3 Major Issues Keeping Singaporean Business Leaders Awake At Night

Solve HR problems with HRiQ

 

In less than a month, we’ll be saying goodbye to 2019 and welcoming 2020. As organizations prepare for the holidays and look towards a new year, there is admittedly plenty more that still needs to be done. Employees have to be managed and there is still a war for talent that needs to be fought.

 

Closing of the year, we take a look at some of the challenges that HR professionals and managers alike can expect to face in 2020. A recent article published by HRD, revealed several key areas of concern for business leaders in Singapore. From ever increasing technological changes to worldwide volatility, it would appear that 2020 is set to be another tough year all around.

 

However, no challenge is insurmountable and with the right approach, we believe that HR professionals do indeed have what it takes to tackle these challenges head on. In this week’s article, we take a look at what’s keeping Singapore’s business leaders awake at night and offer up a selection of HR-based solutions.

 

1)Shifting times

 

At the turn of the 18th century, the industrial revolution brought about sweeping changes that drastically altered the course of history. Now in the 21st century, we stand on the cusp of a digital revolution.

 

Technological advancements and digitization have vastly improved efficiency whilst at the same time changing the very nature of work. Where in the past organizations were largely reliant on localized labor pools, the internet and remote working have changed all of that.

 

It has become possible for entire teams to consist of members who’ve never been in the same room. With so much flexibility, employers and entrepreneurs are now able to tap into a truly global source of talent.

 

This for the lack of a better word, is one area in which Singaporean firms have consistently lagged behind. A report by Korn Ferry, revealed that most nations in the Asia Pacific region (including Singapore) have struggled to keep up with the tech revolution. 

 

Fortunately, employers in Singapore have begun to take heed of such concerns. As was reported by the Straits Times, a rising number of Singaporean businesses have begun offering flexible work arrangements in an effort to attract and retain talented employees.

 

While admirable, employers still need to take into account the various challenges associated with telecommuting. Whether it’s issues related to overtime payment or employee engagement, most HR professionals still remain in the dark.

 

What can be done?

 

At iqDynamics, we too have recognized the benefits of telecommuting. From viewing payslips via our mobile app to paperless leave and claims submissions, every aspect of our HRM system has been scaled to provide remote working employees with a comprehensive support system. So whether your employees are working in an office or remotely, they always have a platform to access their HR information.

Alongside this, we also offer a variety of training materials to help employers better engage and work with their remote-based staff.

 

2)A growing talent gap

 

Another topic of concern for many Singaporean employers is the increasing number of Singaporean citizens who have moved abroad in search of greener pastures. From more lucrative salaries to better job prospects, there are a variety of reasons why Singaporeans have chosen to take their talents elsewhere.

 

Consequently, companies have found that their ability to train and retain quality staff has become severely hampered. This is why training and professional development have become increasingly vital.

 

Organizations have found that not only does providing in-house training and development equip employees with the right skills to remain competitive, but it is also crucial in improving rates of retention.

 

This is because employees are often better engaged when they feel that their skills and talents are appreciated by the organization and providing avenues for professional development is one way of doing so.

 

The solution:

 

In today’s fast-paced economy, organizations can ill-afford to fall behind their competitors. This is why training and continuous improvement are vital. iqDynamics’ performance management system features a learning needs framework allowing you to map current employee skills against their gaps to recommend most suitable training programs and track progress with feedback. 

 

3)Increasingly volatile global conditions

 

Protests in Hong Kong, the escalating US – China Trade War and rising geopolitical tensions worldwide have all contributed to increasingly volatile global conditions. Now with the 2020 U.S Presidential Election looming, it is no surprise that business leaders in Singapore are concerned. 

With so much uncertainty looming on the horizon, the outlook for the Singporean economy in 2020 remains doubtful. During such times, businesses are more concerned with consolidating existing interest whilst further streamlining their operations.

 

While this may appear to be far from the purview of the HR department, the opposite is in fact true. An organization’s greatest assets is its people and in times of economic instability, a well-oiled workforce is invaluable. 

 

Employees form the backbone of any operation and highly-motivated staff are more efficient at their jobs which goes a long way towards keeping productivity high They also reduce operational costs i.e. wastages/loss and can also act as unofficial ambassadors for their respective organizations. 

 

How to mitigate the situation?

 

The importance played by HR professionals cannot be understated. Key recruitment strategies and employee upskilling programs are all essential if an organization is to remain competitive. iqDynamics’ integrated HRM management system offers a whole suite of tools that allow HR professionals to fulfill any required role.

 

While the future may be fraught with challenges, these challenges are the perfect opportunity for HR professionals to step up. From improved recruitment strategies to managing the workforce of the future, it is clear that effective HR management is the lynchpin of any successful organization.

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