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Knowledge Based Market in Singapore

INDIVIDUAL Task ON KNOWLEDGE BASED ECONOMY

To: Ms Irene Lee

Prepared by: Rachel Lim Ying Pei

Introduction

Knowledge-based overall economy is the new ascending economy observed in the modern-day world. Knowledge-related activities are now named the driver of productivity, economical growth, prosperity creation and sustain employability across all investments of businesses. The modern economics have gradually transferred from materials consuming current economic climate to information and knowledge structured economy that would promote the monetary development in the present day.

Knowledge-based economics are founded on increasing expertise, research, invention and learning. The change towards the knowledge-based economy is happening on a worldwide scale and possessed influence the existing competition between countries predicated on materials resources are substituted by competition founded on intangible resources related to RECRUITING, knowledge and new systems. Knowledge-based economies require some critical requisites to become real and effective economies. These are the four pillars: Education and training, creativity, information infrastructure, institutional program.

Globalization has been a important factor for knowledge-based economies. The opening up of global marketplaces and the internalization of trade in knowledge industries have exposed the economies to a global competition level. The creation of global labor markets for very skilled employees, the provision of investment finance and access to most advanced technology, information, ideas and knowledge flows from across the world have accelerated the move to a knowledge-based market.

Over the years, the knowledge-based current economic climate has become essential to Singapore. Singapore's capability to obtain, create, disseminate and applying of knowledge would be the key to maintain its economic progress. Further work that Singapore would have to work at are improvement on its nationwide creativity system, entrepreneurship and education capabilities.

The emergence of the knowledge-based economy and the revolution in information and communications technology (ICT) are closely interrelated. Most top features of knowledge-based economy are based on the growing use of information and marketing communications technology. Information and marketing communications technology (ICT) provides knowledge-based current economic climate an innovative and various technological bottom that significantly changes the conditions for the development and distribution of knowledge as well as its coupling to the development system. The climb of the info and marketing communications technology (ICT) has produced new sectors, created new regions of demand and altered people ways of working and living.

As a multinational corporation in the wine and spirits industry, Diageo has more than 36, 000 talented people working and growing with its business globally. Diageo is a British isles multinational alcohol consumption company headquartered in Britain which is the world's major maker of spirits and a significant producer of beverage and wine beverages.

Diageo seeks to keep up a diversity labor force in which the different contributions are created by all their employees, through the variety of their experience, personalities and perspectives, which creates a rewarding and uplifting working environment. Diageo thinks that having employees from different track record helps the company to gain deeper insights into consumer needs and at exactly the same time enhancing interactions with all their stakeholders.

Maximizing employee growth is an essential lever to attain Diageo's business development and at the same time embedding its organisation's values. Diageo strong values in ranking by their principles that are:

  • Being progressive - constantly searching for new ideas that will drive development and gaining more in-depth insights on consumers' point of view.
  • Giving employees the liberty to achieve success - being open up in communication at the same time allowing employees to unleash their full potential.
  • Being restless and agile - always learning, always seeking improvements in the means of learning.
  • Valuing each other - Seek to benefit from diverse employees and their perspectives and insights.

By embracing these group of actions in its employees, Diageo will be able to further its ambitions of business, people and neighborhoods.

In 1997, Diageo made a decision to create one of its local offices located in Singapore. During that point of their time, Singapore was one of the influenced countries struck by the economic crisis in 1997 - 1998. By early 1999, Singapore current economic climate was already exhibiting signs of restoration, however the problem facing the economy as it gets into the twenty-first century is to preserve its record of nearly four decades of high economical growth. Diageo has to constantly change its job operations, restructuring of the organisation to funnel new solutions.

The transformations into the knowledge-based economy are modifying on ways how organizations are working. Although there are extensive changes in the means of working, we will be drilling into two main changes and issues of Diageo's Individual Resource Office: Recruitment and repository management system.

Recruitment

For every organisation including Diageo, the recruitment of potential candidates and having a qualified workforce is critical to a organization's ability to generate its business and drive future expansion. An organisation's workforce typically drives the organisation productivity, level of performance and competitive advantages is basically dependent on the grade of its labor force.

The traditional methods of recruitment employed by Diageo to source for potential individuals were newspaper advertising, worker referrals and recruitment firms. Human Resource Administrator and hiring professionals would spend many hours poring over program letters and curriculum vitae.

