Unique issues

Dhirendra Shantilal
Senior Vice-President, Asia Pacific
Kelly Services

UNDERSTANDING the unique needs and issues in the areas of health care, home design, leisure, finance and retirement faced by the elderly population, customising products and services for this niche population and the speed of response to these needs are key to tap into this multi-billion dollar market and grow the silver industry in Singapore.

While it has become increasingly critical for employers to attract and retain mature workers to maintain competitiveness in our evolving economy  where there is a shortage of talent, mature workers can also contribute significantly to the development of the silver industry as they are able to relate to the needs of the industry and empathise with the issues.

Mature workers whose skills and experience can be a continuing source of competitive advantage to organisations can be trainers for younger workers. By allowing mature workers to assume mentoring and training roles, the transfer of skills and knowledge to younger generations is facilitated and provides valuable advantage.

This works hand in hand with the government's recent legislation and initiatives to strongly encourage people to work longer with more flexible schemes that benefit both the employer and employee.

In addition, potential entrepreneurs can benefit from an introduction of a new silver industry business start-up scheme and assistance can be extended to these entrepreneurs with viable projects to obtain financing and support.

This would not only stimulate innovation and entrepreneurship within the business community and capitalise on the energy, creativity and technology existing in the marketplace, but also serve as the catalyst for the growing silver industry in Singapore.

Liu Chunlin
Managing Director
K&C Protective Technologies Pte Ltd

IT is good that the Silver Industry Committee has outlined a master plan and got everyone aware and excited about the business prospects. The important thing now is how to proceed with focus and a winning formula.

It will be too easy for a small country like Singapore with limited resources to fritter away opportunities through diffuse activities. We need to be bold with a concerted effort based on knowledge to stitch together attractive value propositions for a silver lifestyle, not just for Singaporeans but for foreign visitors near and far.

Though it sounds like a motherhood statement, it is important to know what the silver cohort needs and wants even as we chase the silver buck. For a start, the educational institutions could initiate studies so that the needs of the silver baby boomers are better understood, not just in terms of geriatric health but also wellness as the latter encompasses emotional and spiritual well-being.

A paradigm shift is needed and we must see the world from the perspective of the cosmopolitan silver cohort. This outlook should certainly inform every industry, from product to services.

Being focused may not be enough. We will need a sustained effort as there are competing industries like  leisure (from the integrated resorts) and bio-sciences which vie for talent. I guess iconic baby boomers like Steve Jobs and Bill Gates will lend a certain gloss to the silver industry in years to come. We may need other ways to make the industry attractive.

Singapore needs to continue developing its cosmopolitan nature to attract the globe-trotting silver cohort who will not be content to lead a quiet life. We should be a place where the world feels at home.

It is quite logical for the baby boomers to leave some wealth to their children, but at the same time they will certainly also want to enjoy a lifestyle comparable to what they are enjoying now as they move into their retirement years. We need to be ready for this worldwide silver cohort with their buying power unleashed by their lifetime savings.

Others

Jane Prior
Chief Executive
Priority Consultants

THE potential of the silver industry is best seen in the demands and desires of the post-war generation - the baby boomers. Growing up in a world which pushed aside traditional boundaries, they are charging into the silver years refusing to accept any limitations of ageing.

Instead, they strive for well-being, youthfulness and a life of continual learning. Singapore can benefit in several ways from this tsunami of spending power and influence. For instance, it can be a destination for wellness and rejuvenation, supported by the ongoing growth in the arts scene.

In parallel, Singaporeans are also redrawing their own boundaries and the new silver generation will be spending on leisure and quality of life with a focus on meeting personal needs.

What should we do? Keep chipping away at  preconceived ideas about roles and responsibilities and encourage some later life self-actualisation so that being old need not mean being alone and lonely. Rather, it will be a time to learn and to indulge.

Deb Dutta
VP, Asia Pacific & Japan
Brocade

THE silver mop is hard to ignore - and I am not saying this because I am rapidly moving into this category! Today's science, technology and healthcare will see longevity go up substantially.

It therefore becomes a social responsibility for any nation to ensure that employment, healthcare, social security, societal support, housing and financial infrastructure are suitably modified to ensure that this segment of the population is taken care of.

