Singapore's Second-Skilling Strategy: Is Your Workforce Planning Strategy Aligned?
The modern world has disrupted the notion of a stable and predictable career path. Technological advancements, political instability and the pandemic have given way to a volatile and ambiguous job market felt by individuals, companies, and economies globally.
So, how is Singapore tackling the fluctuating job market? The answer lies in a simple yet highly effective solution: ‘second skilling’.
‘Second-skilling’ involves workers acquiring new skills in a different field or industry while remaining in their current jobs. Since 2008, Singapore has prioritised second-skill training for future-proof employees against an ever-evolving workforce. Singapore’s Ministry of Manpower (MOM) has launched several initiatives, such as SkillsFuture, to invest in second-skilling their working citizens.
Singapore’s strategy seems to be working. At just under 2%, Singapore has among the lowest unemployment rates in the world. By keeping workers simultaneously employed and flexible, they can stay relevant and adaptable in the workplace.
By contrast, China is feeling the strains of unemployment - particularly among its younger citizens. In June 2023, China’s youth unemployment rate climbed to a new record high of 21.3%. While this is no doubt in part due to the ripple effect of China’s strict zero COVID policy on the economy, it also signals a gap between skills and relevance to the job market. Unlike Singapore, China’s market prioritises secondary and tertiary education over multi-skill development. Therefore, for many Chinese graduates, their skills remain incompatible with those needed in the workplace.
Employers, What Can You Do?
In a world where the education system is not preparing the future workforce adequately, what can employers do to strengthen their employees’ career resiliency?
Organisations must invest in initiatives that allow employees to evolve with a shifting market. Not only will this ensure companies have an ongoing and relevant talent supply, but it will also increase retention rates. According to a recent report, lack of career progression is the top reason for leaving a job. However, many employers need to recognise the value of second skilling, as only 40% of employees say their company offers development opportunities.
Workers also have a significant role to play. Employees must stay ahead by paying attention to market forecasts and staying informed about in-demand roles and fields. Positions in Singapore include Sales Development Representative, Cloud Engineer, and Healthcare Assistant.
Steps to Second Skilling Your Workforce
Organisations are undoubtedly benefitting from second-skilling their employees. A global survey found that, since the pandemic, 42% of companies have boosted their reskilling and upskilling programmes, and 91% say that this has increased productivity in the workplace.
Here are the steps your organisation can take to implement these programmes effectively:
Assess Employee Engagement: Employers should first assess employees’ level of engagement at work and strive to improve it. Ultimately, employees need to feel connected to the workplace for skill development to have the desired impact.
Build a Workforce Plan: A workforce plan involves analysing an organisation's workforce and determining the steps needed for current and future talent. Employers should also conduct a skill gap analysis to identify areas employees need to up/reskill. Employers can then determine which skills are necessary for the organisation's success.
Take a Holistic Approach: To address individual learning styles in the workforce, employers should get creative and explore options beyond the classroom. In addition to certificated programmes, employers can offer coaching, eLearning, and simulation training.
Plan Ahead: It’s easy for internal skill development programmes to take a back burner when everyone is busy - but this is an expensive move. Employers should, therefore, capitalise on slower periods throughout the year to schedule focused workforce planning and learning strategy sessions.
Should you decide to invest in second-skilling your workforce, Accela Talent is here to help.
Our expert team is dedicated to helping your organization conduct workforce planning and skills gap analysis to inform your skills development strategy. You can also outsource your HR admin processes to us and free up time to focus on talent development.
Elevate your workforce, and secure your company's future. Reach out to us at [email protected]. Together, we'll build a workforce prepared for whatever comes next.
