Singaporean firms looking to cash in on the improving economic state of the Lion City whilst protecting themselves from the impact of the global political uncertainty are observed to become increasingly dependent on procurement and supply chain professionals.
According to a study by Hays, procurement and supply chain is now being regarded as a vital strategic and commercial partner to firms rather than just a tactical function.
"Many businesses in Singapore are right now, undergoing or preparing transformation and change projects that will deliver greater cost efficiencies and operational excellence. To help achieve their goals, businesses are turning to Procurement and Supply Chain professionals," Hays Singapore Managing Director Lynne Roeder explained.
She stated that there is a far greater appreciation and understanding of the value candidates in the said field can bring to businesses.
"While there is no doubt the stock of Procurement and Supply Chain professionals is on the rise, we are yet to see salaries follow suit," she said, noting that employers are looking at using extra non-monetary benefits to secure a preferred candidate.
Additionally, the study predicted that firms and businesses in Singapore will look increasingly to procurement and supply chain professionals to provide thought leadership on the newest technologies that should be explored to minimise costs and to maximise efficiencies in getting goods and services to the market.
"It could well now be time for companies to view the remuneration structures offered to Procurement and Supply Chain professionals," Roeder said.
As for the employers who may not be able to find the right candidate to manage projects, the study observed that they are likely to hire from outside the procurement industry.
Companies are also likely to bring contractors on board to carry out pre-implementation work to set up procurement and supply chain management change projects for success.
Finally, the study pointed out that on the supply side, there is a big focus now on improving efficiencies related to getting products to market across the region.