Ong Puay See

Chief Executive OfficerThe Institute of Banking and Finance

2012 will continue to see more uncertainty andtightening of the workforce. In the midst of this,competency will become even more critical forindividuals to stay relevant. The Institute of Bankingand Finance (IBF) will continue to promote professionalcompetency training via the Financial IndustryCompetency Standards (FICS). This will raise thestandards of the Singapore financial sector workforce.Financial institutions must equip their staff with theappropriate training and skills to manage increasingdemands amidst the more volatile market conditions.

Tan Hak Leh

Senior Vice-President and Chief Executive OfficerAIA Singapore

SINGAPORE’S open economy makes us susceptible toinfluences from the global economy. Over the years,our government has taken measures to buildSingapore’s economic resilience. It is critical fororganisations in these times to remain focused onincreasing productivity.

At the same time, Singaporeans should also embracethe responsibility of building financial resilience. To thisend, AIA, together with the government, is taking stepsto ensure financial protection for Singaporean families.

Russell Tham

Regional PresidentApplied Materials, South-east Asia

I BELIEVE that the economic pall will pass, despite thecurrent pessimism over the outlook in the US andEurope. We have just enjoyed a record year at AppliedMaterials, and while we expect the first half of nextyear to be impacted by the challenging economicenvironment, we think that our overall business willstrengthen in the next half.

Organisations will need to be strategic in theirresource allocations and investments to ride out thisbump. To remain ahead in the tech industry, AppliedMaterials continues to be committed to research anddevelopment efforts, talent development, andcontinuous improvements and innovation in our highvalue manufacturing process.

Brendan Wauters

President & CEOSenoko Energy Pte Ltd

THE current global economic uncertainty is likely tostretch into next year and even beyond due to theeurozone and the United States facing ambivalence onboth the financial and political fronts.

Singapore’s economy is beginning to feel the impact.Organisations and individuals alike have to brace

themselves for the storm. To do this, they have to beinnovative in seeking solutions to keep themselvesafloat by controlling operational expenses includingenergy costs. That is why Senoko Energy aims tostructure innovative energy solutions for its customersas a value-added service to come through these morechallenging times.

To navigate through turbulent economic waters,innovation has to be more than a tagline. It has to betranslated into organisational practices and businessstrategies that aim for higher efficiency, cost savingsand greater productivity.

Ang Koon San

Country PresidentSchneider Electric Singapore Pte Ltd

THE ongoing economic uncertainty is extremelyunpredictable, and no one knows whether or when itwill end or get worse. However, we at SchneiderElectric believe that Singapore’s economy is resilientenough to weather these uncertainties.

Having said that, for organisations to remainprepared in the face of any uncertainty, they shouldfocus on improving efficiency and productivity in orderto reduce operational costs.

As the leading energy management companyglobally, we advocate that businesses implementholistic energy management practices which are crucialto achieving these savings. Such savings can helpbusinesses gain a competitive advantage by makingtheir products and solutions more cost-effective andhence attractive in a time of belt-tightening due toeconomic uncertainty.

Ray Ferguson

Regional CEO, Singapore and South-east AsiaStandard Chartered

GLOBALLY, economic uncertainty is likely to persistin 2012. Singapore remains a very open economywhere trade accounts for about 300 per cent of grossdomestic product (GDP) and as such, is exposed toglobal volatility.

Based on Standard Chartered’s experience, I wouldadvise companies to focus on the fundamentals of theirbusiness and take this opportunity to build newcapabilities. Global sentiments may be muted, but thisis the best time to differentiate yourself from thecompetition. For example, the current eurozone crisishas made quality of advice and soundness of a bankincreasingly important in driving the choice of afinancial partner, which plays to our strengths.

Michelle Lim

Managing DirectorReed Exhibitions

IN 2012, for the meetings, incentives, conferences, and

exhibitions (MICE) sector, demand for quality trade andconsumer exhibitions, conferences and meetingsremains strong, boosted by Singapore’s refreshedimage as a tourist and MICE destination. For someshows in 2012, the pre-show booking has bucked thegloom compared with the same period last year.Businesses recognise that a face-to-face platform is themost effective way to keep abreast of industry trendsand avoid looming pitfalls.

