Upskilling and Collaboration Are Key to Staying Competitive
Singapore faces the urgent need to prepare its workforce for an increasingly volatile global job market, said Manpower Minister Tan See Leng on Wednesday (Nov 2). Economic uncertainties, driven by geopolitical tensions and inflationary pressures, are creating more frequent employment disruptions, underscoring the importance of reskilling and upskilling local workers.
Empowering Workers Through Skills Development
Minister Tan emphasised the necessity for individuals to take ownership of their career development by staying updated with industry trends and refreshing their skills. Companies also play a vital role by investing in workforce training and integrating innovations to remain resilient amid changes.
“We urge businesses to diversify their non-resident workforce while focusing on strengthening the local core,” said Dr Tan. By prioritising long-term transformation, such as digitalising processes and adopting innovative practices, organisations can better equip their employees to remain competitive.
Government Support and Industry Collaboration
The government is committed to guiding workers through industry disruptions by providing insights into emerging trends, fostering growth areas, and offering support to those seeking to adapt to new challenges. “It’s about investing in people, ensuring readiness, and being a reliable partner throughout their journey,” Dr Tan explained.
Promising sectors like fintech and artificial intelligence have been identified as key areas for growth, with efforts focused on creating quality jobs for Singaporeans and supporting unemployed individuals to re-enter the workforce.
Labour Market Trends
Singapore’s labour market showed improvement in the third quarter of this year, with total employment—excluding migrant domestic workers—increasing by 75,600. However, unemployment rates rose slightly in September, reaching 2% overall and 3.1% among citizens, though still within pre-COVID-19 levels. Retrenchments also increased but remained below pre-pandemic averages.
During a dialogue under the Forward Singapore initiative, Dr Tan highlighted ongoing efforts to enhance support for displaced workers. “We are carefully assessing how to structure this support, ensuring a balanced approach to meet their needs,” he noted.
By fostering collaboration between workers, businesses, and the government, Singapore aims to build a resilient workforce capable of navigating the challenges of an evolving global economy.
