HRM357: Workforce Planning
The Singapore Government committed to a S$4.5 billion Industry Transformation Programme to transform Singapore’s economy for the future. A cornerstone of the program is the development of Industry Transformation Maps (ITM) for 23 industries envisioned to be the drivers of Singapore’s future economic growth. These ITMs aim to address issues within each industry in the areas of jobs and skills, productivity, innovation, and internalization.
Since the first ITM was launched in 2015, it was reported that the transformation efforts have resulted in growth in labor productivity, creation of quality jobs, and higher wages till 2019.
All the ITMs for 23 industries have been successfully launched since 2018 and some industries have shown positive economic outcomes from the efforts of all major stakeholders in each industry. However, the covid-19 pandemic in 2020 has caused much economic upheaval in many industries while some industries thrive with exponential growth.
This has led the Future Economy Council (FEC) to review the progress made in the past 5 years since inception in 2015 and to chart new directions for the next 5 years till 2025. This forms the new FEC which will review and refresh the strategies under each ITM in the 23 industries. This review is named as ITM 2025 and there is a re-grouping of the 23 industries into 7 FEC clusters.
The objective of this question is to explore the role of workforce planning and the application of its framework and process to one of the Industry Transformation Maps being studied. The industry transformation is managed through the collaboration of many stakeholders in each of the specific industry. For this part of the assignment, you are to:
Research and select a company in any ONE (1) of the following industries in the Trade & Connectivity Cluster:
• Air Transport
• Land Transport
• Sea Transport
• Wholesale Trade
Answer the following in context to the selected company in the relevant industry.
1. Describe the profile of the selected company and discuss the industry transformation map’s strategies and initiatives relevant to the company.
Examine how these strategies and initiatives have influenced the workforce planning framework, process, and considerations in the selected company.
2. Evaluate the effects of the Covid-19 pandemic and the changes in labor market demographics for the selected company’s workforce planning from the year 2020 till the present.
3. Formulate a workforce planning framework that the company should adopt with considerations from your discussions in (1) & (2). Support your framework with details of each planning process, examples of the forecasting tools to be used, and possible action plans