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From continued support for skills development for employees, to deepened employment opportunities across workforce demographics, let's take a look at what leaders we spoke to are on the lookout for.
- Report by Colette Wong, Priya Sunil, Sarah Gideon & Umairah Nasir.
Singapore's economy experienced a growth of 4.4% in 2024, surpassing earlier estimates, according to the Ministry of Trade and Industry (MTI). However, the MTI projects a slowdown in 2025, maintaining its GDP growth forecast at 1% to 3%, citing significant global economic uncertainties such as trade frictions and geopolitical conflicts that could elevate production costs.
In response to these challenges, companies are under pressure to adopt new strategies that strengthen both their workforce and long-term business resilience. With Prime Minister and Minister for Finance Lawrence Wong set to unveil Singapore Budget 2025 in Parliament on 15 February 2025 (Tuesday), HR and business leaders are keenly watching for measures that will help them navigate economic uncertainties while driving growth.
From continued support for skills development for employees, to a deepened employment opportunities across workforce demographics, let's take a look at what eight leaders are on the lookout for.
Yap Aye Wee, Head of Learning & Transformation, Group Human Resources, OCBC
To further strengthen Singapore’s position as a leading global business hub, it is critical that lifelong learning and continuous skills upgrading remain a priority. This ensures that the nation continues to have a deep pool of local talent to pave the way for its continued economic dynamism and success in years to come.
We hope to see and welcome continued support from the government in the area of skills development for both organisations and individuals under Budget 2025.
OCBC embraces a skills-first approach, prioritising skills in everything we do – from recruitment to development and talent management. As an organisation, and with the support of various schemes from the government, we empower our employees to continually build their skills, providing them with opportunities and tools that enable them to grow and thrive in today’s ever-changing landscape.
Cherry Chen, Director of Human Resources, CHAGEE
With our APAC HQ in Singapore, we are committed to strengthening the local food and beverage industry. In 2024, we launched seven stores and hired over a hundred Singapore residents, with plans for further expansion.
As we deepen our presence, we seek continued government support to support hiring efforts, upskill talent, and drive sector growth.
Parvin Raipathi, Deputy HR Director, Rotary Engineering
With Rotary’s recent expansions into the international arena, the need for attracting and developing the right talents is extremely crucial.
- Support and co-develop employer branding initiatives for organisations in niche industries.
- Support organisations in training and development efforts to develop global competencies such as cultural agility and cultural intelligence to recognise how cultural factors can influence behaviours and decision-making processes and build meaningful interpersonal relationships.
- Support organisations in terms of opportunities for global networking with partners, clients and government officials in overseas market.
Bhawna Bakshi, Global People Experience Lead, Kenvue
I hope for positive indications in the budget that will position Singapore as an innovation led economy and allows professionals an access to multitude of opportunities. At the same time attention should be paid to inclusivity, progression, and fairness at workplaces.
For example, incentivising organisations to have structured returnships programmes for returning caregivers, overseas immersion programme for young entrants and hire based on skills rather than just experience.
Ilja Rijnen, Senior Director, Global Learning & Change, Suntory Global Spirits
The #1 item on my manpower wishlist for the upcoming Singapore Budget is greater investment in AI-driven workforce upskilling. As AI reshapes industries, tailored learning programmes will be crucial to equip employees with the right skills, ensuring they stay relevant and thrive in an AI-augmented workplace.
Quek Li Ling, Head of Human Resources, Cathay United Bank (Singapore)
For Budget 2025, I hope the Singapore government will ensure older workers are given a competitive edge for the same employment opportunities versus younger workers, for example, subsidies for employers to hire mature workers. As Singapore’s population ages, it is important that lifelong, meaningful employment is available to all Singaporeans.
Elyza Telog, Senior People Operations Lead, APAC, Wise
To keep Singapore at the forefront of fintech and payments, I’d like to see Budget 2025 focusing on upskilling talent and ensuring skills drive real impact. Fintech thrives on innovation, so supporting continuous learning will foster new ideas and build a more vibrant, innovative, and inclusive ecosystem that benefits everyone.
Talleah Teo, People Director, Singapore & Malaysia, HP
As a technology company our future, and that of Singapore, is predicated on a future ready skilled workforce. Our wish list includes initiatives focused on high demand transferable skills in fields including AI, Sustainability, even effective communication skills. This entails lifelong investments in upskilling incentivizing behavior change among companies.
Photos: Provided
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