Singapore is prioritizing human talent over technology in the face of layoffs and uncertainties in the tech sector.
- Singapore is actively investing in and nurturing tech talent across various sectors.
- According to the EIU report, Singapore is predicted to maintain its position as one of the best business environments in the next five years.
- Singapore has been named the world’s best business environment for 15 consecutive years, excelling in the regulatory environment, legal system efficiency, and access to financing.
The tech sector is infested with layoffs, be it big corporations or major businesses. Some blame it on AI, others on greed. But either way, it feels like the sector is caving in on itself. There is good news coming from Southeast Asia, however. Despite the unstable employment climate, Singapore is backing up its human talent.
The Value in Fellow Humans
Singapore’s effort at hiring and cultivating tech talent is robust. And they are not limiting this to just the tech sector either. The first thing to note is how certain banks decided to become hands-on in this process. In fact, the Oversea-Chinese Banking Corporation, Limited, (OCBC Bank), DBS Bank Limited (DBS), and United Overseas Bank Limited (UOB) have each developed programs seeking to train technology staff and prepare students entering the tech industry. Then, some companies decided to pledge money to encourage employees to develop their digital skills. STLogistics for example, pledged about $1.2 million for the cause. And not to be left behind, Singaporean telco M1 debuted a program dedicated to teaching undergraduate students certain skills, such as cloud infrastructure support.
This is only the tip of the iceberg. Not to mention Singapore understands that skilled people are not only needed in the tech sector but also in every other sector out there. They understand the value of human talent. So, it is indeed providing its people opportunities to progress and advance in life.
Pleasure Doing Business with You
I recently received the Economist Intelligence Unit’s (EIU) report on countries within the context of business. Their business environment ranking (BER) illustrates the impact of the war in Ukraine, the inflation and cost-of-living crisis, and all other global monetary issues on global operating environments. It takes into account factors, such as:
- Political stability
- Economic growth
- Labor market
- Business environment policies.
The general consensus of the report was that “the second quarter of 2023 shows that North America and Western Europe continue to be the best places in the world to do business. Asia ranks third, ahead of Eastern Europe, while Latin America marginally outperforms the Middle East and Africa (MEA).”
Singapore, for the 15th year in a row, has been named the world’s best business environment. Turns out it particularly did well on three major fronts: the regulatory environment, the efficiency of the legal system, and access to financing. Knowing how much value they put on human talent puts this title into perspective.
The report predicts Singapore, Canada, and Denmark to be the countries with the best business environment over the next five years.
Everybody is scared for their employment in the wake of generative AI. So, it is quite refreshing what Singapore is doing for its people. A country that cares about the prosperity of its people is a country that will imprint its values on the world. The most interesting aspect of this, in my opinion, is the fact that they understand the importance of digital skills for the future and they are trying to set up the population to succeed. Even during uncertain times, Singapore has placed greater value on human talent.
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