Despite two in five (61%) employers expressing a pessimistic outlook towards the current job market, 56% indicate that they have been recently hiring or intending to hire new talent to meet their current business goals. In particular, the top three functions employers have been hiring or intending to hire for are ‘IT & Digital’ (45%), ‘Business Operations’ (39%) and ‘Sales’ (29%).
These are some of the key findings from NTUC LearningHub‘s (NTUC LHUB) recently launched a survey in The New Normal of Sector Skills report. Gathering the perspectives of 367 business leaders (senior managers or directors and above) and 567 full-time employees working in Singapore, the report aimed to uncover the shifts in dynamic of training and employment opportunities across six major industry clusters.
When asked about their recruitment endeavors, seven in ten (72%) employers say that it has been challenging to fill roles due to a shortage of talent with the required skill set. This was most apparent in those in the built environment (77%), manufacturing (76%), and essential domestic services (75%) industry clusters.
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In addition, to plug skills gaps, employers say they have been upskilling employees with complementary skill sets (55%), reskilling employees (40%) to take on newly created roles, and proactively attracting local talents (40%) to join their workforce.
On the other hand, when asked about the functions which employees are looking to move to in order to secure a stable job and career, ‘leadership & management’ (39%), ‘business operations’ (32%) and ‘administrative’ (30%) emerged as the top three functions.
Moreover, two in three (66%) employees feel the need to upgrade their skills to move to another industry that may be more resilient. About one-third (31%) of the respondents are open to moving into the healthcare industry, while 23% are open to moving to biopharmaceuticals manufacturing and 21% are open to moving to Infocomm technology. Among this group of respondents, employees from the built environment and trade & connectivity industry clusters feel the strongest need to move to another industry.
Commenting on the findings, NTUC LHUB’s Chairman, Eugene Wong, says, “Digital adoption and business transformation will continue to accelerate across industries, prompting employers to actively re-assess the talent pool they need in order to navigate the new economy.”
“In the new world order where new information and technologies are being fielded at an exponential rate, employers must lead their companies in upskilling or reskilling to learn in-demand competencies that help companies navigate a COVID-19 economy. It is heartening that more employers now see the value in upskilling and reskilling their employees, and many are also ramping up their efforts to attract our local talent pool. This signifies a bright spot for individuals who are reassessing their career paths, and they can leverage upskilling and reskilling resources to capture opportunities in these areas.”
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