Singapore’s Ministry of Manpower reports that the average Singaporean clocked an average of 45.6 hours a week at work in 2016. That’s a lot of time slugging it out at the office – pushing local employees to become pickier when choosing what would soon become their second home.
The right talent has now become the most important distinction between success and failure in the age of never-ending disruption. Amid tougher financial regulations, rising manpower and operational costs, highly informed and demanding customers, and many other challenges, companies need skilled talent – and lots of them – to help navigate the troubling waters ahead.
Office workers in Singapore spend the equivalent of two months of the working year completing administrative or repetitive tasks like submitting expenses and handling invoices
In Singapore, the hiring dynamic has also been altered by the government’s push for companies to hire local. Organizations end up having to be the ones to sell themselves to the candidate, rather than the other way around.
So, they invest in well-paid HR staff and buy human capital management software systems so their people can get clear insights into goals and career progress. They commission themed designer offices with slides, swings, gyms, breakout rooms, art, haute cuisine canteens, and childcare facilities, or provide the top tech toys around – all to lure and keep top talents happy in their company.
However, they still very often have one thing that saddles their team with a source of frustration, annoyance and roadblocks to success: creaking technology infrastructure.
When it comes to technology infrastructure, we’re still all too often inflicting decades-old legacy boat anchors on our businesses and on our people. Staff have to deal with sluggish back-office systems that bring otherwise slick processes to a state akin to wading through a cotton field dressed in Velcro.
Expense forms take ages to process, accounting systems are closer to the age of quill and parchment – these are some of the bottlenecks that legacy systems impose on their users.
This is particularly silly when so many of the new hires will have been born in the 1990s and are digital natives. This is the generation accustomed to instant, one-click or swipe responses to their needs in the age of the cloud era. This is the generation that may never have experienced the World Wide Wait, when dial-up modem connections struggled with accessing the web.
If you work in any finance-function role, the issue is exacerbated. Legacy has been so ingrained in a company’s ecosystem that it seems easier to say “if it isn’t broken, don’t fix it.” But relying on legacy infrastructure to deal with digital age issues is akin to starting a fire with sticks, when there’s a lighter available at a nearby convenience store.
Let’s not forget that legacy infrastructure is more likely to fail us now more than ever. In 2012, a trader lost an estimated US$6.2 billion for JP Morgan partially because his Excel risk-evaluation formula had underestimated risk by half. Why do we still shackle ourselves to legacy systems when we’ve can be at the front of the race?
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