Tag: process streamlining
Din Tai Fung is a paragon of productivity (courtesy of Aroma Cookery)
Business as usual can no longer work in Singapore. We desperately need to change.
While we’ve enjoyed modest economic growth of 1.3% in 2012, and are estimated to experience 1% to 3% GDP growth this year, labour productivity declined by 2.6% last year. This wiped out productivity gains of 1.3% the year before, with the impact felt across manufacturing, construction and services sectors. Only the Info Comm sector experienced growth.
Teamy the Bee (courtesy of Singapore Visual Archive)
Teamy the Bee should be worried.
Labour productivity in Singapore has dropped by 1.9% in the last quarter, making it the 3rd quarter by quarter decline. With the manufacturing sector showing a 3% growth in productivity, it is clear that the service sector is the main culprit for productivity drops.