The progress of ITM has been hampered by the epidemic, and a refresher route is required.
In line with Deputy Prime Minister and Minister for Finance Heng Swee Kate, all 23 of the Business Transformation Maps (ITM) will probably be refreshed to satisfy the fast adjustments introduced by COVID-19.
“We have seen encouraging progress since we began our ITM journey in 2016,” stated Heng, who oversees the ITM of the Future Financial system Council (FEC).
The Minister expressed unhappiness that the overall labor productiveness measured by actual cost-per-hour elevated by 2.7% per yr from 2016 to 2019, a rise of two.2% within the previous three years. Precise common revenue from full-time Singapore work, together with employer CPF contributions, elevated by 3.7% per yr from 2016 to 2019, a rise of three.2% per yr over the prior three years. As of 2019, our ITMs are progressing effectively, most of that are on monitor to satisfy their targets.
Heng stated that by 2019, ITMs are making good progress however the epidemic has impeded the progress of ITMs.
He stated ITM sectors equivalent to air transport, resorts and retail have been badly affected and can take time to get better.
“For every of the 23 ITM sectors, we purpose to create and seize alternatives by means of digitization, innovation, internationalization, upliftment of employees and employment alternatives with the target of upliftment and good creation of our employees’ productiveness and wages. Will replace our regional methods. Employment for Singapore, ”Heng stated.
The federal government plans to finish the replace by the tip of 2022
ITM, launched in 2016 underneath the FEC, is a roadmap for transformation throughout 23 industries throughout six clusters: the constructed atmosphere, enterprise and connectivity, important family companies, manufacturing, fashionable companies and life.