industries.??
IndSights’ BSS in April to June 2024 found that 31 percent of Singapore companies reported that one of their key business strategies was developing digital business capabilities and/or automation solutions. This signals a growing trend of companies becoming aware of the need to digitalise, as well as being willing to adopt tech tools in business.
By taking a proactive approach, businesses can build a skilled and resilient workforce capable of driving sustainable growth through technology and innovation.
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Government Schemes:
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The Digital Imperative: Thriving in a Connected World
Singaporean businesses must adapt to a rapidly changing market by prioritising agility, innovation, and strategic partnerships. Key challenges include manpower shortages and the need for digital transformation. Government support, upskilling initiatives, and a focus on addressing sustainable growth and internationalisation are essential for long-term success. By addressing these issues, Singapore can maintain its competitive edge in the global economy.
In part two of this series, we will outline more strategies which your company can take to further growth potential in a BANI world. Stay tuned!
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This article is contributed by Moses Ku , former Senior Engagement Manager, IndSights Research.
To access the second installment of this series, register for our upcoming surveys at https://bit.ly/3RkzQpl