Firms need new mindset to negotiate new economy

Singapore

INSTEAD of physically increasing manpower capacity, enterprises need to look to enhancing customer satisfaction and employee engagement as tools to navigate the new economy. Development of these new tools, instead of the old ways of relying on foreign manpower, are what will help businesses thrive, and are the areas the enhanced business excellence (BE) framework aims to address.

"Customer and employee are two sides of the same coin - one cannot grow without the other. With a slower pace of workforce expansion, trying to grow the employee side of the coin by increasing headcount alone is not good enough. We need to recognise that a more engaged employee is a more productive employee," said Lim Swee Say, Minister, P…