Learning before starting work is the norm, but Singaporeans should embrace a new approach of “learning while doing” that allows them to keep up with technology and fast- changing workplaces, Finance Minister Heng Swee Keat said last night at the Economic Society of Singapore annual dinner at Mandarin Orchard Hotel.
He noted that the world is being roiled by major structural changes, but Singapore will be well placed to meet the challenges if firms and individuals can adapt quickly enough and build up strong capabilities.
He highlighted several key trends, including the impact of technology on productivity and jobs, the rise of emerging economies and the growing importance of data. These shifts mean companies, individuals and institutes of higher learning need to change their habits and practices significantly, Mr Heng said.
Companies also have a role to play in positioning Singapore for a volatile, uncertain future – through innovation and overseas expansion, as well as building up deep industry- specific capabilities. These involve firms collaborating to develop new technologies and share resources.
Mr Heng said government agencies are also looking into providing more integrated support to companies in areas such as helping firms build capabilities and venture overseas.
Mr Heng also points out that Singapore – as well as many other countries around the world – continues to struggle with raising labour productivity. He noted that productivity will become increasingly important for sustainable long-term economic growth, especially since the labour force will no longer expand as quickly as it used to.
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Source: The Straits Times, 3 August 2017