Hence, for 2012, decision makers are all the moreacutely aware that they have to continue with brandexposure at strategic events to network and takeadvantage of new opportunities in emerging markets.

Liu Chunlin

CEOK&C Protective Technologies Pte Ltd

I GUESS we are all watching anxiously parts of theglobal economy crashing, albeit in slow motion.

Overall as countries fall into recession, besides lowerconsumption, there is always the concern overprotectionism, which will set back free trade efforts andhinder recovery. If the Singapore dollar weakensfurther, then higher business costs will also be of greatconcern to us.

Thus for an SME like us, while we keep one eye oncost containment, innovation and growth, we keepanother on a helicopter view of the threats over thehorizon with contingency plans in the drawer. Since weoperate in a few countries, we are prepared to shiftfocus and resources to those deemed with greaterprospects for us.

Lionel Lim

President, Asia-PacificCA Technologies

MOVING into 2012, the economic uncertainties wouldmean even greater pressure on businesses to delivermore for less. The advent of social media and a globallyconnected marketplace would translate intoaccelerating consumer demand and increasingIT complexity. All these are juxtaposed againstshrinking budgets.

What businesses need in order to thrive in this newnormal is the implementation of a strategic value roadmap that integrates services, tools and solutions todeliver business service innovation.

Deepakjit Singh

Managing DirectorEncompass Digital Media

IN 2012, as with most trade-reliant countries,Singapore is expected to experience a slowdown ofexport orders from the west. Ensuring growth bycreating new customers and expanding into newmarkets in the region will help local companies achievestrategic priorities.

In view of shrinking margins in the US and Europe,the broadcast industry is moving towards streamliningoperations and reducing costs while maintainingefficiencies. A focus on delivering relevant content tocustomers and outsourcing service providers will helpbroadcasters create more value with fewer resources.

Singapore, with its stable government, strongintellectual property laws and global fibre connectivity,is well placed to transform into a digital mediaprocessing powerhouse to capture the global market.

In 2012, Singapore’s excellence in the digital mediaindustry will be comparable to that of India in the callcentre and software industries, and China in themanufacturing sector.

Harish Nim

Chief ExecutiveEmerio Corporation Pte Ltd

THE Singapore economy is likely to be flat or marginalat best, and the world economy is going to take a hit.Things are looking quite gloomy for the next coupleof years.

The jobs are in Asia, and we will see a significantmovement of bankers and financial services, FMCG (fastmoving consumer goods) and IT services personnelcoming into this region, and that has mixed outcomesfor local economies and jobs.

For companies in the region, it is important for us totake another look at our costs and manage them in amanner so that we can withstand lower business levelsand profitability levels, as competition for the sameamount of business will heat up very quickly.

Scott Morris

Managing DirectorNetApp Asean

AGAINST the backdrop of a slowing economy in 2012,companies are becoming more cautious about theirspending, and preferring cost-efficient solutions to helpthem innovate, retain customers and achieve more withless. More than ever, IT will be a business driverdifferentiating companies from their competitors.Virtualisation and the cloud stand as attractive andviable options because of the promise of cost savings.Flexibility and efficiency in the IT infrastructure willalso be a priority as companies must be able to scaletheir capabilities in accordance with changingbusiness demands.

Companies should also reassess their ITinfrastructure to realise cost savings through betteroperational efficiency, reduced power and space costsas well as increased staff productivity. Finally,customer retention should remain a key priority.

Views from the Top will be taking a breakand will resume on Jan 9, 2012.

BLOOMBERG

THIS WEEK’S TOPICHow do you see the global and local economy performing in 2012? What do organisations and individuals need to do to ensure that

they are ready for whatever next year may bring?

Preparing for 2012

10 VIEWS FROM THE TOP The Business Times, Monday, November 28, 2011

Winston Liu

Senior General ManagerRicoh Production Printing Group

THE market outlook for Asia-Pacific and Latin Americalooks comparatively stronger than western countries,with more aggressive and sustainable growth trends.But things will remain very dynamic.

