Firms need new mindset to negotiate new economy
It's about how to grow business profitably and how to enhance the wages of workers in a sustainable manner
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, Prime Minister's Office, in his opening address at the 6th Business Excellence Global Conference on Wednesday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Kraft Heinz misses sales estimates as higher prices deter customers
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand