Speech at 15th anniversary of the Human Capital Leadership Institute
Minister for Manpower Dr Tan See Leng, Rochester Commons
Professor Arnoud De Meyer, Chairman, HCLI
Dr Kevyn Yong, Chief Executive Officer, HCLI
Distinguished Guests
Ladies and Gentlemen
1. Good evening! It is a real pleasure to join you in celebrating the 15th anniversary of the Human Capital Leadership Institute, or HCLI.
2. Human capital is Singapore’s single most valuable and important resource. The ideas, resilience, and adaptability of our people drive our nation’s success. And as we celebrate 15 years of HCLI, we are reminded that leadership is key in shaping the people who shape our future.
3. Since its founding in 2010, HCLI has championed human capital development through numerous crises. Its enduring vision is to be a leadership hub in Asia - to bring global talent together, provide knowledge on talent management, and advice on leadership development.
4. But the world we operate in today is changing faster than ever.
a. Economic and technological cycles are becoming shorter.
i. The World Economic Forum estimates that within five years, the number of jobs created and destroyed will amount to close to one in four the number of jobs today.
b. Trade barriers due to protectionism and economic nationalism are on the rise, while the intensifying U.S.-China competition adds even more uncertainty and volatility.
c. At home, Singapore is on the cusp of becoming a super-aged society.
i. As the size of our resident workforce plateaus, the manpower constraints we face will become even more biting.
5. In such times, leadership matters even more. Human capital leadership will determine whether Singapore continues to maintain our competitive edge that we continue to be inclusive, and forward-looking. It is what turns disruption into opportunity, and talent into our enduring competitive advantage.
6. There may be no “I” in team, but there are three “I”s that I hope every leader here can live by. And that is to Invest, Innovate, and Inspire. Please allow me to elaborate.
Investing in people
7. First, our leaders must keep investing in people, especially in a world where there is intense and hyper competition for talent and power.
8. Earlier this year, MOM launched the Career Health SG initiative – an important step towards helping Singaporeans build resilient and fulfilling careers in a rapidly evolving economy.
a. Rather than preserving roles that may no longer be relevant, our focus must be on empowering our people - supporting them to grow, adapt and transition into roles that gives them a stronger runway, and long-term prospects.
b. As leaders, you have the opportunity to make this real by nurturing a culture where people can grow and can move into new roles as your business needs evolve. I encourage all of you to take a skills-first approach.
c. Focus on what your employees can do, not just what qualification they hold. This will help you unlock wider talent pools and build more resilient and adaptable teams.
9. To support investment in human capital, MOM recently announced the Singapore Opportunity Index, or SOI. It is the first recommendation from the Tripartite Workgroup on Human Capital Capability Development - a practical framework to measure how well employers support meaningful career growth.
a. The SOI serves as a common yardstick so that employers can benchmark themselves and learn from their peers.
b. From early next year, we will feature exemplary employers on the SOI website, showcasing different models of excellence to deliver strong workforce outcomes.
c. Through the SOI, we hope to empower and motivate leaders to invest in human capital development. I encourage you to explore our website and share your experience.
Innovating to create new opportunities
10. The second “I” is innovate. As our workforce grows older and more diverse, leaders must come up with flexible work models and new ways of engaging employees.
11. Under the Alliance for Action on Advancing Career & Employment Services, we are working with private sector players to develop innovative solutions that can strengthen workforce and career development. Specifically for senior workers, the Alliance for Action on Empowering Multi-Stage Careers for Mature Workers will partner employers to co-create and prototype solutions to make jobs and workplaces more age-friendly.
12. These are ground-up solutions that can make significant impact if leaders are able to scale them up within their organisations.
a. Innovation in human capital management goes beyond new practices. It also needs a mindset change.
b. When leaders are open to new ways of recruiting, developing, and deploying talent, we can help every worker contribute meaningfully in every life stage. We also open new sources of talent in a tight labour market.
Inspiring the next generation
13. My final “I”, leaders must inspire and grow the next generation of leaders.
14. I am heartened to see how HCLI’s Singapore Leaders Network has flourished, expanding from several hundred members in 2022 to more than 3,000 today. Well done! Beyond networking events and mentorship, the network also now offers the new Overseas Transition Support programme for budding Singaporean leaders.
15. This commitment to innovation and leadership development is a source of inspiration for the community of business leaders in Singapore. Thank you for looking beyond today and investing in the promise of tomorrow!
Conclusion
16. For 15 years, HCLI has been a key partner of the Government in advancing the human capital and leadership development agenda. Whether it is through the Singapore Leaders Network or the Tripartite Workgroup on Human Capital Capability Development, HCLI has offered valuable insights and partnership that shape our manpower strategy.
17. Happy anniversary HCLI! I hope you will continue to invest in our people, innovate to create opportunities and inspire the next generation of leaders.
18. Thank you and have a wonderful evening ahead.