Investing in transformation could itself help to reduce costs, says Rimini Street regional director Andrew Seow. "Digital transformation does not need to be a costly investment."AS THE economic slowdown deepens, some business leaders in Singapore are calling on the government to look at immediate relief measures to help firms rise to the challenge, even as it stays focussed on long-term transformation efforts for the long run.
An expansionary Budget 2020 could help, said Fullerton Markets chief executive officer Mario Singh. But this is alongside helping firms and workers strengthen core competencies and build new capabilities, as well as continuing to attract global companies here, he said. This does not mean ruling out immediate relief measures."Active intervention is needed to keep afloat businesses and workers so that they do not sink," said PeopleWorldwide Consulting managing director David Leong, who proposed interim reductions in land rent and manpower levies, or employment grants to encourage hiring of retrenched workers.
Real Estate Developers' Association of Singapore president Chia Ngiang Hong said firms"should take a cold hard look at their current operations and take decisive actions to restructure and reinvent if necessary", tapping government aid to do so. Nonetheless, existing government measures could be enhanced, in light of the current slowdown. Adecco Group Asia Pacific's chief executive Ian Lee suggested that the Wage Credit Scheme, which co-funds wage increases in firms undergoing transformation, could be adjusted for a higher co-funding percentage in 2020, and extended to 2021 and beyond.