The latest IMD Competitiveness Ranking
listed Singapore as the 3rd most competitive nation and top in the
APAC region. The ranking evaluates countries based on how they manage their
competencies to achieve long-term value creation. Based on these factors,
Singapore scored high on economic performance and GDP growth, but was deemed
lacking in issues related to management practices, scientific infrastructure,
and health and environment.
The ranking underscores a basic tenet of
career opportunities and job growth: nothing can be taken for granted. Of
particular note are the areas where we are lacking.
Extrapolating the results, Professor Arturo
Bris, Director of IMD Competitiveness Center, said: “Singapore’s education
system is excellent, both in terms of input (investment in education) and
output (PISA scores, for instance).”
“However, Singapore ranks relatively low in
the ability of firms to educate their employees and re-skill them. In the new
world of technology where changes happen very fast, it is important that
companies maintain a capable workforce. It is not possible any more to rely on
the training of a college graduate to be able to satisfy the demands of
businesses for the next 20 years.”
Indeed, ensuring that workers continuously
develop new skills and sharpen existing ones to meet labour demand in growth
sectors is one of the top challengers highlighted by the Ministry of Trade and
Industry.
The workforce is largely aware of this and
ready to improve. The latest workforce study from ADP, People at Work 2022: A
Global Workforce View, shows just how keen Singapore’s workers are to learn new
skills. 78% of 18-24 year olds surveyed wished to master new skills, and 83% of
those 25-34 said the same.
Of particular note are leadership and
management skills.
“For leaders to succeed, they need to by
ambidextrous—that is, they must be able to satisfy the operational demands of
the short term, while keeping a vision and a long-term perspective that must be
communicated to their teams. We do not know well how good leadership impacts
organisations; however, we know very well that corporate failures are very
often related to bad leaders,” said Professor Bris.
He emphasised how youths and those new to
the working world should quickly work on cultivating requisites such as agility,
resilience, knowledge of the environment, technological skills and curiosity.
“It is not enough to learn these skills at
the University,” he cautioned. “Young people need to look outside, travel, meet
people, gain new experiences.”
Hence, fresh jobseekers should look for
positions that train and challenge them rather than simply providing work. Examples
include positions in their field of study with promotion opportunities, or
entry-level positions that cultivate essential soft skills – which cannot be
learned in a classroom – such as effective communication and problem solving.
He concluded: “Find a company that will not use you, but train you.”
