Orient Magazine Special Orient Supplement: Future of Work | Page 17
Orient - The Official Magazine of the British Chamber of Commerce Singapore - Issue 71 April 2019
Of course, firms need to align workforce strategies to the creation of future corporate value. But it is also vital to have in place an enabling environment that helps talent thrive.
Singapore may not have experienced the febrile societal conditions that can be seen elsewhere in the world. Nonetheless, its talent pool exhibits many of today’s workforce trends. Due to an aging population and restrictions on foreign workers, more than half of employers report that they are struggling to fill their open positions. At the same time, university graduates face difficulties in finding work – the rate of graduates in full-time positions fell to a ten-year low in 2017, with a majority engaged in freelance, part-time, or temporary jobs. Moreover, analysis suggests that older workers are disproportionately employed in low-skill work that is susceptible to automation – endangering their potential productiveness and long-term financial security.
By approaching the workforce challenge holistically rather than mechanistically, and by looking hard at their own data, companies will be able to position themselves most effectively for the disruption they anticipate.
About the AuthorS Liana Attard is a Partner and Multinational Consulting Leader at Mercer, with over 17 years of experience in dealing with multinational organisations including global relationship and project management and strategic planning with respect to designing, financing and providing benefits to a global workforce.
Richard Smith-Bingham is a Director in Marsh & McLennan Insights, where he explores the evolving macro-level risk landscape and how companies and governments can better anticipate and negotiate rising threats.
ABOUT THE COMPANIES At Mercer, we make a difference in the lives of more than 115 million people every day by advancing their health, wealth and careers. We’re in the business of creating more secure and rewarding futures for our clients and their employees. Find out more at www.asean.mercer.com
Marsh & McLennan Insights uses the unique expertise of our firm and its networks to identify breakthrough perspectives and solutions to society’s most complex challenges. Find out more at www.mmc.com/insights.html