NTUC's reply letter to "'Smarter, better, faster' the way to go" - ST, 31 Oct 2009
3 November 2009
“Cheaper, Better, Faster” - the key to bigger profits and higher wages
We refer to the letter by Mr Jimmy Chew, "'Smarter, better, faster' the way to go" (ST, 31 Oct 09).
Mr Chew said that the timing of the Labour Movement's call to be cheaper, better, faster may not be appropriate as "thousands of Singaporeans are still jobless".
We have just weathered the deepest recession the world has seen in decades. Even though the worst may be over, not all companies and all workers are out of the woods yet.
What is of greater concern to the Labour Movement is that the post-recession world will be hungrier for jobs and investments. To thrive in the new economic landscape, Singapore must go on the offensive now, not wait till later.
No economy can afford to live life as normal in the post-crisis days. Hence, the call by the Labour Movement for our companies to quickly re-position themselves to become cheaper, better, faster.
Mr Chew is concerned that “cheaper” may connote shrinkage in real earnings. As widely reported in the media, NTUC's call to be “cheaper” is neither about cutting wages or benefits, nor about downsizing and retrenching.
“Cheaper” means to improve productivity by cutting waste and producing better-quality products and services more cost-effectively. It is about doing more with the same number of workers, not about doing the same with fewer workers or lower wages.
We agree with Mr Chew and are indeed calling on workers, and companies, to create greater value through creativity and innovation. “Better” means to broaden our capabilities by harnessing technology, innovating new products and services, and growing new markets, while “faster” means to be more flexible, adaptable and responsive in capitalising on new opportunities.
In short, cheaper better faster is about seizing a bigger share of the global economic pie so that companies can earn bigger profits and workers earn higher wages. It is to ensure that our economy continues to grow, businesses flourish, and workers reap better jobs and better pay in the new economic order.
We thank Mr Chew for the opportunity to explain our position.
Shona Tan (Ms)
Director
Corporate Communications
National Trades Union Congress
