50 drivers of change in the public sector: Singapore
Singapore, like all advanced economies struggles with the core issues of changing demographics, threats to tax revenues, the need to find additional income sources and the impact of new technologies.
Singapore has a long history of economic success, having developed itself into one of the richest countries in the world.
However, the level of economic growth in Singapore has been more inconsistent over recent years, with the small city state vulnerable to international events and trends.
Talent and technology equation
As an open economy that is highly dependent on migrant labour, the quality and availability of the global talent pool is a major concern for Singapore.
There has been a substantial increase in the number of foreign-born workers in Singapore since the turn of the century. The vast majority of these being low skilled and working in low paid construction, domestic, services, manufacturing, and marine sectors.
The nation's main economic strategy today is based on being home to a highly skilled workforce. To enable that to happen, the government is investing heavily in information technology and human capital to meet global competition, developing Singapore into the ‘talent capital’ of the global economy.
"The focus of the government in Singapore is actually on how do we achieve quality growth, that is sustainable and gives the Singaporean a fairly good salary? Two responses have been identified: one is productivity and the other is innovation."
Top five drivers of change
Quality and availability of the global talent pool
The level of economic growth
Experimentation with and adoption of new business models
Stability of the global economic infrastructure
Non-financial information and integrated reporting