Managing the Labour Crunch Problem
The workforce is the heart and soul of every organisation. The right people can propel a business to unimaginable heights, while the opposite can lead it to failure. In Singapore, one of the most pressing challenges for SMEs is the prevailing labour crunch. Canon Think Big examines the problem and presents possible solutions that can help businesses to cope.
Banking on Human Capital
The Monetary Authority of Singapore (MAS), through the MAS Macroeconomic Review, reported that the country’s economy is now largely sustained by domestic- oriented industries such as construction, hospitality and F&B. These will continue to exert demand on the labour market with strong job creations. To stay competitive, a strong workforce must power these industries.
Dealing with Changes
With the shift to more labour-intensive industries, SMEs must now contend with growing manpower issues. According to the SME Development Survey, 56% of SMEs across all industries are affected by changes in foreign worker policies such as decreased quotas and increased Foreign Worker levies. The shortage of locals to fill in many job positions also poses a challenge. The importance of capable people – whether local or foreign – in the Singapore workforce is constant.
By investing on skill improvement, new technology and adopting a Think Big perspective, businesses can actually manage the labour crunch problem.
Revitalise the Workforce
During the Human Capital Forum held at the Canon Business Technology Show 2013, the country’s top business leaders agreed that upgrading people’s skills could help alleviate the problem. A more capable staff can work more efficiently and multi-task, if need be.
Recent local graduates can also revitalise a company’s workforce. By assimilating young people into the workforce through internships and attachments, a mutually beneficial professional partnership can be formed. As the company gives on the job training, interns can provide the extra help they need.
The National Population and Talent Division (NPTD) estimates that there are about 485,000 economically inactive residents (retirees, homemakers, etc.) in Singapore. The Singapore Business Federation (SBF), through the SMEC, has recommended encouraging these residents to join the workforce through more flexible work arrangements. Reviewing minimum age requirements and the Workfare Income Supplement (WIS) can also be done to make employment more attractive for these residents.
Maximise Technology
Advancements in technology can greatly help businesses deal with manpower shortage without sacrificing productivity. By implementing the right technologies for business, even labour-intensive industries can be competent.
At Home-Fix DIY, the company has invested quite a sum on developing dedicated software for the purpose of product demonstration. Managing Director Low Cheong Kee confessed that in the long run, this could help lessen hiring costs for the company. He said, “in today’s tight labour market, that’s huge.”
Working smarter through smarter technology can also make a huge difference. This is the cornerstone by which Canon’s new generation imageRUNNER-ADVANCE (iR-ADV) series of machines was made. With these hardworking, multi-function devices, offices can easily automate frequently done tasks, via Scan-to-Email and scanning to a document management system, to enhance their productivity.
The new cloud computing capabilities of the imageRUNNER-ADVANCE also allows multiple users to access the same information faster and easier with the ability to scan to commonly used commercial cloud destinations such as Evernote, GoogleDocs, Salesforce.com and a variety of email platforms. The hardcopy documents that office users scan can also be converted into Searchable PDF and MS Office formats for quick and easy keyword search to serve users on a tight schedule.
Improve Processes
Enhancing work processes can also help address the manpower predicament. Whether it is through automation of work systems or by improving work-life balance, there are many ways to help keep employer and employees at the winning end.
Sakae Sushi has long been famous for its innovative automated self-ordering system. CEO Douglas Foo shared that this has helped enhance efficiency in their restaurants, making them more equipped to cope with customer demands. With the ultimate goal of globalisation, the company has also invested on its future employees, opening the doors to students who may wish to explore a career with Sakae Sushi in the future.
At Canon, the company strives to keep its people empowered to become more productive. Lim Kok Hin, Vice-President and Head of Domestic Operations, Canon Singapore said that Canon people are encouraged to “do more, work less”. Canon’s Work-Life Balance philosophy means working within business hours and having quality time at home, this freedom allows employees to be more prepared to face challenges at the start of each working day.
Staying Creative and Positive
The labour crunch may be a big problem for many businesses today, but by finding better ways to help empower employees, being on the lookout for new technologies, and staying open to implement changes that improve work processes, businesses can actually overcome the labour crunch problem. This is Think Big realised. When the focus is on the ultimate goal of success, the motivation to find solutions will remain strong.