2. Being an SMP in Singapore (cont’d)
• Key Challenges:
– Rising Costs of rent and labour in Singapore
One of the most expensive cities in the world (ranked 9th
most expensive according to the Economic Intelligence
Unit Survey)
Singapore is a rising Financial Hub with Global reach
High inflow of Financial Capital ,new businesses &
competitiveness
Attaining Global city market status without boundaries/time
– Young professionals with high aspirations and expectations
3. Being an SMP in Singapore (cont’d)
• Result:
– The Accounting Profession is losing its
attractiveness in comparison to jobs in the
Financial Institutions, Commerce and
Industry. The Pressure is on!
Challenge: What are the possible solutions to
meet the Challenges?
4. Suggestions for the SMP
• Enhance Productivity:
– Commitment for training to raise productivity growth
– Increased Efficiency and effectiveness by relooking work methods
restructure and remove duplication and redundancy of work
processes
– Acquiring specialised knowledge & skill
– Better understanding of complexities of business environment to offer
solutions to increasing demands.
– Right skills for the right jobs
– Singapore Government has a S$2Billion National Productivity Fund set
aside to support efforts to restructure and upgrade skills
The Change has to start from the top - Management have
to be receptive to suggestions to change for Better
Performance.
5. Suggestions for the SMP (Cont’d)
• Willingness to Invest in Human Capital and Human
Resources to reduce voluntary turnover:
– More attractive working conditions much of the staff’s
waking hours are spent at workplace
– Build a framework for talent creation and retention mid and
long-term perspective required for skill development, rather
than short term
– Relevant HR monetary incentives in place to motivate
performance.
Delicate balancing is needed:
– Besides structured instructions, proper guidance is required for
staff motivation and career prospects
– But hands-on “on the job” experience are essential ingredients
for training of professionals
6. Suggestions for the SMP (Cont’d)
• With technological advancements, an SMP should
look to innovation and technology as powerful aids
to meeting challenges:
– Audit and risk management software capable of
performing multi audits. They enable :
• Easier documentation (linked working papers)
• Faster reviews (in built checklists and consistency checks)
• Explore productivity improvement & costs reduction
opportunities with cloud computing
– Staff and self-training to optimise efficiency and
productivity in the use of relevant software technologies.
7. Suggestions for the SMP (Cont’d)
– Joint collaboration or mergers amongst SMPs to develop
resources to overcome constraints in resources, budgets
and skills.
– Through combined efforts, SMPs are able to establish:
• Joint infrastructural enhancements to cope with
technological changes (i.e. Joint subscription plans for
secure IT network, shared database, shared storage)
• Range and skills and depth of business understanding
required to serve increasingly complex demands from
clients.
• Regional expansion for marketing with local partners to
capitalise on collaborative efforts.
Editor's Notes
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