Singapore’s economy is extremely successful and is highly-developed. It has a very small unemployment rate and is considered to be a leader amongst markets that are corruption-free and enjoy very stable prices. However, the labor market had been affected by COVID-19.
Reports have shown that most employees find it difficult to upskill themselves or to adapt to changing environments. This has led to an imbalance of sorts where although there are a lot of jobs to be filled, the battle for talent is brewing. To capitalize on this opportunity, it is important to understand the skill gaps that are looming over Singapore’s job market. Let’s dive right in!
Singapore’s job market has been welcoming non-residents for a very long time now. In fact, around 1.2 million individuals who work in Singapore are non-residents, a fact that proves how welcoming the country is to immigrants. Singapore’s economy mainly depends on exports including petroleum products, chemicals, medicines, value-added manufacturing, and services.
The country is a popular option for employees from different sectors due to its stable economic conditions, positive surplus, and government revenue. Due to the growing economy, organizations have also been steadily expanding – meaning, more fresh hires. However, most jobs that are up for grabs in Singapore require candidates to possess specific skill sets. Some of the popular areas where there are significant skill gaps in Singapore are listed here.
Most banking and insurance services today rely heavily on digital technologies to serve their customers better and to stay in touch with their clientele. Banking and insurance professionals are also expected to know about data analytics in order to make sense out of large datasets.
When it comes to healthcare professionals, Singapore has a very low proportion of healthcare professionals per capita, compared to other countries. The dynamics of healthcare is changing – AI is slowly becoming a part of the healthcare ecosystem and is becoming an important skill that employees need to possess when trying to land jobs in the sector. Investing time to learn about technology and become data literate are the key skills to possess.
The financial services industry is one of the largest industries in Singapore due to the role it plays in both economic and employment growth. With digital technological trends such as blockchains beginning to play vital roles in managing financial transactions, it has become important for potential employees to know about such technologies. It is also important to understand how to manage stakeholders, and to be data literate.
It is one of the fastest growing sectors of Singapore and has been consistently contributing to improving the country’s economy for many years. Electronics, logistics, chemicals, and biotechnology are some of the key manufacturing sectors. Candidates who are looking to land a role in the manufacturing sector are expected to possess knowledge about the various processes that are involved in manufacturing, know about logistics, supply chain management, and know how to work industrial equipment.
Engineering is an industry that includes sectors such as robotics, automation, construction, and product engineering. In fact, engineers and product managers are highly sought-after in Singapore. It is estimated that Singapore might require over 1.2 million digital professionals in the next five years. Most employers are looking for fresh talents who can fulfil roles and are also constantly updated about the latest technological trends. Organizations are looking to hire fresh talent who are skilled in a variety of emerging technologies including artificial intelligence, machine learning, data mining, data science, cryptography, and cybersecurity. It is also important for those applying for tech jobs to know how to program in languages such as C, C++, Python, Java, Javascript, and R.
The best ways to stay relevant today is to constantly unlearn and relearn, upskill, and stay up to date about the latest trends.
