Working Profile of Singapore


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Here is a profile that highlights the differences from the US working culture and Singapore.

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Working Profile of Singapore

  1. 1. Singapore MGT305 Managing People in International Settings Brown Group Anthony Ramos Adil Rehman Sharon Rossell Cassandra Sailes Wichuda Sanguankulchai
  2. 2. Country Facts Official name: Republic of Singapore Capital: Singapore Area: 620 Sq Km (239 Sq Mi) Location: Southeastern Asia, islands between Malaysia and Indonesia Population: 4,608,167 (July 2008 est.) Total population growth rate (2008): 5.5% Climate: Tropical climate characterized by hot and humid conditions Official Language: English, Chinese, Malay, Tamil.
  3. 3. The History of Singapore In the 3rd century, China described Singapore as “Pu-lou-chung” or island at the end of a peninsula By the 14th century, Singapore was part of the mighty Sri Vijayan empire and known as Temasek (Sea Town) Singapore had one military action in the 14th century when it became involved in the struggle between the Malay Peninsula and Siam (now Thailand) and the Majapahit Empire Located at the natural meeting point of the sea routes at the tip of the Malay Peninsula Singapore was a sea port which had frequent visits from Chinese junks, Indian vessels, Arab dhows and Portuguese battleships By 1824, just 5 years after its founding of the “modern Singapore”, the population had grown from 150 to 10,000 In 1832, Singapore became the center of government for the Straits Settlements of Penang, Malacca and Singapore The opening of the Suez Canal in 1869 increased Singapore’s importance as an expanding trade center between East and West Sir Stamford Raffles established Singapore as a trading station and introduced a policy of free trading which attracted merchants from all over Asia, the United States and the Middle East
  4. 4. The History of Singapore Chinese and Indian traders had sailed around Singapore since 5 A.D. Singapore became a trading outpost for the Buddhist kingdom of Srivijaya and influenced the region from 7 A.D. to 10 A.D In the 13th century, Srivijaya became overshadowed by the spread of Islam and Singapore became under the influence of the Muslim empire named Malacca Malacca was situated on the western side of Singapore thus allowing it to become a thriving free port for trading and a commercial center Stamford Raffles and First Resident William Farquhar moulded Singapore from a jungle to a successful endeavor by building hospitals, schools, roads and a clean water supply. These infrastructure improvements boatloads of immigrants from China and India in search of prosperity and a better way of life.
  5. 5. Government Form of state: parliamentary republic President: ceremonial head of State – elected by popular vote, has minimal authority Prime Minister: head of government, appointed by the President Elections once every 5 years Ranked #4 on the Corruption Perceptions Index in 2008 Women are underrepresented in Singapore government Member of APEC, UN, supports concept of Southeast Asian regionalism
  6. 6. Legal system Based on English common law Law founded on the Constitution, legislation, subsidiary legislation and judge-made law. Criminal law - Singapore retains both corporal punishment (in the form of caning) and capital punishment (by hanging) as punishments for serious offenses. For certain offenses, the imposition of these penalties is mandatory.
  7. 7. Economic Philosophy • Commitment to Free Market principles • Outward oriented policies Significant Economic Statistics – 5 Year intervals 1997, 2002, 2007/08 (Most recent) • Spectacular 32 fold growth in per capita Gross National Income (GNI) since independence (1965) – now S$ 51, 100 p.a. • Gross Domestic Product (GDP): S$142b, 158b, 243b (’07) • Consumer Price Index (CPI): 96.2, 97.8, 110.3 (Base year is 2004) • Inflation: 2.0%, -0.4%, 6.5% • Exchange rate S$/US$: 1.48, 1.79, 1.50 (’07) • 2009 Budget (April 1,‘09 to March 31, ’10): 66 Billion (Estimated expenses) 55.3 Billion (Estimated revenues) Current Scenario • Hit by global recession. Sectors exposed to external environment most affected: Manufacturing, Tourism, Trade, Transport & Financial Services • Unemployment, retrenchments on the rise. Employment growth to weaken. • Saw two consecutive quarters of year on year negative GDP growth
