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 at the end of each section.

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.

Also Read: Why traditional marketers must embrace digital marketing: Top 3 skills to learn

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:

Enhancing productivity: Use grants to invest in automation technologies and streamline workflows, ultimately boosting efficiency and output.
Embracing digital transformation: Government initiatives provide funding for digitalisation projects, enabling companies to build a robust online presence and reach new markets.
Research and development (R&D): Grants for R&D can fuel innovation, fostering the development of new products and services that position your company at the forefront of your industry.

Manpower challenges and 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 per cent 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.

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:

Attracting and retaining top talent: Implementing competitive compensation packages, fostering a positive work-life balance, and offering opportunities for professional development can make your company a magnet for skilled workers. IndSights’ BSS in April to June 2024 has found that businesses are anticipating manpower to remain consistent while also being optimistic about further revenue growth in the subsequent quarter.
Upskilling existing employees: Investing in training programs can help to equip your current workforce with the skills needed to adapt to evolving industry demands. This not only bridges the talent gap but also fosters a culture of continuous learning.
Embracing a diverse workforce: Building a talent pool that reflects the multicultural richness of Singapore can unlock a wider range of perspectives and problem-solving approaches.

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 cognisant that digitalisation or AI adoption may not be equally applicable across all industries.

Also Read: The digital classroom: How edutech is sculpting the minds of tomorrow

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.

Government schemes

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!

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image credit: Canva Pro

The post Strategies for Singaporean businesses to thrive in uncertainty — Part 1 appeared first on e27.