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Singapore’s Next S-Curve
Value is always relative and this also applies to the value proposition of the Singaporean workforce.
In the 1980s and 1990s, and even the early 2000s, Singapore’s workforce was comparatively “better” than the workforce of our neighbors as Singaporeans were better educated. Thus, even as Singapore was more costly in terms of rentals and manpower, the delta that our workforce provided employers continued to make economic sense for MNCs to base their operations here.
However, in a world where change is the only constant and, where maintaining the status quo means falling behind, as our neighbors evolve, so too must our value proposition. In the past decade, our neighbors have not sat idle. They have worked to raise the educational level of their population, and they are now just as educated as Singaporeans. Couple this with the difference in exchange rates and lower cost of rentals, the economics for MNCs to continue basing their operations in Singapore are beginning to tilt against us.
So, what can Singapore do to remain the country of choice for MNCs?
The answer to me lies in moving the Singaporean workforce to our next s-curve — a workforce with an entrepreneurial mindset. A workforce of entrepreneurs.
