If you look at the statistics coming out of the US, it is well documented that in the current economic climate, neither increasing productivity nor decreasing cost delivers increased profits. Unfortunately, the productivity equation that worked so well in the industrial era is no longer applicable.
Singapore seems to have put too many eggs in one basket. You only need to look at the Country Rankings in the World Banks Government Effectiveness Index to see that Singapore comes top and has done so every year for the last seven years. From 1981 to 1995, 60% of Singapore’s average economic growth of 7.6% came from productivity growth, which averaged 4.5%.
Singapore has an amazing well-educated workforce, the education system here is one of the best in the world, it is accessible to all and the vast majority of Singaporeans in the workforce and those coming into the workforce have excellent academic qualifications. So why then do we constantly hear that companies need to bring in foreign “talent”?
When you ask them to think, to be creative, to take initiative on tasks with no instructions or preordained methodology many struggles. However, productivity does not drive innovation, creativity does, and although innovation can lead to improved productivity, innovation alone is delivering economic returns regardless of productivity.
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