In 2018, the Singapore government’s total investment in education has been projected to be at about $12.8 billion, a significant increase from last year’s $12.5 billion. Education has always been one of the major industries with major financial backing from the government, primarily because it is the most basic factor to creating a well-oiled and fundamental society. This, of course, is the reason why Singapore (despite being a relatively small country) continues to be seen by the world as the Economic Tiger of Asia.
However, private companies have also begun to recognize local and international schools in Singapore as premier investment opportunities, especially in today’s digital erawhere technology is utilized to further enhance the means of educating future citizens and members of the local workforce.
Why is investing in education becoming even more relevant in 2018?
The Advent of Technology
With the rise of technological advancements in the 21st century, investing in education becomes increasingly significant for business because of one factor: globalization. Most multinational firms find compelling investment scenarios in Singapore because they offer an additional layer of support to improve its current education system.
Singapore has constantly been recognized as a robust economy, so its emerging market makes an ideal avenue to initiate long-term education investments. Major businesses have already gained interest in developing future members of the workforce, who by 2030 can prove beneficial for the local economy, and this route is certainly what others should look at.
The Ability to Secure Future Talent
Investing in Singapore’s education system is indeed a long-term investment, but the results speak for themselves. Most private firms are faced with the underlying problem of acquiring workers with innovative talent, who then help them develop new forms of services and subsequently meet modern demands.
Investing in education therefore becomes a strategic move for corporations who do not wish to employ low-skilled workers on their teams because of their lack of talent and poor quality of education. In fact, a recent survey stated that these talent constraints contribute to an approximate of 30% of losses in market opportunities worldwide, and 50% specifically in the South East Asian region. With the rise of labor costs due to globalization and the increasingly competitive markets, it is certainly a sound decision for private firms to continuously invest in education.
The Revolutionized STEM Curriculum
Singapore has been one of the countries to pioneer the STEM curriculum, a standardized system of education that highlights science, technology, engineering, and mathematics as core subjects to follow, hence the birth of the name. This system primarily gears the youth towards technological innovation at an early stage, and gives them a significant amount of time to develop their respective passions for a specific field. But how does this benefit corporations?
A standardized and advanced system of education is, in fact, good news for forward-thinking corporations, specifically because the STEM curriculum embraces a progressive mindset towards an individual’s future cognitive development. This basically equates to fix and specialized talent from the get-go, which subsequently leads to long-term efficiency and rewards for private firms.