Commentary

The release of the Ministry of Manpower's 'Labour Market Advance Release 2016' showed both slowing employment growth (an increase of 0.4%, down from 0.9% in 2015), and an increase in unemployment, creeping up to 2.2%. As has been well highlighted, Singapore is not immune from global trends and these results, in the global context, are not surprising. But it should also be noted, it is not all bad news.

The recent spate of negative corporate news in Singapore – bond defaults and manpower retrenchment – has led banks to become more cautious about lending. This could mean further tightening of the credit environment which is unfavourable for businesses, especially small and medium-sized enterprises (SMEs).

Following an announcement in 2010 by the Economic Strategies Committee to reach a productivity growth target of 2-3% per year over the next decade, the Singapore government has since introduced a slew of initiatives to raise productivity.

Not to say they've won in real life, but they did win the Startup Weekend Singapore hackathon at Google last month.

Global mobility programmes are pivotal to the growth and success of organisations, but with increasing complexities and the increasing volume of information to manage, the decision-making process can get rather daunting. Changing business dynamics, market volatility, the involvement of multiple stakeholders – each with their own priorities, and the need to contain costs whilst maintaining flexibility are just but a handful of the challenges faced by mobility professionals.

2016 was a tough year for Singapore’s economy. According to the Singapore Business Federation’s National Business Survey (NBS) 2016/2017, only 1 in 10 businesses expected the economic climate to improve over the next 12 months, whilst almost 50% of those surveyed felt that it could get worse. The overall SBF-DP SME Index reading for 1Q17 to 2Q17 also recorded its lowest reading of 49.8 in seven years, reflecting the business uncertainty felt among local businesses.

On 20 January 2017 Mr Donald J. Trump sworn in as the 45th President of the United States of America, and as part of his “100-day action plan to Make America Great Again” on 23 January 2017 signed the executive order to withdraw the USA from the TPP, the Trans Pacific Partnership free trade agreement between 12 Asia-Pacific countries including four within the ASEAN marketplace (Singapore, Malaysia, Vietnam, and Brunei). It reconfirmed Trump’s position well expressed during his presidential campaign and remarked his intent to withdraw from the TPP “from day one,” calling it “a potential disaster for our country” and continued by adding that instead he would negotiate “fair bilateral trade deals that bring jobs and industry back”.

If history is any guide, under US President Donald Trump, Singapore’s stock market won’t post returns worth writing home about… until 2019. But: given the unpredictability of Trump so far, history may not be prologue at all.

In the face of a fast growing economy, we are presented with an interesting conundrum in the role which education has.

More than most developed nations, Singapore has reached a point where one of the biggest growth drivers will be through increased productivity. With an ageing population and limited space, it cannot count on large-scale manufacturing to employ thousands of people, or embark on major infrastructure works to provide an economic boost.

It is obvious that social media has changed the entire dynamics of crisis communications – from the way professionals work, engage with our communities, and communicate ideas. It has significantly re-defined our relationships with people and forever changed the way businesses run. And this change is not evolutionary but revolutionary.

As we embark on a New Year perhaps looking for a better job opportunity, or a more fulfilling dream career, here are some recruitment trend shifts you need to be aware of. Artificial Intelligence (AI) penetration has impacted almost all industries, and recruitment space is the least spared of it all.

We all know the importance of staying ahead of the curve in business and not going in the footsteps of companies such as Nokia, Kodak, Borders, etc. In this rapidly changing technology world, it is all the more crucial to keep ourselves updated of the latest trends in our bid to move things forward.

It was December 2010, and Tagit Pte Ltd (Tagit), the Singapore-based mobile solutions company, was celebrating the end of a bumper year. The company had grown an impressive 170% since it secured its first contract in 2006, posting revenues of S$5.8m in 2010, a 450% increase over the previous year.

Entrepreneurs are a unique breed of individuals. They are original thinkers with extraordinary toughness. Successful entrepreneurs are often lauded for the achievements, and behind that success is a lot of hard work – keeping on the right track can be difficult but the true challenge lies in staying relevant. This challenge requires innovation and also sometimes re-invention, aided by technology to stay relevant in this increasingly digital world.

Against the current background of Brexit and the US elections, low yields have somewhat become a problem for savers and retirees of this generation. And with the passage of time it has only become increasingly difficult to find financial instruments which offer at least a decent payout – for a reasonable amount of risk. However investors remain optimistic and continue their search for higher returns.