SPRING Singapore will review its criteria for a key suite of business awards to add more focus on people development and innovation capabilities, said S Iswaran, Minister for Trade and Industry (Industry) on Thursday.
Speaking at the 22nd Business Excellence Awards Ceremony, Mr Iswaran said that the framework for Business Excellence must constantly adapt to the changing economic landscape.
"In particular, the framework must enable our organisations to deepen their capabilities in innovation and people development to adapt to the fast-changing economic landscape," he said on Thursday evening.
"The framework review will result in greater focus on people development and innovation capabilities. These capabilities will enable organisations to attract and retain talent, and to remain nimble."
The review will address three key areas. It will raise focus on ways in which organisations leverage disruptive models and technologies to achieve breakthrough improvements in products, services and processes.
The framework will also look at the way businesses are driving innovation values and mindsets across the organisation, and in emphasising the build-up of talent to bring about, among other things, the mastery of relevant skills.
Mr Iswaran said that Spring will also relaunch the BE (Business Excellence) recognition with Singapore Quality Class as the single mark of excellence for organisations.
Spring will announce the final details of the refreshed framework and the repositioning of BE recognition in the first quarter of 2017.
"The pursuit of, and commitment to, business excellence takes on added importance as Singapore gears up for the next phase of economic development," said Mr Iswaran.
"Our economic environment is being reshaped by industry and technological trends, which are disrupting business models and fundamentally changing jobs. Future growth and competitiveness will be anchored in productivity, innovation and the skills of our workforce."
Six organisations were awarded top honours in business excellence, including DBS Bank, and Maritime and Port Authority of Singapore.