Singapore Businesses Struggle to Unlock Full Employee Potential Amid AI Revolution, Global Survey Finds
SINGAPORE: A new global survey reveals that many businesses in Singapore are failing to maximize their employees’ potential, with poor workforce planning hampering growth. The 2024 Kelly Global Re:work Report, conducted by talent solutions provider Kelly, highlights significant challenges and opportunities as organizations navigate the evolving landscape of artificial intelligence (AI) and automation.
The report, titled Building a Resilient Workforce in the Age of AI, uncovers critical insights.
Inadequate Workforce Planning: 54% of senior executives globally cite poor workforce planning as a barrier to business growth, and 47% report missing business opportunities due to a lack of talent.AI and Automation Investments.
While 64% of organizations are investing or planning to invest in AI and automation to boost productivity and engagement, 20% of executives find their digital strategies ineffective. Furthermore, only 39% of employees have received AI-related training. Employee Sentiment Towards AI: Although 73% of workers anticipate AI will impact their roles, only 36% feel positive about the technology.
In Singapore, the situation appears particularly acute. Only 38% of Singaporean executives are confident in their ability to improve productivity, compared to 54% globally.
While only 36% of executives rate their teams’ creativity and innovation skills poorly, and 57% identify addressing skills gaps as a high priority,.
To make things worse, just 23% of executives rate their organizations positively for supporting mental health initiatives, though 68% are taking or planning steps to improve organizational culture.
Therea are employees who are frustrated by a lack of career progression (33%), while some got skills development opportunities (31%), and autonomy (30%).
But still, over a third (36%) are dissatisfied with their work-life balance.
While 51% of executives see improved decision-making as the biggest benefit of AI, only 43% believe their organizations have adopted the necessary technologies for employees to perform effectively.
The Re:work Report introduces the Workforce Resilience Index, highlighting how top-performing organizations are building agile, capable, and inclusive teams. 70% of resilience leaders report increased revenue over the past year, compared to 35% of laggards. 61% of resilience leaders report improved profitability, versus 35% of laggards. 74% of resilience leaders report better customer satisfaction, compared to 37% of laggards. 79% of resilience leaders report improved talent recruitment, and 72% report better retention, compared to 27% and 34% of laggards, respectively.
Singapore ranks 11th out of 13 countries surveyed, indicating significant room for improvement. Norway, Sweden, and Germany are home to the most Workforce Resilience Leaders, while Australia ranks last.
The report outlines four best practices that resilience leaders employ in partnership with workforce solutions providers. 71% of resilience leaders collaborate with third parties to develop talent strategies, compared to 35% of laggards. 64% of resilience leaders have clear AI deployment strategies, versus 22% of laggards. They also use technology to improve workforce analytics and support hybrid work. 77% of resilience leaders have C-suite leaders responsible for diversity, equity, and inclusion (DEI), compared to 5% of laggards. Additionally, 53% offer flexible work arrangements, compared to 19% at Laggards. 54% of resilience leaders provide mental health resources, versus 28% of laggards.
“Today’s leaders must grapple with big expectations from the impact of AI on the workforce—ffrom the way work gets done to the skills employers need to the ways workforces are built and managed,” said Pete Hamilton, vice president and managing director, APAC, at KellyOCG. “AI is a tool that can significantly accelerate business growth and help build exceptional workforces.”
For additional insights, read the full report here.