  8. 8. Economic background Challenges & Initiatives & Results 1960 –’64: Challenge to advance beyond simple economy: Created several economic agencies to spearhead development. Followed Import substitution strategy. Avg. GDP 5.1%. Mfg. grew from 11% to 14% of GDP ’65 – ’78: Challenge of growth as old supports vanish: Adopted Export oriented strategy. Sought foreign investors to engage in manufacturing and services. Employment Act improved labor climate. Built infrastructure. Nationalized industries where private sector lacked capital. Avg. GDP↑ 10%. Unemployment ↓ 3.6%. Mfg. share of GDP ↑ 24%. ’79 – ’85: Challenge of new competition: Set up 3 yr. wage correction plan, focused on skills enhancement, moved toward automation & computerization, made policy shift toward higher value add investments. Avg. GDP 7.3%. Share of skilled to total employment Singapore: An Asian Tiger doubled from 11% to 22% See notes page for additional information
  9. 9. Economic background (Contd.) ’86 – ’97: Optimization Challenge of Shopping in Singapore Maturing economy. Deepened technology base; cluster development to maximize synergies at firm and industry level; promotion of mfg. & services – twin pillars - to broaden economic base; leveraged regionalization. Avg. GDP 8.6%. Direct investments abroad up from 16.9 Billion (’90) to 75.8 Billion (’97). ’98 Onwards: Challenges of international financial crises in ’97, ’98 and 2001 (9/11 impact). Globalization through WTO, regional, bilateral free trade agreements; improving competitiveness in costs, in diff. industries and of Human Capital; promoting business and further improving business environment. Avg. GDP 6.7% 1998 through 2007. See notes page for additional information
  10. 10. The Society and Culture The Family - The Concept of group, harmony, and mutual security. - Family is the center of the social structure. - Extended family Face and Respects - Having face indicates personal dignity - Singaporeans are very sensitive to retaining face in all aspects of their lives. Hierarchy - Egalitarian society, yet retain strong hierarchical relationships. - Respect for elderly Non-Verbal Communication - Singaporeans are group dependent and rely on facial expression, tone of voice, and posture to tell them what someone feels. - They tend to be subtle, indirect and implicit in their communication. - Silence is an important element of Singaporean communication.
  11. 11. Language and Religions Language The four official languages of Singapore are Mandarin, Malay, Tamil and English. Singapore English usually come from other languages spoken in Singapore, especially Malay and Hokkien called Singlish. Speakers of Singlish will usually end his sentence with a distinctive exclamation. The three most common are ah, lah, ley and what. Religions A plural society comprising a multi-ethnic and multi-religious people. – Buddhism 31.9% – Taoism 21.9% – Islam 14.9% – Christianity 12.9% – Hinduism 3.3% – Other religions 0.6% – No religion 14.5%
  12. 12. Education and Holidays Education - 20% of Singapore’s GDP is spent on education. - Literacy rate among residents 15 yrs & over in 2007 is 95.4% Singapore uses student centric education system and Bilingualism policy is a cornerstone. - Four levels of education - Primary education- Typical age: 6 - Secondary education- Typical age: 12 - College education-Typical age: 16 - University education- Typical age: 18-19 Holidays - Holidays in Singapore reflect the culture and religious diversity of the country. - Chinese New Year - Buddhist Vesak Day - Muslim Eid ul-Fitr and Eid ul-Adha - Hindu Deepavali - Christmas day and Good Friday
  13. 13. Standard of living Crime - Singaporeans live and work in a safe environment. The crime rate declined over the last decade to 709 cases per 100,000 population. Employment - The labor force participation rate was 65.1% in 2007. Health - Singapore has a low infant mortality rate of 2.1 per 1000 live births, and a high life expectancy of up to 78.2 years for males, and 82.9 years for females. There were 16 doctors per 10,000 population and 11580 hospital beds in 2007. Housing - About 90.7% of Singaporeans own homes, with 74.4% living in HDB 4-room or larger flats, or private housing.
  14. 14. Business Environment Well developed employment laws and highly stable labor relations No minimum wage law Positioned as a regional hub in Asia High demand for HR professionals
  15. 15. References