One of the challenges of considering labour as an asset, not a cost, comes down to how accounting works. The basic  principles of accounting that companies must follow require them to treat labour as a cost..According to generally accepted accounting principles (GAAP), an asset must meet specific criteria:It must be a resource controlled or owned by the company.It must be able to generate future economic benefits.Its value must be capable of being measured reliably.Employees are not owned, can leave at any time, and their contribution to future revenue is not reliably quantifiable in monetary terms on the balance sheet.As such, on income statements, labour is recorded as wages or a salary expense, regarded as a service consumed during the accounting period to generate revenue, and costs that reduce net income in the period they occur.But what if this very mindset is limiting the growth a company can make?And what results can ensue if your company flips the script and starts looking at employees as assets, not costs?Ask Liaw Chun Huang, the chief financial officer at KTC Civil Engineering & Construction, known for projects like Marina Bay Sands and Tampines Central Station.He shared at Workforce Singapore’s (WSG) Career Health Summit on this topic, the strategic value of skills-based hiring, and the critical role of training and continuous upskilling in maintaining competitiveness and profitability.And if you can’t shake off the bottom-line focused voice in your head, here’s something that will get your attention- Chun Huan revealed that the staff-focused initiatives at KTC allowed them to enjoy an incredibly low staff turnover-rate of 1.3%!This was pretty remarkable as the average staff turnover rate in Singapore was approximately 18-19% annually as of late 2025, reflecting a rising trend compared to 2024 at 16.7%.Listen to this podcast to learn more from him on the secrets of attracting and retaining the best talent in the Singapore workforce!Key highlights to listen to(((Over 100,000 jobs await. Discover your perfect role on MyCareersFuture today.----more----Read the full article here: https://content.mycareersfuture.gov.sg//stop-looking-at-labour-as-a-cost-but-an-asset-says-this-singaporean-employerFind out more about SWDA's programmes and services to help you in your career:www.swda.gov.sgRead about the latest career tips and advice | Apply for Jobs | Register for events here:https://go.gov.sg/podcast-careerscompassbymcf