Organisations need to delve into new models toimprove their business, and be able to respond quicklyto market changes.

Stephen Grundlingh

Regional Head, South-east Asia, Franklin TempletonInvestments & Co-CEO, Templeton Asset ManagementLtd, Singapore

AT Franklin Templeton, we believe that the outlook forgrowth in Asia and emerging markets in generalremains positive. In particular, our Emerging Marketsgroup favours undervalued companies in theconsumer and commodities sectors across globalemerging markets.

However, market volatility will be a constant themeand therefore, it is important for investors to take along-term approach when looking at their investments.A good strategy to protect your investments fromdownside risk is to invest in a disciplined manner anddiversify your investment portfolio as much as possibleacross asset classes, sectors, and regions as we moveinto 2012.

As has been the case in most major crises in thehistory of financial markets, we are confident that thecurrent problems in Europe should presentopportunities for patient investors.

Mark Smith

Managing DirectorSavvis Asia

GIVEN the European debt crisis and dampeningAmerican growth, economies in Singapore and, morebroadly, Asia will be challenged with maintaininggrowth in 2012. This will prompt IT decision makers tolook at reducing costs and achieving maximum returnon their investments. Singapore will lead a natural shifttowards outsourcing IT infrastructure in 2012.

A recent independent study commissioned by Savvisthat surveyed global IT decision makers showed that27 per cent of IT leaders plan to outsource their ITinfrastructure in 2012. More than half of Singapore ITdecision makers are expected to move theirinfrastructure to the cloud within the next 10 years.

With the continued focus on leveraging cloudcomputing solutions, organisations will need to realigntheir IT departments to better understand when toleverage a more standardised, cloud-based model andwhen to retain assets and expertise in-house.

Jan-Jaap Jager

Vice-President and General Manager APACParallels

DUE to the continued uncertainty trickling from thewest, global and local economies seem poised for asluggish and stagnant 2012. However, growthopportunities still remain for the Singapore and Asianmarket in general, mainly powered by continuoustechnology development.

In this time of uncertainty, small and medium-sizedenterprises (SMEs) are likely to be the ones who will bemost affected as they are one of the vulnerable groupssubject to financial volatility and its impact. As a result,SMEs will need to remain nimble to stay competitiveand to maximise operational output. The adoption ofcost-efficient technology, such as cloud computing, thatcan instantly increase efficiency and productivity willplay a significant role in achieving sustainable growth.

Lynne Ng

Regional Director, Adecco SEAAdecco Personnel Pte Ltd

MY approach to 2012 is the same as any year,regardless of whether the economy is strong, weak orheading into uncertain times: an aggressive approachto sales, a focus on sensible cost management,combined with a continuous close eye onbottom-line profitability.

If the economy does slow in 2012, then humanresource professionals in Singapore will have a majorrole to play in keeping their companies competitive andin planning how best human resources can supporttheir organisations through times of uncertaintyand change.

Low Lee Yong

CEOMHC Asia Group Pte Ltd

SINGAPORE will no doubt be affected by the bleakoutlook for the global economy next year. Businessesshould stay focused on long-term goals and not be tooaffected by the bleak sentiment. Businesses shouldhowever pay close attention to their cashflow and keepa close watch on the financial strength of their keycustomers who may fall prey to the loomingeconomic crises.

David Baukol

PresidentWalton International Group

IN the face of an unstable eurozone, the global economyhas been volatile. Such global uncertainty has affectedbusinesses in Singapore, and the impact may be moreacute next year.

Investors may need to explore more alternatives tocope with unpredictable market sentiments.Diversification of investment portfolio is a criticalapproach to weather the storm. Beyond short-terminvestments, investors should consider mid to long-termasset classes, such as good credit-rating bonds andeven land investment.

By making the right choices, an investor maycontinue to grow his assets even in an ambivalentclimate. But proper research is paramount – true forboth individuals and organisations.

Paul Endacott

Managing Director, SingaporeAmbition

RECRUITMENT is an early warning system for the stateof the economy, and industry indicators point to marketconditions tightening in 2012 even though skillsshortages remain in some sectors.

