Singapore companies are relying on a simple tried and tested method of improving their productivity – getting your employees to do more with the same resources.
It's all about productivity.
According to a survey by Robert Half, Singapore’s leading finance, accounting and technology specialist recruitment firm, companies in Singapore look to their existing staff to deliver productivity improvements, in preference to investing in technology, infrastructure or motivating staff with greater pay.
The global survey of 2,179 CFOs and Financial Directors was conducted across 15 countries and included 150 respondents based in Singapore.
In Singapore, 49 per cent of CFOs said their companies achieved additional output from their team without providing additional resources. This was followed by 44 per cent who gained productivity improvements through investing in technology, and 38 per cent who employed more permanent staff to increase output.
While it was the second most important factor in Singapore, investment in technology was the largest contributor to productivity gains globally and was cited by 41 per cent of respondents. The next largest contributors to productivity globally were getting existing staff to do more with the same resources (40 per cent) followed by improvements to processes and infrastructure (33 per cent).
Ms Stella Tang, Director of Robert Half Singapore said the tight labour market and tightening of foreign talent inflows are making Singapore companies think about different ways to get more from their workforce.
“As it becomes challenging for Singapore employers to hire good staff to improve productivity, many are getting existing employees to do more. However, if you over work your employees too much they may leave, and take up a position with a more staff-friendly firm, or look to move overseas.”
“To retain top staff and ensure that they consistently deliver business results, Singapore employers are also looking at investing in technology as a means of getting a boost in productivity.”
“One thing employers need to be mindful of is the importance of motivation when it comes to getting employees to be more productive. The push for employees to do more with the same resources works well when employees are motivated by regular honest and open communication, rewards and recognition, and being able to access flexible working arrangements,” Ms Tang said.
In contrast to Singapore where the push is to get existing staff to do more, Hong Kong companies have realised productivity gains from increasing their permanent head count (49 per cent) and technology improvements (40 per cent).
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