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Singapore has been ranked sixth out of 22 countries for its overall management practices, according to a recent survey by the National Productivity and Continuing Education Council (NPCEC).
The survey, which assessed the quality of management practice from 408 manufacturing firms in Singapore, benchmarked local firms to 21 other countries based on four dimensions – operations management, monitoring management, targets management and people management.
Of all four categories, Singapore did best in people management, coming in fourth place of all the countries surveyed.
“The Republic’s strength was in ‘rewarding high performance’ and ‘retaining talent’ – aspects under the people management dimension which entail the optimising of workforce quality and maximising of human capital,” the report said.
Singapore was also in the top 10 rankings for the three remaining categories.
“The favourable score in operations management can be attributed to the wide practice of lean manufacturing in Singapore,” the report explained.
Strong scores in monitoring management were due to effective skills upgrading through training based on identified employee weaknesses, while the ability to communicate well-defined targets attributed to high scores in targets management.
According to overall management scores, Singapore came in sixth place of all 22 countries, just behind top countries such as Germany, Japan and the US.
Despite the high scores, there is still room for improvement when it comes to SMEs “instilling a talent mindset among senior management, better tracking and communicating of key performance indicators (KPIs)”.
Acting Manpower Minister Tan Chuan-Jin said more needs to be done in areas such as setting holistic targets. “Improving the quality of management is just as important as undertaking other productivity improvements in order to entrench a productive culture.”