Commentary

The Monetary Authority of Singapore (MAS) ushered in a new era for the Asian capital markets in February by issuing a consultation paper on the proposed regulation of over the counter (OTC) derivatives.

A common misconception from the outside looking into the Singapore corporate world is that leadership is applicable only to the most senior or higher ranks. In any successful organisation in Singapore, this is furthest from the truth.

'It's not what you know, it's who you know.' So goes the old adage, and it's true that in business, personal relationships usually count for more than specialist knowledge. But good networking hinges on more than simply knowing the 'people who matter'. Just think of all the former high fliers who have fallen from grace in recent years. They had the right connections – or so they thought. Their trouble was that they had become isolated from the rest of us.

Bridge have recently conducted a global research programme with their multi-national clients into the changing nature of 21st century leadership, looking at what are the underpinning capacities, skills, competences and mind-sets of the leaders that succeed in situations of significant complexity.

Singapore recently emerged as Asia’s most competitive city and third most competitive world wide in a recent Economist Intelligence Unit (EIU) survey. Singapore was just behind New York and London in the survey. Yet Singapore is the upstart in the Asian region and leads where other mightier countries like Malaysia, Thailand, Indonesia and Vietnam try and follow. The question now is how can they keep growing and keep that competitive edge? Whether Singapore as a developed country can keep pace with developing countries and their double digit growth is one question. Cities growing at rapid pace on the heels of Singapore include Abu Dhabi in the UEA, Bandung and Surabaya in Indonesia, Pune in India, Hanoi in Vietnam and Dalian, Hangzhou and Qingdao in China. The other factors are the non-economic factors that the survey from the same people who run The Economist magazine fascinatingly revealed. Singapore rated high in six of the eight factors: economic strength, institutional effectiveness, financial maturity, global appeal, physical capital and environment and natural hazards. Singapore fell down on grounds which everyone in government and who run companies in Singapore know about; Human capital and social and cultural character. The ongoing debate on whether there are too many foreigners in the country are part of the first part of a lack of population growth and fostering an entrepreneurial and risk taking. Singapore has one of the lowest levels of fertility in the world and yet to keep growing it needs more skilled talent from overseas of which the debate on Singapore is centred on. In many respects this is a self made problem, one of which Singaporean citizens seem reluctant to take responsibility for while at the same time complaining about foreigners taking jobs which either wouldn’t exist or they couldn’t fill without foreign help anyway. How many Singaporeans would work at the lowest level in construction? Ultimately everyone benefits from a growing economy, primarily Singaporean citizens. Creating entrepreneurial zeal and risk taking skills are not easily taught but Singapore has been investing heavily in these very areas in education but this has still not manifested itself in creating new companies and running companies in Singapore. Time will tell whether this factor will rise in the EIU survey. The lowest score Singapore gained was social and cultural character where is only was 42nd in the survey. This includes controversial aspects such as freedom of expression, human rights and ethnic diversification and more culturally desirable aspects such as the quality of restaurants and the presence of international book fares. There is an argument to say that these two factors are connected, risk taking and entrepreneurial spirit would be better accentuated through more freedom of expression without the fear of what was said or done leading to shame on a family. Singapore’s ambition is not just to remain as one of the most competitive cities in the world but to become a thought leader in the world too. Many have come to Singapore to learn about the amazing growth through the government’s own risks with the amazing success of the two integrated Casino resorts, the amazing Changi Airport, the ultra reliable public transport, the social housing and the openly ethnical diversity and true multiculturalism. As the major of the top city in the EIU index, Mike Bloomberg said “Singapore has always had a desire to win, to change with the times, to be open. Singapore will have to fight every single day with rival foreign cities and that’s good. Competition is Singapore’s ray of hope, which keeps it going”.

Lemon law will come into effect on Sep 2012; it can definitely help to boost consumer confidence and as well as the retail experience in Singapore. With the implementation of the lemon law, consumers are protected against "lemons" or defective products where the retailers will have to replace, exchange or give refunds to consumers should there be any defective items.

Singapore is a small island of roughly five hundred and eighty (580) square kilometers. This island has a problem. If this beautiful tropical island cannot keep her car population in check, then before long, there will be a possibility of a complete standstill on the roads.

E-commerce in Singapore is booming. Emall.sg is testimony to the popularity of e-businesses in Singapore. It lists over 4,000 active local businesses including blog shops, coupon deal sites, grocery stores and education portals.

The people of Singapore have many reasons to feel good today. A robust economy, the world’s busiest port, a superior airline, world class dining, more millionaires per capita than any other country – the list goes on.

Despite the gloomy economic outlook in Europe, South East Asian (SEA) companies can still successfully come to the London Stock Exchange AIM market and raise capital in doing so. Benefitting from buoyant consumer markets and growth in the region, SEA companies are using the London-based alternative market to capitalise on their success.

Singapore is in a war for talent. With unemployment continuing to hover around a very low two percent, there is an urgent need for companies to differentiate their employer brand and employee value proposition (EVP) in one of the world’s most competitive talent marketplaces.

The integrated resorts (casinos with added on leisure to you and me) in Singapore celebrate two years this month.

I have (mostly) had the fortune of working for some very good managers/leaders throughout my career, including some excellent Singaporean managers. And I myself have had to lead employees and teams in Singapore, rest of Asia, Europe and the US.

Skills shortages remain an ongoing challenge for many employers in Singapore, yet there is one underutilised strategy that employers could consider to help overcome this skills gap, and that is candidates with transferable skills. Too often we see Singaporeans being trapped in career silos because they don’t believe they can cross industry boundaries. At the same time, the situation is compounded by employers that do not consider the transferable skills of candidates who could support their growth plans. This is despite the ongoing skills shortages, which remain a factor in Singapore. Those employers that take steps to overcome this skills gap by becoming more flexible in their requirements when it comes to a candidate’s industry background and transferable skills are successfully securing top talent. For example, a HR professional with experience in the FMCG industry has the technical skills necessary to perform their role in the financial services industry. That’s why we advise employers to give credence to transferable skills. By over-emphasising the value of previous same-industry experience, employers could be missing out on talented people and motivated workers. It is particularly concerning in industries where there is a shortage of skilled professionals and employers may need to consider candidates who have the necessary competencies but may not at first glance be the perfect match. This also extends to considering candidates with transferable skills and then using training to overcome any skill gaps. For instance, an employer seeking a payroll candidate could consider accounts payable or data entry clerks who can be moulded into a payroll role. An employer that needs a Personal Assistant could consider strong administrators or team assistants as their transferrable skills will meet most of their requirements. When considering what skills are transferable, we advise employers to look at what is really essential and what is desirable in a potential candidate. Consider candidates with the right cultural fit, who have the desired behaviours and transferable skills, not just the specific background initially required. By considering transferable skills, you open a vacancy to a larger pool of candidates who have solid experience, suit the company, and can become a highly valued asset with a little technical training. Hays, the world’s leading recruiting experts in qualified, professional and skilled people.

One of the most common issues I see when working with underperforming Singaporean companies is a failure of management to get the separate divisions, functions and individuals to work together effectively.

Here is a three word history of customer service: Response to Resolution to Experience. An industry called Customer Interaction Management (CIM) was born when organizations felt the importance of providing a ‘Response’ to make their customers feel special and wanted.