Curriculum vitae received were type by the Man Resource administrative assistant using the Microsoft excel spreadsheet. The Microsoft excel spreadsheet also acts as a databases for all curriculum vitae. The storage space of physical copies of the curriculum vitae would be store in ring files, making retrieval of applications difficult to access and sort through. Sometimes, there will be a incorrect fit of the picked incumbents for the role offered and this would resulted in cost, commitment wasted. It is because the Human Resource Manager doesn't have a clear knowledge of the way the role will match the overall work picture of the company and struggling to guide the hiring managers on the choice process that needs to be aligned with company objectives.

In order to upkeep with progress of Information and communications technology (ICT) and gain a competitive border over its rivals, organisation must strategize in Individuals Tool functions to allow and support the business enterprise functions. Therefore, it is essential that Human Source and business functions have become interrelated. Diageo's present recruitment procedures have improved tremendously and improved to a style of talent network when compared with the past. Recruitment is one of the particular functions in Man Resource Department. A resourcing manager role has been intended to drive the recognition and recruitment of the highest caliber candidates and provide the full routine of recruitment functions. Hiring managers play a major role in the recruitment process and partnering with resourcing supervisor to work on sourcing and diagnosis aligned with the organisation's proper plan and overall business needs.

BrassRing, a web-based recruitment-technology system has been created to the business to drive performance and upkeep with the increasing demand on talent management. Features of BrassRing includes requisition creation, digesting and posting, job application looking, sorting and filing, applicant workflow, interview scheduling and tracking, applicant communications and confirming. The integration to BrassRing web-based recruitment-technology system enhance the speed in recruitment procedures, incorporate managers into the hiring process, cost performance are achieved by the business enterprise and reduced amount of 70% in non-strategic administrative tasks allows Human Source Department to have significantly more focus on business proper issues. BrassRing will pre-populate the majority of the required areas in the system when an electronic version of cv is uploaded. Key benefits of storing curriculum vitae electronically are it isn't as frustrating as paper-based filing, candidates' profile can be easily seen by anyone who want it and Human Reference can determine quickly who has requested which positions recently rather than having to search through the pile of files. Generating and customizing of accounts from BrassRing for business strategies and talent management examination can be accessible at one's finger tips, the data enables the very best management to make recruitment decision.

From an company level viewpoint, the introduction to this new system not only contributes and value add on improving techniques but driving ideal levels of success by acquiring high performing potential individuals in the company.

With the execution of BrassRing, recruitment techniques have been streamlined and included with other functions of Individuals Resource with broader business functions.

Decentralizing and relooking at the functions of Man Resource Department were the initial integration towards the modern recruitment processes. Preplanning for the migration to the web-based recruitment-technology system, BrassRing, needed to be made at least 2 yrs in advanced. The programmer and the RECRUITING business partners will work directly to ensure that the machine had fulfilled all the precise needs and aligned with the business objectives. Each and every level of the job was evenly importance and contributes to the overall success of the new system. Even though new system may offered a clear profits on return, however there have been several challenges experienced on the changes of the recruitment functions.

Human Reference Department's employees believed uncertainly and insecure on the new changes, as they had concerns that their role might be produced redundant or have problems in coping with the new ways of working processes and obsolescence of their existing skills. In additional of most these changes, Individual Resource Department's employees noticed pressurized and worn out having to run through every individual physical file on top of their daily work routine.

Diageo's management had concerns on the employees' level of resistance to improve in the new technology system and spotting behaviors that indicate possible amount of resistance will raise awareness of the need to addresses the concerns. To ensure that the change is accepted, people's behaviour and behaviors need to be affected. The first measure that the management possessed taken was to ensure that the employees in the People Resource Section have the required skills to handle the new system, by mailing the employees through training on the functions new system. As the training plan is composed of a single session before the software use, employees may forget the way the functions of the system work before they may have an opportunity to practice them. Therefore, Elearning was created to help make the training program more effective, employees can take the refresher modules that they require and practice until mastery is achieved.

Having an open up and effective communication from the management to the employees to generate the situation for why these changes are needed and aiding the employees to indentify the huge benefits that the change will bring to them as individuals and positive effects on their career. Diageo's management acquired involved and empowered the Individuals Resource team to contribute to the aspect of the change that they can manage.

