With globalisation, automation and the rise of the digital workplace as well as mobile workforces, the way businesses function and compete today has changed from 40 or 50 years ago, said Second Minister for Manpower and Home Affairs Josephine Teo. TODAY file photo
SINGAPORE — Moving from a “human resources” to a “human capital” mindset will be key in Singapore’s new phase of growth, Second Minister for Manpower Josephine Teo said on Wednesday (Feb 7), as she outlined measures to help companies achieve this.
These include boosting programmes that help employers to transform their business strategies and that support workers in picking up fresh skills.
Speaking at a forum organised by the Singapore National Employers Federation (SNEF), Mrs Teo said, for example, that the SNEF Agency for Productivity Practices, Human Resource and Industrial Relations (Sapphire), which was launched last year, has been helping companies to enhance their competitiveness, with a keen focus on the human capital strategy.
Employers may consider Sapphire’s expanded Technology-enabled Workplace Transformation Programme, which grants companies a 70 per cent subsidy for up to 100 consulting hours.
More than 100 companies, mostly small- and medium-sized enterprises (SMEs), have started on or completed the Sapphire programme, which helps them to tackle the challenges of introducing new technology.
At the forum, Mrs Teo also launched a new SNEFDigital initiative. It aims to help companies, especially SMEs, adopt digital technology, equip their employees with digital skills, and build capabilities among human resource professionals.