A happier workforce for higher productivity
In the effort to raise productivity in Singapore, the power of happiness is the less conventional factor that has been overlooked and underestimated.
FOR Singapore, a city state with limited natural resources and a small local labour force, improving productivity has been key to its economic success and continued prosperity.
The government has clearly emphasised that raising productivity is at the centre of the country's economic agenda. "It is the only way we can raise our living standards in the years to come," according to the 2014 Budget Statement.
So far, Singapore has used conventional ways to raise productivity: capital investment, importing foreign labour, skills training, and technological and business innovation. However, it has overlooked and underestimated one less conventional factor: the power of happiness.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access