A weekly Individual Resource meeting had been set up to gather feedback and seeks any continuous ways of improvements. By showing leadership's skill of tuning in deeply and exhibiting empathy from the management towards the employees, it increases morale and commitment and letting the employees expressing their perspective in a non-judgmental environment will certainly reduce the resistance to change. Part timers were recruited to lighten the workload of the Human Tool team by supporting the employees to vet through the documents and ensure that the required information were effectively key in to the excel spreadsheet.

Database Management

Diageo's traditional approach to filing its employees' personal data record was stored by paper-based filing system and there have been no electric copies of records preserved. Each Diageo's worker had their own specific file using their personal documents, work contracts, leaves application and mandatory compliance varieties in the folder. Time taken up to access the files were very frustrating as the Man Resource administrative helper would have to locate the document before retrieving it from the filing cabinet.

There would be discrepancies between your mandatory compliance forms and the monitoring list if the records have not been updated well-timed and accurately. Sometimes, when there is a misplacement of the conformity form, Human Resource would need to obtain another signed duplicate from the employees and these would bring about inefficiency and unproductively. Updating of information from employees would be difficult as there were no system to capture their details.

Tracking of employee benefits' such as leave management can be a very taxing as every changes or changes had to be amended on the excel spreadsheet. The monitoring list had not been up to date because sometimes Individuals Resource had not been prepared of the leave request.

Keeping and retaining these paper-based documents were unnecessarily troublesome and costly. There are numerous wasted man hours spent on filing, searching, retrieving and re-filing of documents.

With rapid development in Information Technology, it had dramatically impacted the way organizations take care of documents. By converting from paper-base filing into electronic processing system, storage area and retrieval issues inherent in paper-basing processing systems have been resolved while simultaneously minimizing business costs. Pursuing up on absent documents reaches the user convenience as time is not lost on locating the information when compared with paper-based processing system.

Diageo has also implemented a personalized Individual Capital Management system, HRIQ, which gives a unified secured program for employees and managers with personal content to their role. HRIQ is also integrated with other core management modules such as leave, benefits and promises and overtime and timesheet. The machine also captured employees' personal information including their educational levels, marital position and reliant information. Employees can upgrade the system by giving an connection of the supporting document and Individual Resource can look at the document provided and validate if the updating of information should be approved. Records that are generated from HRIQ, can be used for monitoring of leaves usage for reimbursement purposes from the Central Provident Account Board. Leave application for Diageo's employees is not a hassle, employees will just select on the dates they would like to apply for leave and a contact will be automatically result in to see their line director of the obtain leave application. Range professionals and employees in the same section can have calendar view of the leave schedules in the section. This function allows Diageo's employees to control their project and deadlines more proficiently and avoid issue with other co personnel' leave routine during peak times.

One of the greatest difficulties that Diageo's People Resource had came across during the change to electronic filing system was losing and misplacement of personal document that was not transmitted to electronic digital copies. Human Source of information administration assistant got frustrations as she was overcome at work and uncertainties in imperfect documents of employees in the electronic digital filing system contributed more stress on her behalf. She's concerns on managing HRIQ system and her adaptability towards the changes.

After responding to the concerns and issues of the Human being Resource administration assistant, Human Resource supervisor rectify and solve the problems by reaching out to Diageo's employees and asking for them to provide Human Source of information scanned copies of these personal information such as employees' career pass and their dependant go for mass updating of information in the new system. A short-term part timer was appointed to work along with the Human Resource administration assistant by ensuring that all the employees' personal folder in the electronic digital filing system was complete. Individuals Resource manager can do the ultimate auditing on the employees's personal folder to be reassured that all documents required are in place.

Human Resource administration assistant experienced a one day training course about how the machine works. HRIQ has delegated two of their workers to manage Diageo's bill and assist to resolve any specialized issues or troubleshoot problems that the Human Resource administration assistant experienced encountered. It was the start of a fresh fiscal year during the implementation of HRIQ and there were no implications on the annual leave migrations as any unutilized annual leaves will be forfeited.

Conclusion

One of the critical indicators that contribute to Singapore's economical competitiveness is the effective harnessing of Foreign Direct Investment.

It is essential for international organisations to introduce advanced and advanced technology and know-how through the international immediate investment processes

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