Organisations and individuals should be realisticabout the fact that Asia has and will continue to beimpacted by the global economic turbulence.

Naturally, headcount will be monitored carefully butthere should continue to be a focus on talent and careermanagement strategies through any potential downturnso that organisations and individuals can fully capitaliseon opportunities when the market starts to recover.

Toby Koh

Group Managing DirectorAdemco Security Group Pte Ltd

THE global economy is going to stutter along in 2012. Ido not believe that there will be a sudden drasticeconomic crash but upside is limited and only in selectregions. The Asian region will fare better than Europeand America, and I believe that this region still holdsample opportunities even in a downturn.

Organisations need to re-evaluate their businessrisks quickly at this time, and perhaps diversify theirclient base so that any one client will not comprise asignificant share of turnover or Ebit (earnings beforeinterest and tax).

I am more concerned about price pressures morethan anything else in a downturn. Employees areurged to manage their expectations for 2012 especiallysince labour cost is a significant operating expense ofany company.

Michael Jenkins

Chief ExecutiveRoffey Park Asia-Pacific

IT’S impossible to predict what’s going to happen in theglobal and Singaporean economies. Hope is never astrategy but one thing is clear, we are going to have toget used to dealing with ambiguity and change.

People don’t buy what you do, they buy what youbelieve – so stick to your core purpose. It will keep youremployee engagement levels high as there is a strongcorrelation between this and how strongly they identifywith and are proud of their organisation.

We need to show leadership and determinationregardless of how we feel inside, and we need to bebrave, to seek out new markets and to look for growthopportunities further afield.

Dhirendra Shantilal

Senior Vice-President, Asia-PacificKelly Services

THE best way to steady and ready your business for2012 is to invest in your talent – the building blocks ofany business. If you have the buy-in from youremployees, then in essence you have a steadfast shieldof shared ideals working towards the betterment of anorganisation. To gain this, you have to create anurturing environment of talent retention during thecalm before the storm.

To further reinforce this, build a strong customerbase and bulletproof it with an unmatched customerexperience. Look beyond quarter-to-quarterfigures, and spend time strategising onlonger-term deliverables.

No one can definitively say what the oncoming yearmay bring, so the best that you can do is to build a solidship and nurture a talented crew. Then you’ll be betterprepared to weather any storm.

Ronald Lee

Managing DirectorPrimeStaff Management Services Pte Ltd

GIVEN the current volatility in the markets, I do believethat the global and local economy will not perform aswell in 2012 as it did this year.

Despite corporate and household balance sheetsbeing generally stronger than when we were enteringthe last recession in 2008, organisations and individualsalike should start exercising prudence in theirexpenditure and investments.

Bigger companies may consider putting expansionplans on hold until more certainty returns whileindividuals should expect lower salaries, smallerbonuses and even job losses next year.

Whatever the economic conditions, it must notdistract organisations from their core focus.Organisations should communicate to their employeeswhat is happening within the company, and thestrategies being taken, if they want their employees tofocus on work instead of polishing their resumes.

Finally, no matter how deep the uncertainty, it won’tlast forever so organisations should still prepare for thenext cycle ahead.

Eric Hoh

Vice-President, Asia South RegionSymantec

THERE is a deepening sense of uncertainty in thisvolatile economy, and this current sentiment is likely toprevail in the year ahead. Grappling with the challengeto strike a fine balance between cost and efficiency,organisations need to seriously consider whether or notto centralise and automate mundane tasks thatconsume valuable resources or leverage the cloudto reduce capital expenditure and maintain acompetitive edge.

Ultimately, businesses need to make scarceresources more productive by enabling them to focuson higher-level activities that will help the businessgrow and remain competitive in these turbulent times.

Dan McConaghy

PresidentFICO Asia-Pacific

IF there was one way to describe 2011, it wouldbe “volatile”.

Globally, it often seems that we’re taking two stepsforward followed by one step backwards.

As leaders, we need to focus on what we can do tohelp our economies prosper.

The key to economic health is the consumer, who isthe engine that drives the economy in most countries.The interplay between consumers and lenders iscritical, the fulcrum on which most of today’s economicproblems pivot.

