Singapore has been recognised by the World Economic Forum (WEF) for maximising the long-term potential of its labour force. The country has been ranked third in the world and the best in Asia in WEF’s Human Capital Index that measures a country’s ability to make the most of its workforce. The index ranks 122 countries based on four criteria: the quality of the workforce and employment; education; the working environment; and the physical and mental well-being of the workers.
Singapore was awarded high scores on the first three parameters. It secured the second position in the “workforce and employment” criterion in recognition for its high labour force participation rate, as well as the quality of skills and experience gained by the workers. The WEF also lauded Singapore’s quality of education and high level of tertiary education among the adult population, which helped the country bag third place in the “education” criterion. Finally, Singapore was placed fifth in the “working environment” criterion, scoring well in terms of its infrastructure, legal framework, and other elements that are conducive to the development of a talented workforce.
However, the country did not fare well in the last criterion – physical and mental well-being of the workers: its ranking was 13th. According to the WEF, Singapore’s relatively poorer performance in this area stemmed mainly from the burden of disease in the country: Singaporeans under the age of 60 are more likely to contract non-communicable diseases vis-à-vis many other countries, which takes a toll on workers and businesses. Moreover, workers in Singapore also reported high levels of stress.
Switzerland and Finland captured the top two spots in the WEF’s Human Capital Index, while Japan was the only other country from Asia to feature in the top 20. Malaysia and South Korea were ranked 22nd and 23rd, respectively, while China was placed in the 43rd position.
