How Can Hr Management Systems and Practices in Singapore, Be Re-Designed Using Km and Ol Principles to Increase Innovation and Competitive Advantage over the Next Five Years.

BACHELOR OF COMMERCE

BUS 378: Knowledge & Organisational Learning
Essay Outline:

How can HR management systems and practices in Singapore, be re-designed using KM and OL principles to increase innovation and competitive advantage over the next five years.

Introduction
2012 is marked as a significant year for Singapore’s workforce demographics. This is the year where the first batch of baby boomers turned 65 years old (National Population and Talent Division, Prime Minister’s Office 2012). Under the Retirement and Re-employment Act (RRA) in effect since 1 January 2012, while the statutory minimum retirement age remains at 62 year old, employers are now required to offer re-employment to eligible employees who turn 62, up to the age of 65 (Ministry of Manpower, Singapore 2012).

Over the next five years, a big cohort of baby boomers will reach retirement age and this will leave a big void in the Singapore workforce and along with it, valuable experience and knowledge. It is thus, crucial for companies in Singapore to have a solid Human resource management system to hire the right candidates, retain knowledge and be active in succession planning in order to remain competitive. This essay serves to explore how companies can re-design HRM systems and practices using Knowledge Management and Organisational Learning principles to increase innovation and competitive advantage over the next five years.

Framework
The essay will first discuss the issue within the Singapore Workforce context; it will then provide the definition and function of Human Resource Management, Knowledge Management and Organisational Learning. It then goes on to explain how applying KM and OL principles and strategies can aid in creating innovation and increasing the competitive advantages of a company in terms of training and development and; succession planning in the Human Resource activity.

The Issue
Singapore has a rapidly aging workforce. The National Population

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