We need to rebuild the relationship. We need to giveconsumers what they need. Not just buying power butsecurity. Not just the right terms but confidence.

As leaders, it’s our responsibility to make sure thatthe systems and policies and regulations that drive ourbusiness support us in rebuilding the relationshipwith consumers.

Ravi Rajendran

VP & GM AseanHitachi Data Systems

SINGAPORE has been able to remain resilient in 2011,despite all that has happened globally, but 2012 looksset to be a volatile year. Given that unpredictability, ITprofessionals will be challenged to look into ways toattain operational efficiency – to achieve better returnsfrom existing assets rather than buying new assets – aswell as to look into being more energy efficient.

On the flip side, “Big Data analytics” will continue tohelp organisations create competitive differentiationand make better business decisions to propel theirbusinesses forward through valuable information andinsights. Organisations need to be ready to handle theexplosion of Big Data and use it to their advantage.

Andrew Tay

PresidentZebra Technologies Asia-Pacific

BEING export driven, most Asian economies will beimpacted by the spiralling consumption in both Americaand Europe, especially in the manufacturing sector.Singapore’s position as a hub and trading port for manyindustries allows it a competitive advantage on variousfronts, but when things start slowing down regionallyand globally, this status takes on the impact negatively.

To be a sustainable economy, diversity beyondmanufacturing is essential. Looking at ways tostimulate internal consumption and not relying on oneor two key industries is critical for survival.

Organisations will also have to cast their nets widerand deeper into sectors such as government, retail, andhealth care where the rise of internal consumption willhave positive multiple effects.

Anton Ravindran

Founder & CEORapidstart Pte Ltd

ALL signs are that the global economy is slowly slidinginto recession, and some mistakenly assume that allbusinesses must suffer through recessionary cycles.Organisations will face both new challenges as wellas opportunities which may be different from theprevious recessions.

In today’s interconnected flat world and virtualmarket place, it would be impractical and even suicidal,if companies suspend their innovation initiatives untilthe worst of the storm blows over. During the darkdays, companies should look for opportunities beyondits walls to continue R&D and pursue value-innovation,but at lower cost and lower risk.

Also, partnering with other firms which providecomplementary products is another way to share costsand to mitigate risks, and maintain your R&D andinnovation momentum during the downturn.

Teng Yeow Heng Michael

Managing DirectorCorporate Turnaround Centre Pte Ltd

MOST economists and analysts now agree that 2012 isgoing to be a very difficult year. I predicted in 2008when Lehman Brothers collapsed that it was only thefirst wave of the financial tsunami.

I warned the readers about the second wave of thefinancial tsunami coming from Europe. I also alluded tothe second wave of tsunami triggering the third wave –the double-dip recession. This is likely to happen inyear 2012.

Therefore we need to embrace for the worst, and Iurge organisations and individuals to quickly stayfinancially liquid, avoid excessive commitment,transform to meet the new harsh reality and build uptheir perseverance quotient.

Deb Dutta

APAC Vice-PresidentBrocade

THERE are enough soothsayers on the planet preachinga grim 2012. So I will refrain from playing that tune.2011 was a strong year for many of us in Asia-Pacific.

I expect the fundamentals that drove these results –government investments, infrastructure build-up,mobile communications and a consumer populationthat just continues to buy stuff – to continue behaving inthe same way in 2012, and we will do just fine.

Look at the year ahead as one of transformation.No wonder the Inca calendar ended in 2012 to mark anew beginning!

Gary Harvey

CEOWealth Management Asia, ipac

CLIENTS and employees are our focus in 2012. We willcontinue to guide our clients through what could beanother potentially tough year, to ensure that they stayon track to achieving their life and financial goals.Keeping employees motivated and engaged in thebusiness is critical to achieving our goals too.

For individuals, our advice is to be prepared fordifferent scenarios, both good and bad. No one reallyknows how 2012 will play out so it is best to beprepared for a number of outcomes.

