The Committee on the Future Economy (CFE) released its report on 9 February 2017 outlining seven strategies to prepare workers and companies for future jobs and challenges.
These include acquiring and utilising deep skills, strengthening enterprise capabilities to innovate, and building strong digital capabilities.
The Labour Movement was represented on the CFE by its Secretary-General Chan Chun Sing and Assistant Secretary-General Cham Hui Fong.
In this special feature, we bring you a few success stories of companies and individuals who have taken on challenges improve their situation.
Acquire and Utilise Deep Skills
CFE Recommendation: The Government should help build up companies' leadership and HR management capabilities to develop their employees.
Success Story: Hospitality company Lo & Behold Group started a Learning and Development Department to enable its staff to go through both internal and external training. Each full-time employee has a training budget of $1000 a year and can use work hours to attend four courses a year.
“Learning and development for staff is a key focus in the company and we've been supported with funding through SPRING, including the Capability Development Grant,” said a company spokesperson.
She added: “We began this four years ago and the take-up rate has been encouraging across our different departments and concepts. It actually started from a proposal during our monthly ideaLAB sessions which aim to drive positive change.”
On Digital Technologies and Productivity
CFE recommendation: The Government could defray the initial investment cost of pilot projects involving the testing of new technologies that can help small- and medium-sized enterprises increase sales or reduce their reliance on manpower.
Success Story: Bridal boutique company La Belle Couture Weddings had a situation – trying on gowns was a tedious process for customers, requiring them to be physically present at the shop.
La Belle tapped on SPRING’s Capability Development Grant to implement the FX mirror facility, the first in Singapore to implement such a system.In a typical scenario, customers had to spend about 20 minutes to put on one gown, and they took close to four hours to try 20 gowns, each weighing between seven to 15 kg.
To make it fuss-free, La Belle Couture integrated the FX Mirror into its business. FX Mirror is a virtual fitting room system that allows customers to try on hundreds of gowns digitally at the shop’s premises according to their physical proportions. The use of the digital technology improved productivity greatly, allowing the company to take in 30 per cent more appointments.
Overseas Internships
CFE Recommendation: The Government should facilitate more overseas internships for students in post-secondary education institutions.
Success Story: Finance graduate Low Wen Chen was exposed to various overseas experiences during his time at the Singapore Management University from August 2011 to December 2014.
The overseas experiences included an internship at Tata Capital, an exchange programme at Harvard University, and a community project in Indonesia.
Wen Chun’s overseas experience has provided him with knowledge of many geographical and cultural nuances which help him in his work as director of investment at an online private investment platform.
Source: NTUC This Week
