Whilst Singapore has a highly-skilled workforce, some of the workers worry that their skillsets are becoming obsolete. The 2017 Kelly Services and Capita Salary Guide revealed that whilst Singapore workers may be confident of their market power today, uncertain economic conditions, the anticipated rise in overall unemployment to 2.3%, and the steady increase in redundancies since 2010 has given rise to concerns about their future.
Around seven in 10 workers mentioned that their top concern is of their knowledge and skills becoming obsolete. This thinking was seen the most amongst IT workers, with 64% of them saying so. Meanwhile, this concern is also apparent in 58% of professionals, managers, executives, and technicians (PMETS), 61% of engineers, and 59% of finance and accounting workers.
Gen Y vs Gen X
The concern is also higher among
Gen Y workers (74%) as compared to Gen X workers (63%) where almost four in 10 workers (37%) cited being more concerned about layoffs. Approximately three in 10 Singapore workers indicated layoffs as their biggest concern.
Kelly Services said Singapore’s workers are seeking ways to be as resilient as possible. More than eight in 10 workers (83%) indicated a desire to grow their skill set and recognised that their skills and knowledge will need to continue to evolve and grow. This is consistent across both Gen Y (84%) and Gen X (83%) workers and employees around the globe, with workers in APAC (82%), Americas (80%) and Europe, Middle East and Africa (86%) echoing a similar sentiment.
Foo See Yang, managing director and country head for Kelly Services Singapore said whilst industries experiencing high growth are in a better position to provide competitive remuneration, employee engagement and retention goes beyond the employee’s pay packet.