Despite a robust labor market, Singapore faces significant challenges with skills mismatches, according to Robert Yap, president of the Singapore National Employers Federation (SNEF). In his remarks on April 28, he emphasized the need for proactive action to ensure that the workforce remains aligned with the evolving demands of the economy.

The statistics paint a concerning picture: retrenchment numbers surged to 14,590 in 2023, up from 6,440 in 2022, primarily due to ongoing business transformations. Yap pointed out two key trends driving this need for strategic skills development: the increasing longevity of workers in their careers and the rapid obsolescence of skills.

To tackle these mismatches, Yap proposed a three-pronged approach:

Stronger School-Industry Partnerships: Collaborations between educational institutions and industries can help align the skills students acquire with those needed by employers. With the fast pace of change in skill requirements, there’s a risk that students’ training may become outdated by the time they enter the workforce. SNEF has initiated agreements with educational institutes to enhance internship programs, offering students practical exposure to real work environments.

Improved Career Planning: Regular discussions between employers and employees are crucial for guiding mid-career professionals through their career transitions. Yap encouraged employers to adopt structured career planning strategies to identify skills gaps and provide necessary training, enabling employees to stay relevant or reskill for new roles as business needs evolve.

Valuing Mastery Over Management: Career growth should not be solely associated with ascending to supervisory or managerial positions. There should be pathways that acknowledge and reward employees seeking mastery in their technical roles. Yap highlighted the importance of society developing a deeper appreciation for technical and vocational skills, which are essential for both business operations and daily life.

In conclusion, as the economic landscape continues to shift, possessing the right skills is paramount for workers aiming to maintain employment and advance their careers. SNEF is dedicated to collaborating with tripartite partners to foster a culture of lifelong learning within workplaces, ensuring both employers and employees can thrive in the future economy.