4 ways Singapore businesses can strengthen their workforce for the future

SINGAPORE: KPMG’s Singapore Budget 2025 Insights shared ways for businesses to strengthen their workforce and improve skills as Singapore grows as a financial centre, business hub, and assurance leader.

Eugenia Tay, a tax partner in personal tax and global mobility at KPMG Singapore, spoke with Murray Sarelius, head of the same division, and Nicki Doble, principal advisor for corporate transformation, about how businesses can prepare for the future.

According to Ms Doble, “While every industry and business faces unique trends, one universal truth remains: knowing your skills pipeline delivers immediate benefits in four critical areas.”

1. Focus on the right skills when hiring

Ms Doble said businesses need to “laser-focus” on the skills and experiences they need now and in the future, adding that businesses should also identify where they can get these talents from.

2. Develop internal talent for future leadership

She also highlighted the importance of training employees and giving them opportunities to grow. By doing so, companies can create exceptional local subject matter experts and start cultivating future C-suite leaders.

3. Shift to targeted training and micro-credentials

Businesses have moved away from previous broad training programmes, Ms Doble said. She noted that companies have moved towards targeted training and micro-credentials.

Mr Sarelius said, “Short-term certifications and micro-credentials are important to an agile talent marketplace. They help to ensure that skills are developed, refreshed and that those skills are easily identifiable by existing and potential employers.”

He added, “Micro-credentials help to ensure that scarce talent can be deployed effectively. For large multinationals, this means identifying and deploying talent on a skills basis globally. For smaller domestic businesses, it’s more about cost and efficiency.”

He noted that this especially benefits smaller enterprises, which are often the catalysts for innovation.

4. Recognise and fairly pay employees with critical skills

Ms Doble pointed out that knowing which employees have critical skills within organisations is crucial. “Top tip on this is that your business-critical skills are not hierarchical,” she said.

She added that identifying employees scattered across organisations with valuable expertise and ensuring they are fairly compensated helps businesses in the long term.

When asked how businesses can strengthen the skill sets of professionals in fields such as assurance services like accountancy while building a strong talent pipeline, Mr Sarelius said Singapore needs to attract young talent from overseas and support local professionals in gaining international experience. He suggested relaxing immigration policies to improve talent mobility and strengthen outreach programmes to bring in skilled professionals.

In terms of AI adoption, Ms Doble said AI skills are crucial as businesses, large or small, must adapt to an AI-driven future. She advised investing in foundational AI training, such as prompt engineering and ethical awareness, rather than waiting for fully developed solutions, or it would be too late. 

She added, “For me, it’s not just necessarily about keeping up, but with access to the right learning tools at all levels of enterprise, Singapore can be a global pacesetter for AI.”

For more details on KPMG’s Singapore Budget 2025 Proposal, visit here. /TISG

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