SSB2216 Presentation: The Remaking of the Singapore Economy and its Implication for Employment

1. SSB2216 Presentation:The Remaking of the Singapore Economy and its Implication for Employment

2. How does the notion of a creative and entrepreneurial economy affect the employment landscape?

3. Team Members Koh Shao Hong Nah Zheng Xiang Philson Mohd Shah Rizan bin Saleh Phoon Gui Shuen Tan Hong Chuan Julian Koh Long Jie Cai Hanbin, Kenneth

4. Presentation Overview • Introduction • View of the Changes to Singapore's Economy and its Employment Landscape • The Past Economy • Reasons for Transition • Characteristic of a Creative and Entrepreneurial Economy • Implication on Employment Landscape • Case Study 1: Eastman Kodak Co • Case Study 2: Adrenalin Events and Education • Case Study 3: MBE Technology Pte Ltd • Conclusion

5. Definition • Creative Economy • Individual talent and skills are the primary inputs • Based on a new way of thinking and doing • Revitalising industries • Uniqueness • Entrepreneurial Economy • Profit-making • Risk-taking • Innovation

6. Past Employment Landscape

7. Employment Practices • No stringent guidelines • General, broad ranging roles • Low-skilled, labour intensive

8. Management Style • Personnel Management • Assumed workers require strict monitoring • High bureaucracy • View T&D as a cost centre

9. Employee Expectations • Reluctant to attend training • Sought job security • “Iron Rice Bowl” • Stable Income

10. Employment Benefits • Basic, fair employment practices • No Flexi-hours • Few opportunities for T&D

11. REASONS FOR TRANSITION

12. Reasons for Transition • External environmental changes New needs and wants New competitors Evolution of economies External events New Technologies

13. Reasons for Transition • Singapore need to adapt herself to changes • To ensure progress and that we do not lag behind the other countries

14. Can it help? • Exploit complementary business areas • R & D and technology development • Build regional knowledge centers (hub) • Attract Biotech firms • Invest in Tourism • Two casino resorts

15. Response • Why is it necessary? • Substitute price competitiveness • Attract MNC’s higher-end investments • Maintain status

16. Creative & Entrepreneurial Economy

17. 3 Main Characteristics • Creativity • Collaboration • Entrepreneurship

18. Implications on employment Landscape Newly adapted working environment Rise in education criteria New and different skill sets

19. Raise in Education Criteria • Well-educated workforce • Greater demand for talents • Local context • MOE established Compulsory Education(CE) in 2003 • MOE adapting Future-Ready Singaporeans in 2012

21. New and different Skill Sets • Social Intelligence • Novel and Adaptive Thinking • Cross-Cultural Competency • New Media Literacy

22. Newly Adapted Working Environment • Colorful and Spacious Infrastructure • E.g. Google, Pixar • Effective Working Relationships • Recognition and Appreciation • Fun Organizational Culture

25. Eastman Kodak Co

26. Photography Industry • Founded in 1889 by George Eastman • Invented Roll Film • Dominant position in the photographic film in the 20th century Background

27. Hiring Practices • Hiring People with disabilities • Internship for students • Creativity requirements are not their hiring criteria

28. Training and Benefits • Customised Employee Development Plan (EDP) • EDP Updated quarterly • Minimum 40 hours of t&D each year • Provide support and education for people with disabilities

29. Mentality towards Economy Remake • Transition to Digital Photography Slowly despite invented Digital Cameras since 1975 • Kodak executives could not foresee the future without traditional film • Underestimated the change of the economy

30. Problems faced • Customer switched to digital offered by Sony • Film sales dropped drastically in 2001 • Financial shocks to Kodak • Lost of market shares to Asian competitors • Declining of sales revenue due to low profit margin from Digital Cameras • Filed Chapter 11 Bankruptcy Protection

31. Implications for the Employment • Unable to hire valuable and creative employees due to bad bankruptcy Reputation • Employee doesn’t want to choose Kodak as their employer • Unable to retain workers • Retrenchments • Limited resources to provide trainings and skill upgrades to existing employees

33. Social Enterprise Sees events as an opportunity to do good Over 300 events to date Adrenalin Events & Education

34. Creativity identified as crucial element in events industry Constant Innovation Perception

35. Training Policy Application of Technology Workplace Areas Affected Structure Hiring Criteria Benefits System

36. Past

37. Present

38. Structure Adrenalin Client Core Creative

39. Creativity Zero youth-at-risk headcount Hiring Criteria

40. Additional Special Benefits depending on occasion Special Company retreats Benefit System

41. Key Problem Faced

43. A Brief History

44. Business Orientation

45. Areas of Concern

46. Production: Manufacturing of Wafer • 24/7 continuous production • Semi-Automated machineries operated by a few employees • Maintenance of machineries done every 1-2 years • Both Machine and Human-Intensive

47. Hiring Criteria • Minimally diploma in General Engineering • Good background knowledge in Physics • Commit to long hours • Possess a quick and analytical mind • Able to converse in either English/Mandarin • Foreign workers accepted (MOM guidelines) • Gender Preference in different departments

48. Training and Development • Knowledge needed only pertained to local facility • Performed in-house by Senior Engineers : • Operating machineries • Analysing outputs of productions • Handling of wafers and cleaniness control Training? Development?

49. Welfare and Benefits • Standard MOM Benefits: • Company Transport • 1-2 Months’ Bonus salary based on company’s annual profits • Extra allowance for lunch (on top of basic pay) • 4-day work week • Promotion within company Mostly Short-term benefits:

50. Research & Development (R&D) • Recently began R & D on a small scale • Employed a PHD student to be focused in R&D