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16Jul•Aug•Sep 2012BiZ FeatureEconomic gyrationshave become morevolatile and pronounced.Major economies areexperiencing bouts ofmarginal economic growth andslowdowns. Uncertainty continuesto rule the day, amid a continuedslow bank run in some Eurozoneeconomies.Given this landscape, just aboutevery economy continues to wagethe war for talent with the aim ofattracting, retaining and nurturingthis valuable resource.In Singapore, some quartershave urged the private sectorand Government to use wageadjustments as an economic tool toachieve the desired goals in talentdevelopment and productivitygrowth.There is, however, a significantlygreater consensus on the useof productivity development asa means to achieve the goal ofcontinued economic growth.Focus on productivitySome of this debate occurred duringrecent discussions at the 54thsession of the Asian ProductivityOrganisation (APO) GoverningBody meeting in Singapore in Aprilthis year.In his opening address, MrSomdy Inmyxai, the APO Chair,emphasised the importance ofthe region in making even greaterefforts to improve productivityperformance and accelerate socioeconomicprogress in order toovercome the lingering globalfinancial crisis.The push for productivitygrowth is certainly gaining strongtraction in Singapore. As recent as2010, the Government announcedthat it will redouble its effortsto raise productivity, making afocused attempt to drive labourand innovation as economic factorstowards productivity gains andsustainable growth. The currentplan is to achieve productivitygrowth of 2% to 3% a year over thenext 10 years.ShapingSingapore’sAs Mr Lee Yi Shyan, Minister ofState for Trade and Industry andNational Development, said at theopening of the APO meeting: “Theneed for productivity drive remainsas relevant as before, if not more.”Need to upgrade and improveEchoing the same chorus at thenational level, Minister of State forFinance and Transport JosephineTeo said: “The Government willnot spare any effort in helping ourcompanies, especially the small andmedium enterprises, to upgrade andimprove productivity.”Ms Teo made this remark at thelaunch of a new multi-agency effortcalled PRIME to gear Singaporecompanies towards sustainableinnovation-led and productivitydrivengrowth.To achieve the newly setproductivity growth targets,Singapore has set up the NationalProductivity and ContinuingEducation Council to spearhead thenational productivity drive.The focus will be on drivingproductivity initiatives at thesectoral, enterprise and workerlevels; developing a comprehensive,first-class national ContinuingEducation and Training (CET)system; as well as promotingand entrenching a culture ofproductivity, innovation andProductivityGetty ImagesConcerted multi-party private sectorinitiatives, enlightened businesses andgovernment programmes are changing theface of productivity in Singapore.BiZQ takes stock.