In return, this segment will contribute in gold to society and the country in general. All the experience, achievements and successful track record of this group will provide guidance to the emerging inexperienced workforce and guide them away from the pitfalls of the past while driving them towards success. 

Singapore is setting the right example by employing older workers and taking a leadership stance in promoting the silver industry. This will hopefully set a trend that other nations will follow.

Wee Piew
CEO
HG Metal Manufacturing Ltd

AS a country with a rapidly ageing population, Singapore is indeed in a good position to develop a silver industry. The best way is to engage the senior citizens actively to better understand their requirements. This can be done by a dedicated government agency or a business association.

I think we should not just look at basic healthcare and exercise products targeted at senior citizens. As senior citizens are more likely to live longer and lead a more active lifestyle, I believe products that cater to their entertainment and lifestyle should be an area worth looking at. One example would be media products like dedicated television channels and radio stations that broadcast in dialects with shows from yesteryear.

Annie Yap
CEO
The GMP Group

LIKE any other market, the key to developing a successful silver industry is a thorough knowledge of the demographics and psychographics of the addressed audience. In other words, there is a need to understand what the elderly need and demand as well as how much they can and are willing to spend. The challenge is that the baby boomer demographic spectrum is very broad.

Besides that, there are the regional countries to tap into, with people in the same category but possibly with slightly differing needs. To be able to position Singapore as a choice location for elderly solutions, we need to study the market so that our players enter this promising market fully aware.

I would also like to add that more important than "milking the cow", the solutions that emerge will allow the elderly to enjoy truly golden years. This is an initiative to make their lives easier, happier, and ultimately more fulfilling.

Ng Kong Yeam
Group Executive Chairman
Sino-America Tours Corporation Pte Ltd

THE silver industry is undoubtedly big business as the number of silver haired is increasing daily. To develop a silver industry, a country must have good healthcare, security, good fund management and many options for leisure and travel.

Singapore is an aviation hub, so it's a choice destination for ageing boomers to choose to live. Wealth management is improving to a high level too. Security here is probably the best in the region. Singapore should also encourage linguistic studies so that it will be attractive for people who speak other languages to live here.

To ensure that the silver industry will grow in Singapore, the government must exempt all those who come to live here from estate duty.

Sam Yap S G
Group Executive Chairman
Cherie Hearts Group Int'l Pte Ltd

A MAJOR area that Singapore would do well to look into will be eldercare. Without a doubt, as people age, they'll need more assistance in taking care of their day-to-day needs.

This, in addition to the growing trend of Singaporeans not having children, will translate into an increasing need for community hospitals specialising in eldercare.

On the government's part, proactive planning needs to be done to ensure that sufficient infrastructure and skilled labour are in place to deal with the projected surge in demand.

Something that the government could encourage is the combination of childcare and eldercare under one roof. In this way, both the old and the young can interact and benefit from each other.

Leon Perera
Group Managing Director
Spire Research & Consulting Pte Ltd

PEOPLE aged over 50 now make up roughly 20 per cent of Asia's population, but by 2030 almost half the population of the more mature economies (Singapore, Hong Kong, Australia, Korea and Taiwan) and 37 per cent of China's population will be silver-haired. Yet Spire's research among international firms in 11 regional countries showed that only 23 per cent treat the silver-haired segment as an immediate priority, with a larger percentage seeing mid- to long-term potential. This lack of urgency is belied by the lead times needed to adapt products, brands and go-to-market strategies for senior citizens.

As an international business hub with a rapid rate of ageing, Singapore could become a silver industry innovation hub and  test-bed for Asia, and particularly China, one of the most attractive silver markets of the future. However, given the lack of attention among companies, there is a need for publicity around good examples as well as government support for exemplary innovation efforts through awards, grants and events. Companies with expertise in the silver industry should be attracted to locate in Singapore to "Asianise" their products.

Lastly, the government could consider liberalising the use of the 3Ms - Medisave, Medishield and Medifund - to cover cutting-edge technology products and services for the elderly, so as to encourage test-bedding in Singapore's domestic market.

Is this article useful to you?