Benchmarking the human capital strategies of MNCs in Singapore

Abstract

Singapore’s economic success has largely been fueled by foreign direct investment from multinational corporations (MNCs). These companies brought with them not only their capital and technology, but also their managerial prowess. The latter has been a key ingredient in propelling Singapore to its current economic success. New competition and rising costs are forcing local businesses to look for new strategies to succeed. One way is to benchmark the human capital strategies of MNCs. This study employs a survey of the human resource policies of both MNCs and promising Singaporean enterprises. The results show stark contrasts in the philosophical and practical applications of human resource strategies. Insights into Singapore’s human resource practices are uncovered and key success factors for promising local companies are discussed.

Keywords: Benchmarking, Human capital theory, Small firms, Singapore

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