Pitch
Competition to stay relevant demands that companies reinvent themselves or mak way for smaller companies that can charge less and do more.
Description
Make life easier/more difficult for Singapore?
More difficult
Describe the change
Companies that can offer more for less have begun their entry into Singapore, and at an alarmingly fast rate as well. With Whatsapp offering free text and calls , and Uber & Grab offering more convenient and cheaper taxi services, larger companies have since had to give up a slice of the pie, or compete by offering competitive services and products to their customers in order to maintain market share.
By 2030, Singaporeans will be spoilt for choice with a multitude of alternative services to choose from. Not to mention that these services will be leaps and bounds more convenient than they are today. With the increase of smaller companies entering Singapore, the Job market will be flooded with employers who will create jobs for the growing but aging population. More companies competing for a slice of the pie means that we will be seeing trends rise and die at a much faster rate.
How will this change impact Smart Nation Singapore in 2030?
With the flooding of jobs and high turnover rate of the market, Singaporeans will experience a higher level of job insecurity than they currently face.
Higher levels of competition means that companies will attempt to make their services cheaper as well. This could spell lower general salaries for Singaporeans who will begin to accept a lower grade of pay due to that becoming the industry standard.
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