Track leadership development to up Singapore’s global competitiveness

By Murray Sarelius, Partner, Head of Personal Tax & Global Mobility Services, Tax, KPMG in Singapore, Nicki Doble, Principal Advisor, Corporate Transformation, KPMG in Singapore and Pauline Goh, Vice Chair, Singapore Institute of Directors

Amid relentless global competition, developed economies worldwide are striving to assert their relevance and secure their futures. For Singapore, this mission is both an ambition and a necessity. Prime Minister Lawrence Wong underscored the importance of remaining competitive on the global stage as integral to the nation’s continuing success—a crucial element of the Singapore Dream.

To maintain its edge in a rapidly shifting global landscape, Singapore must focus on tracking leadership development through clear benchmarks and structured evaluations. This data-driven approach will ensure business leaders are equipped to drive economic growth and transformation while reinforcing the nation’s competitive advantage.

By building on this strong foundation, Singapore can further enhance leadership capabilities and agility to meet both regional and global challenges. For example, Singapore will need strong board leadership and robust governance to uphold Singapore's standing on the world stage. To do so, initiatives such as refining development programmes and introducing structured frameworks will need to be introduced to support the grooming of talent. 

Corporate boards serve to preserve and enhance the value of their organisations. As businesses confront unprecedented shifts in technology, sustainability, consumer expectations and global supply chains, boards must continue to evolve. Directors need to continuously update their competencies so they can effectively navigate emerging trends, manage uncertainty and tackle complex challenges.

Singapore could enhance board effectiveness by instituting a national board evaluation tool and mandating regular, independent evaluations of board performance. Adopting practices similar to those in the UK—where external reviews occur at least once every three years—would ensure a transparent and objective approach to assessing board efficacy. Updating the nation’s Code of Corporate Governance could further codify best practices to reflect the evolving business environment, for instance in cyber risk and climate governance, and incentivise higher governance standards.

Equally important is refreshing boardroom dynamics through a steady pipeline of diverse, capable talent. Programmes such as board apprenticeships and mentoring initiatives could allow emerging leaders to gain crucial exposure and experience, fostering seamless leadership succession. Cross-border programmes that expose directors to global practices can prepare them for international board appointments. By tapping into fresh perspectives, Singapore’s corporate boards will be more agile and adaptable in the evolving global business environment.

Strong leadership is the foundation of high-performing organisations. However, the absence of consistent frameworks to nurture leadership capabilities creates gaps in readiness. To address this, Singapore could introduce a national leadership competency index to outline key leadership benchmarks, such as cross-cultural agility or alignment with national goals.

This index would serve as both a roadmap and a measurement tool, offering organisations a structured approach to leadership development. By setting clear progression criteria and tracking capabilities, businesses will be able to make informed decisions on investments into workplace training or other talent development initiatives. It also provides an evidence-based approach to track and enhance skills relevant to the sector or industry and ensure that the next-generation workforce is equipped for the complexities of regional and international markets. Equipping leaders with future-ready skillsets ensures that they will be able to take stock and respond to changes even before implications begin to fully unfold.

A robust framework to help organisations develop strong leadership must be complemented by mechanisms that make skills upgrading accessible and agile. One actionable step is investing in micro-credentialling. These flexible certifications offer a faster, cost-effective means of addressing targeted skills gaps, particularly in high-demand areas like artificial intelligence, sustainability and cybersecurity.

Coupled with tax incentives and grants, businesses could be encouraged to support or launch sector-specific programmes to advance professional growth. Recognising and rewarding talent development creates a culture of ownership and accountability among leaders, while also strengthening organisations over time.

To sustain Singapore's position as a global talent hub, reducing barriers to talent mobility is vital. Simplifying cross-border complexities—such as offering tax concessions for short-term business stints—can attract international leaders to Singapore. This fosters valuable knowledge exchange, helping the local workforce tap into expansive global networks and building leadership capacity on both domestic and international platforms.

Tracking leadership development is more than a scorecard for results—it is a foundational strategy to nurture, measure, and reward excellence. Integrating clear frameworks, fostering continuous improvement, and enabling global talent mobility positions Singapore to shape the future of corporate leadership. Ultimately, advancing leadership standards reinforces Singapore’s global competitiveness and sets a benchmark for leadership education in the region. Singapore will need to prioritise actionable steps now to prepare its leaders to not only tackle challenges but define the next chapter of its success story on the world stage.