The Singapore Institute of Management (SIM) Management Monitor was developed with the aim of providing a deeper understanding of prevailing management sentiments and outlook in Singapore. The 2014 study is the third edition following previous editions conducted in 2009 and 2012.
The study coverage comprises of 3 components:
a) Gathering managers sentiments and attitudes
b) Understanding management issues
c) Insights on SMEs
Key highlights of the study:
1,018 Mid-level to C-suite managers in Singapore responded to the survey in June.
Economic Outlook: Singapore managers are more optimistic about the global economy and the impact on their organisations’ business prospects. 39% of the respondents feel positive with an increase from 16% in 2012. With reference to the local economy, almost half of managers (48%) remained positive, comparable to 2012’s 45%.
Key Business Challenges: People management remains the top concern for most managers. 38% of respondents cited retaining good staff a key challenge for their businesses followed by 37% on managing staff and 35% in meeting expectations of superiors.
Training: Over half (65%) of managers acknowledged that training is an important component in enabling them to better manager and improve their workforce. The biggest capability gap is in the area Leadership & Organisational Development Training (43%) which is also a key priority for grooming future managers.
SME Challenges: SMEs face similar difficulties as 2012 with 54% of respondents saying that rising labor cost is the no. 1 challenge followed by attracting local talent (34%). To improve their businesses, SME tried to implement a variety of measures with different success rates ranging from 40% to 23%.
- The two most successful initiatives were outsourcing teams and introducing new software tools to increase productivity.
- The least successful was grooming younger staff into managerial positions with as success rate of 23%.
Multi-Generational Workforce: Majority of the managers perceive that their organisations are not effectively managing millenials in the following scenarios:
- Leaving the company within two years of starting on the job
- Demanding pay rises/promotion after a short period of time
- Challenging established ways of doing things in the organisation
- Expressing dissatisfaction with the organisation’s management style
- Clashing with older employees over working practices
- Younger employees managing older employees
In addition, 85% of managers are coping with teams made up of different age groups. 83% are also said they do not have difficulties managing teams with people from different countries and cultures.
Check out the press coverage on Management Monitor 2014:
- The Business Times, 28 August 2014
- LianHe ZaoBao, 28 August 2014
To gather greater insight into the mindsets and attitudes of managers, sign up for the forum on 2nd October 2014. You can expect to take back some further knowledge of what needs to be done to stay competitive in the business environment.
For more information, kindly visit the websitefestival.sim.edu.sg/mm or drop us a note to email@example.com
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