Make sure that your finances are in order, that youare not over-leveraged, and that you have set asidesufficient liquid funds to meet your short-term financialobjectives without needing to disturb long-terminvestments. At the same time, have a plan to pick upgood investment opportunities such as maintaining aregular investment strategy so that money gets investedwithout the emotion of timing.

We wish everyone a good health and happiness inthe year ahead.

Leon Perera

Chief Executive OfficerSpire Research & Consulting Group

2012 will be a year of slower growth and considerablerisk. Companies and individuals will need to manageforeign exchange risk – currency market movementsmay change foreign exchange rates suddenly andunfavourably. Companies would be well-advised tohedge supply contracts and create flexibility inwage structures.

Lastly, diversification is the key – across assetclasses, segments, geographies, clients and productcategories. This message is particularly relevant tocompanies and individuals who are reliant on thefinancial services sector, which is vulnerable to asudden reversal next year.

Mark Billington

Regional Director, South-east AsiaICAEW SEA

THE global outlook looks bleak but research suggeststhat Asean will continue to outperform most regionsin the world. However, Singapore is likely to see aslower growth rate and companies must adapt to thechanging environment.

Businesses and individuals need to ensure that theydevelop and maintain the skills to remain competitiveand flexible at times of change. Before the year’s end,businesses need to review budgets carefully and be asrealistic as possible in their forecasts of sales for thecoming year, a difficult task with all the uncertainty inthe world’s markets. It is also critical to be realisticabout direct costs, overheads and capital expenditureas all will have an impact on cashflow.

Dora HoanGroup CEOBest World International Ltd

THE global economy does not look optimistic in theforthcoming year. Though the waves of an impendingeconomic downturn are far-reaching, I believe thatSingapore will manage to hold its own.

Companies need to re-energise internally –regardless of the economic situation – to prepare forchallenges in a new year. Information is knowledge. Bealert to happenings locally and globally, and prepare toadapt and make necessary changes.

Our organisation operates on a few key principlesthat are applicable to everyone: always be innovative,seek ways to make the business model more efficient,increase productivity levels and, most importantly,pursue excellence.

Lim Soon Hock

Managing DirectorPlan-B ICAG Pte Ltd

NEXT year’s global and local economies are expected tobe tough as the current financial crisis in the eurozoneand the economic malaise of the US are expected tolinger on.

Both organisations and individuals should reviewtheir spending and costs with a fine-tooth comb. It maybe prudent to be overly conservative and spend strictlyon a “need to” basis and not “nice to have”. In difficulttimes, cash flow is important, so it is a good time toreview assets, and monetise those that are likely todepreciate in value. Slow-moving inventories should becleared on an urgent basis, even if it is below cost.Organisations and individuals should only focus on theircore businesses and core competencies, both locallyand regionally, to enlarge the base of opportunities.

It is all about building the business pipeline, but in avery focused and targeted manner, in the light of alikely unfavourable economic climate in 2012.

Patrick Liew

CEOHSR Property Group

IN the new landscape of disruptive discontinuities, it ishard to make any predictions with certainty. Torespond to the unforeseen and manage the unexpected,entrepreneurs can adopt a three-prong thrust:Retool themselves to better respond to changes by

acquiring new knowledge, competencies, and businesspractices;Refocus on relatively untapped demand, market

and other opportunities so as to design their ownfuture; andRedesign their organisations to become more

adaptable, agile and aggressive in capitalising on thewinds of change.

Gery MesserPresident, Asia-Pacific,Middle East and AfricaNorthgateArinso

IN times of economic uncertainty, thekey is for companies to focus onmanaging their talent. Every businessleader will now be thinking abouttaking cost out of their business,and the tendency is that talentmanagement is given less priority.

However, they must leverage on thetalent that they have now so as toensure that the best people are inthe most appropriate roles to beable to react to any challenges that2012 brings.

Also, today’s employees tend totake control of their own careers. Inorder to retain that talent, providinglearning opportunities, experiencesand even flexible work arrangementswill be worth much more than anymonetary benefits.

For the complete list of views fromCEOs, go to

http://businesstimes.com.sg

The Business Times, Monday, November 28, 2011 VIEWS FROM THE TOP 11