From more intensive support for upskilling to increased funding for research projects, here’s what four leaders are looking at.
According to estimates by the Ministry of Trade and Industry, Singapore’s economy is expected to grow by 1-3% in 2024. At the same time, the business environment is likely to face headwinds over the next 12 months, as National Trades Union Congress Secretary-General Ng Chee Meng points out.
With this in mind, companies are being asked to stay ahead of the curve and implement new strategies and measures to further advance both their employees and their business. With Singapore’s 2024 Budget set to be tabled in Parliament on Friday (16 February 2024), HRO’s team has put at the top of its budget wish list to provide greater support. We reached out to HR leaders across the country to find out what’s being mentioned. When planning future business priorities.
From more intensive support for upskilling to increased funding for research projects, here’s what four leaders are looking at.
Rachel Chen, Head of General Management Office, J&T Express Singapore
In 2023, we are heartened to see the government’s support for Singapore’s logistics industry to meet new demands in global supply chains.
Looking ahead to 2024, we look forward to continued support for talent training and transformation in labor-intensive, high-growth sectors such as logistics as companies address talent retention challenges.
J&T Express Singapore is prioritizing the upskilling of its employees by introducing automation to increase operational efficiency. Therefore, with the support of government agencies, we aim to strengthen current resource optimization measures and further strengthen the resilience of our supply chain.
Mukul Anand, Head of Human Resources, HSBC Singapore (Photo above, far right)
HSBC Singapore’s wishlist centers around the themes of inclusivity and global talent development. Through our SkillsFuture initiative, we hope that businesses will be provided with further support to upskill and reskill mature workers in emerging fields such as digital and sustainability.
As an international bank, we are able to offer our employees international mobility opportunities. We believe we can do more by leveraging our overseas Singapore network to increase the international exposure of Singapore’s mid-career talent and create a globally competitive workforce.
Lynette Lim, Human Resources Director, Transport Capital (Photo above, center)
As part of our commitment to sustainable business, Budget 2024 will introduce dedicated facilities designed to drive sustainable practices within our offices, including upgrading to energy-efficient appliances and installing state-of-the-art recycling facilities. We hope that the funds will be provided. In addition to this, another important aspect is providing accessible employee training.
Currently, limited providers and courses, as well as diverse corporate priorities, often lead to insufficient student intake and class cancellations. If the fund covers courses that can be tailored and implemented in-house by your company (for both small and medium-sized businesses and large organizations), you’ll get a bonus.
Joey Kwek, Senior Vice President, Human Resources and Corporate Services, Senoko Energy (Photo above, far left)
With the energy sector accounting for 40% of the country’s carbon emissions, Budget 2024 will increase funding to foster research and deployment of hydrogen and its derivatives as one of the cleaner fuel sources for power generation Provide opportunities. Additionally, research into carbon capture technologies, the use of biomethane and the production of renewable energy is essential.
Equally important is helping to develop a culture of innovation among employees, the ability to think outside the box, and the courage to challenge the status quo. Such characteristics are essential in our energy transition journey.
Also read: What Singapore employers and workers need to know ahead of Budget 2024
Photo: Provided