Speaking ahead of Budget 2012, they said a key priority is to continue to push ahead with efforts to enhance productivity.
Budget 2012 on Friday will be the first to be delivered after last year's general election.
And it comes amid an expected economic slowdown with companies cutting back on headcount.
There have been calls for the government to bring back the Jobs Credit scheme introduced in 2009, to help companies defray labour costs during the height of the recession.
But CEO of the Singapore Business Federation Ho Meng Kit cautioned against across-the-board subsidies.
The Jobs Credit initiative, was a temporary scheme, introduced to encourage businesses to preserve jobs in the downturn.
Businesses received a cash grant based on the Central Provident Fund (CPF) contributions they have made for their existing employees.
The aim is to provide an incentive for businesses to retain existing employees, and where their business warrants, to employ new ones.
Mr Ho said: "I think a modified Jobs Credit scheme should be done that links credit to a firm's ability or desire to employ older Singaporean workers so link it in that way. So that when a company is employing an older worker, then it is not everything that the employer is paying."
NTUC Deputy Secretary-General Heng Chee How explained that the scheme was a way of buying time for companies so that they do not cut jobs quickly.
Mr Heng said: "It is a very emergency type of measure. It is not a routine measure. We have had recessions come periodically, it is cyclical phenomenon. So what we have from the government is a commitment to do the necessary and what is necessary is depending on the situation.
"If you are looking at something of the scale of the Jobs Credit, you must also be looking at a recession of the scale you see in 2009."
So the call is for companies and workers to be prepared for long-term measures in the Budget, aimed at boosting the country's competitiveness and enhance productivity.
A major challenge is to get as many small and medium enterprises (SMEs) to come on board and to take advantage of the available schemes.
The feedback is that SMEs are finding it difficult to utilise government schemes to improve productivity.
Stephen Lee, president of the Singapore National Employer's Federation, said: "I would like to see a bigger push on the part of government. Perhaps a partnership approach with the SMEs and a more partnership and engagement involving companies.
"The companies are not coming on board. The schemes are there, monetary incentives are all laid down, we have to find the missing piece."
Deputy Chairman for the Government Parliamentary Committee for Finance and Trade and Industry Liang Eng Hwa feels productivity enhancement plans will always involve some upfront cash and capital.
Mr Liang said: "Maybe cash flow issues may be an issue for some companies to enhance productivity. Perhaps the government or SPRING could look at some form of productivity cash vouchers where they can help ease that cash flow problem, so that they can look at investing in equipment and systems that will enhance productivity."
There are also calls for greater productivity push within the service sector, and companies hope Budget 2012 will address this concern.
- CNA/ck
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