Mr Leon Perera: To ask the Minister for Trade and Industry (a) whether the Ministry has studied the performance of managers of Singapore companies vis-a-vis those in other developed countries as measured in the World Management Survey; (b) if not, will it do so; and (c) whether the Ministry is considering how the current eco-system of academic and non-academic training for managerial skills can be improved, to enhance the corporate performance of Singapore companies and hence their value add to the economy.
Oral Answer (to be attributed to Minister of State for Trade and Industry Alvin Tan)
1. The World Management Survey (WMS) seeks to measure the quality of management practices in companies in selected countries and sectors. While the WMS provides useful data, it also has its limitations like any other survey. For instance, the WMS survey is neither conducted on a regular basis nor on a consistent sample of countries. We track the performance of our firms and our economic competitiveness through other data points and surveys instead.
2. We remain committed to raising the managerial capabilities of our workforce. Sector agencies monitor the performance of their sectors closely and provide companies with the necessary support to transform their business and workforce. The Government also supports ecosystem partners such as training providers, employers and Trade Associations and Chambers on managerial skills training. For example, the Financial Sector Development Fund (FSDF) administered by MAS co-funds eligible leadership programmes under the Asian Financial Leaders Scheme (AFLS) to develop promising leaders in acquiring knowledge to navigate the diverse operating environment in the region, as well as leadership competencies in corporate governance, ethics and culture, as well as strategic thinking and execution.
3. In addition to sector-specific initiatives I just highlighted, the Government also helps our local enterprises grow their business and leadership capabilities through programmes like Enterprise Singapore’s Enterprise Leadership for Transformation (ELT).