Singaporeans turn to reskilling and upskilling to stay competitive

Photo by Mimi Thian

In an increasingly uncertain job market, nine in 10 Singapore employees (90 per cent) see the need to reskill or to upskill to stay relevant in the post-pandemic world, according to the results of the UOB ASEAN Consumer Sentiment Study.

The findings come as Singaporeans expect that securing a new role in the current job market will be tough due to the economic recession. Close to nine in 10 of Singapore respondents believe that companies will prefer candidates who can perform multiple roles (88 per cent) or choose not to hire and instead digitalise as means to reduce costs (87 per cent).

The majority of Singapore respondents also expect that companies will use retrenchment as a tool to cut costs (88 per cent).

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Among the different age groups, the concerns around job security are felt most strongly by Singaporeans between the age of 56 to 65 years old. Ninety-eight per cent of respondents within this age range are focused on reskilling or upskilling to stay competitive.

Mr Dean Tong, Head of Group Human Resources, UOB, said that the COVID-19 pandemic has reaffirmed the importance of adaptability and continual learning to ensure that people are ready to take on changing job demands and to seize future opportunities.

“COVID-19 has shown that a key driver for companies to grow sustainably in a post-pandemic world is having people within the organisation that are adaptable and open to new challenges. As the trend of digitalisation accelerates in response to the pandemic, it is imperative that employees are developing the skills needed for a future of work dominated by digital technology and data.”