GIVEN the current economic uncertainty, it is even more crucial for companies to examine their humanresource (HR) capabilities that are vital in driving economic growth, said Senior Minister Goh Chok Tong at the inaugural Singapore Human Capital Summit yesterday.
With growing concern over the possibility of a global recession, governments, businesses and workers will have to brace themselves for tough times ahead, he said.
"In such uncertain times, it is even more critical to reflect on the importance of human capital and talent in driving economic growth," said SM Goh in his opening address at the summit.
One growing challenge that companies face in the current economic climate is attracting and motivating their employees.
"Today's financial turmoil only highlights the increasing pressure that firms and shareholders face in coaxing innovation and performance from their employees," he said.
He also touched on Singaporeans' concern about foreign talent competing for jobs and university places.
While he pointed out that foreign manpower was necessary for the country to achieve maximum growth, he stressed that the Government would ensure that Singaporeans continue to receive benefits that are reserved only for citizens.
The summit, organised by the Ministry of Manpower and the Workforce Development Agency, brought together global chief executive officers, senior human-resource practitioners and experts as well as government officials to discuss the latest staffing trends.
Singapore has been working on building itself up as a centre for leading human-capital practices, to help companies and HR professionals raise their standards.
The country has so far attracted American consultancies, including the Hay Group, Aon Consulting, Accenture and Mercer, to set up research and innovation centres on human capital here.
Mr Israel Berman, managing director of Hay Group Asia, told my paper: "Asia has the fastest market growth now and Singapore has a larger talent pool to tap on, so it's natural for us to set up our global-research arm here."
He added that the presence of global institutions like the Hay Group would "nurture an eco-system for research" and HR development in the region.
But the greater urgency now is for corporations to evaluate their staff strategies.
Hay Group Singapore general manager Andrew How told my paper: "Companies can use this period to consolidate their business and train staff.
"It is important to retain top performers and engage employees during this trying time."
This is so that when an upswing comes along, the companies will have employees who are equipped with the right skills to take advantage of new opportunities, said Mr How.
