In recent years, Singapore has seen a slowdown in economic growth, which is expected to continue in the future. In a survey by the Monetary Authority of Singapore (MAS), economists revised down their projected growth in GDP per capita in 2017 to 1.5%, from 1.7%.
The latest Singapore Business Federation’s (SPF) National Business Survey also reflected this sentiment, with 50% of businesses reporting a pessimistic outlook and increasing demands for the government to act.
Businesses today operate amidst uncertain global economic conditions, heightened geopolitical risks and a backlash against globalisation. At the same time, the digital economy is rapidly transforming business and disrupting operating models.
The suddenness and severity of the economic downturn has generated a shared sense of shock and foreboding. The media’s relentless reporting of the latest bad news fuels this mood and only adds to of a sense of insecurity and lack of confidence in the future.
Against this backdrop, the Committee on the Future Economy (CFE) has announced measures to make it more conducive for Singapore to develop a resilient economy.
One of the measures announced by the Finance Minister Heng Swee Keat is the SkillsFuture Leadership Development Initiative, which supports companies by sending promising individuals on specialised courses and overseas postings. To begin with, the programme will target the development of 800 potential leaders over the next three years, and over SG$100 million has been set aside to make this happen.
What must business leaders do to ride out this economic storm?
Business leaders should resist the urge to react to a downturn by putting the brakes on their training and marketing budget, because training and marketing help a business gain competitive advantage.
Instead, they should focus on developing their human capital as well as building up their brand within their industry. It is critical to view human capital development as an investment rather than an expense.
During turbulent times, leaders face the overwhelming task of restoring their employees’ confidence and respect in business. They are called upon to guide organisations through times of uncertainty, to show the way forward and to set an example.
Today’s insecure business environment demands that leaders and organisations perform at higher levels, and with greater speed than at any time in the past. Organisational leaders and team members alike must place a new emphasis on learning to lead in an ever more volatile, uncertain, complex and ambiguous (VUCA) business environment.
Cegos Asia Pacific has partnered with Prof Sattar Bawany – CEO of Centre for Executive Education (CEE) and specialist in senior leadership and executive level development – to bring you a suite of six Masterclass programmes that develop leadership skills for board, C-Suite and senior managers operating in a VUCA world.
This unique set of programmes prepares leaders for business success in an unfamiliar, challenging workplace; one where constant change, increasing expectations and rapidly evolving conditions are the norm.
The Masterclass programme on “Leadership that gets results” is an intensive leadership development workshop that combines proven techniques with peer interaction to help participants understand the context for leadership in today’s VUCA business environment. They also learn how to make the link between emotional intelligence (EQ) competencies, leadership effectiveness and achieving sustainable organisational results in a turbulent economy.