During the annual SkillsFuture Forum, held on July 4, 2023, experts discussed the growing accessibility of digital technology for small and medium-sized enterprises (SMEs) and underscored the importance of upskilling in the face of rapid technological advancements. Tan Kok Yam, CEO of SkillsFuture Singapore, noted that cloud technology and software-as-a-service solutions have made digital tools affordable and accessible not only to larger corporations but also to smaller businesses and individuals.

However, the swift pace of technological change presents a challenge, as workers must continuously update their skills to remain relevant. Aslam Sardar, CEO of the Institute for Human Resource Professionals, highlighted that a significant portion of skills becomes obsolete over time. He cited a LinkedIn study showing that 36% of skills listed in 2015 in Singapore are no longer relevant, which underscores the urgent need for ongoing professional development.

The panelists emphasized that upskilling does not necessarily require large financial or time commitments. They encouraged utilizing free online resources and adopting “micro-learning” techniques, which involve breaking training into smaller, digestible sessions. Lee Kian Chong, CEO of Deli in the Park, shared his company’s approach of integrating various training formats, including on-the-job training and micro-learning, to ensure employees remain engaged in their development.

To address their demand for digital talent, Lee Hui Li, managing director of Microsoft Singapore, suggested four strategies: recruiting new talent, upskilling existing employees, collaborating with external partners for expertise, and automating processes to allow employees to focus on more strategic tasks.

The panelists also stressed the significance of non-digital skills, such as communication and critical thinking, in the evolving landscape. Aslam noted that with AI’s rise, employees must not only be diligent but also capable of analyzing data and deriving insights.

The role of human resources (HR) was highlighted as crucial in managing transitions brought on by automation. Aslam referenced a Stanford study indicating that for every dollar spent on machine learning, companies must invest nine dollars in human capital areas, including training and change management.

Ultimately, the panelists agreed that fostering a culture of innovation and encouraging employees to view upskilling as a vital part of their career development is essential. Lee emphasized the importance of individual motivation, stating, “Put the onus on individuals to say, ‘I want to invest in myself because this is critical for my career progression.’” By transforming upskilling into a collaborative effort, organizations can enhance their adaptability and resilience in a rapidly changing digital landscape.