More job seekers in Singapore are getting jobs and productivity across sectors has increased, according to the latest Singapore Public Sector Outcomes Review (SPOR) published by the Ministry of Finance, Singapore.
Singaporeans are earning higher incomes in line with the economic growth of the country.
All ministries provide their inputs for the SPOR which is published every two years by the Ministry of Finance. It gives an insight into how the island country’s public sector fares in terms of different spheres of national interest.
As far as productivity of employees is concerned, growth in “real value-added per hour worked” increased to 4.5 percent in 2017 as compared to 1.4 percent in 2013. During the same time, the growth in real value-added per worker also increased to 3.8 percent from 1 percent in 2017.
Government initiatives to drive technology adoption across sectors is helping the overall innovation quotient of the country. The Smart Nation Initiative has been established with an aim to provide a better quality of life through digital infrastructure such as the adoption of digital and smart technologies. For example, businesses are now able to conduct governmental transactions digitally for company licenses, filling application forms and grants.
In addition to the license applications for companies, about 1,000 SMEs have also taken to digital solutions under the SMEs Go Digital initiatives and 370 companies adopted productivity solutions from Tech Depot initiative.
“We are using the immense power of technology to build a Singapore that would offer meaningful business and job opportunities,” said Ng Chee Khern, Permanent Secretary, Smart Nation, and Digital Government.
According to the report, government initiatives to enable Singaporeans to upskill, reskill and maintain employability. More than 285,000 people had used their “SkillsFuture Credit” by end of last year. Under the Professional Conversion Programmes, about 3,800 professionals, managers, executives and technicians got wage support and additional training to move out of their existing jobs and explore new sectors.
“In order to seize the new opportunities that will arise and adapt to changes in the future economy, Singaporeans will need to embrace lifelong learning and ensure their skills and knowledge are continually refreshed,” said Musa Fazal, Divisional Director of SkillsFuture Division, Ministry of Education.
With the boost in productivity for the country, it is important for businesses to have access to a skilled talent pool. The digital-focused infrastructure initiatives help in boosting productivity in various sectors. Also, the existing talent pool is getting re-skilled and up-skilled for the demands of a tech-focused and rapidly digitized workforce.