Yesterday the SGX went on full time, no lunch break, to improve trading volume. And the result was immediate. During the one and a half hour of trading, without lunch break, it chalked up 100m shares traded. This, as reported, was an increase of 6.4% in volume.
I was dumbfounded. For all the years I spent in human resource management, the profession has been bugged by the difficulties in raising productivity. Money were spent to improve productivity throught mechanization and computerization. The catchphrase was to work smart and not work hard, to work intelligently and not slogging over long hours. And we did not achieve much.
Now I realized that we have missed the wood for the trees. The solution was so simplistic yet so brilliant, so effective. Just extend working hours man. And 100m shares were achieved in an additional one and a half hour of trading. Nevermind if the overall volume was down from 1.7b on Friday to 1.46b yesterday. The 240m shares lost can easily be recovered by increasing trading hours by another two hours.
This is a remarkable discovery of a management theory of great significance. I must write an article to the SHRI’s newsletter on how to raise productivity in the simplest way and cheapest way. If the ministers and their ministries were to work through lunch, gaining another one hour of working time, their productivity would increase accordingly. And if the no lunch break is extended across the country, across all industries, viola, the country would have a 6% increase in GDP. There is thus no need to increase the influx of foreign workers and foreign talents which would bring along high inflation, high property prices, high congestion and competition for space and air.
After 40 years of independence, I think Spring Singapore would not have thought of such a great concept. We have wasted all this time trying out all the dump ideas to improve productivity which obviously did not work. And the one that works, influx of foreigners, actually works on the same principle. Increase in workforce means increase in manhours working. This is the same as increasing the number of working hours, like no lunch break.
I think we will progress more rapidly if everyone simply works longer hours. We will progress, from First World to the Third World.