Holistic Industry Productivity Scorecard (HIPS) Calculator to help businesses compute productivity performance
- HIPS calculator will allow businesses to compute their productivity performance.
- Productivity scorecard computed provides businesses year-on-year performance and benchmark against industry peers.
HIPS is a self-diagnostic online tool developed by SBF, with DP Information Group as knowledge partner, for companies to gauge their labour productivity. To compute their productivity scorecards, companies can use the HIPS Calculator which is designed within SPRING Singapore’s Integrated Management of Productivity Activities (IMPACT) framework. Through a three-step process with nine key financial figures such as labour cost, operating profit and fixed assets, the HIPS Calculator presents data on 10 key productivity indicators (see Annex A for details), which illustrates an organisation’s holistic productivity performance, compares year-on-year performance and benchmarks against industry peers. Companies that submit their details and scores will have the information added to the HIPS Scorecard database. After obtaining their scorecards, companies can enrol in a 1:1 Diagnostic Programme to help them better understand their scores and the measures they can take to improve.
Both the calculator and scorecard can be accessed via the HIPS portal. SBF hopes to have 30,000 SMEs on board HIPS by 2020.
Mr David Hsiao, General Manager of Ardentec Singapore Pte Ltd said “Productivity improvement is necessary for businesses to remain competitive. The benefits derived from productivity go beyond the companies and are passed on to our customers. HIPS is a useful tool as it makes productivity measurable and quantifiable. It assists companies like Ardentec to evaluate our current productivity and allow us to compare our productivity level against others in the same industry. With such information, we can also set a measurable target for us to work towards.”
Mr Victor Tay, Chief Operating Officer of SBF, said, “Improving productivity continues to be a challenge for many Singapore companies. We hope that with the introduction of HIPS, businesses now have an effective and user-friendly tool to help them measure their productivity and help them improve. Increasing productivity is the way to go in ensuring long-term competitiveness and profitability. Businesses that can work towards maximum operational efficiency will stay ahead of the game.”