Ranked the world’s best in human capital development, named the smartest city internationally for three consecutive years, and boasting a GDP that has grown at the fastest rate in a decade,  Singapore is well-regarded as a blueprint for global economic success. At the heart of its status as one of the most competitive economies is a nimble and flexible workforce, strengthened through a nationwide commitment to continuing education.

As Jack Lim, Executive Director of SMU Academy, the professional training arm of Singapore Management University (SMU), said at the recent Expo 2020 hosted in Dubai, “truly technology advancements and progress have vastly changed the way we communicate, work, and live”. He goes on to discuss the impact of these changes and the future of Singapore’s workforce.

Mr Lim touched on Singapore’s evolving lifelong learning landscape during his presentation on Singapore's Policy on Sustainable and Smart Workforce Through Upskilling and Knowledge Enhancements at the virtual panel discussion on Knowledge and Learning.

A Reskilling Emergency

The fourth industrial revolution is characterised by digital technological advancements concerning the internet, artificial intelligence, and other related sciences. With Singapore being one of the most technologically advanced countries in the world, it is  at the forefront of these new technological advancements. As a result, companies across various industries are implementing the latest tech to stay competitive on the global stage.

By going increasingly digital and using the latest technologies, Singapore continues to be at the forefront of innovation—ready for the future of the next industrial revolution. But, of course, to meet these new demands in the job market, businesses need to ensure their staff are up to date with their training and skills.

While businesses are readily upgrading their digital systems, the process of staff reskilling lags behind. Defined as “the process of learning new skills, or of training people to do a different job,” reskilling promotes the learning of new skills in the work environment. Today, traditional skills and education are no longer keeping pace with the fast-changing job market, especially in frontier industries.

“Changes are happening so quickly that things happen within a few years of joining or leaving university, almost rendering their knowledge irrelevant,” said Mr Lim. 

“While some fundamentals will never change, ‘doing well’ is no longer sufficient.”

The Future of Jobs Report (2016) states that many of today’s in-demand occupations did not even exist five to 10 years ago, and the pace of change is only increasing. Moreover, the Organisation for Economic Cooperation and Development has predicted that jobs worldwide will transform because of technological advancements within the next decade.

With the fast-paced nature of technology and required work skills, the ability to adapt and learn is a growing concern within Singapore’s workforce. According to the World Economic Forum, while there is a demand to cope with existing occupations, the rapid change will also create over 100 million new jobs in significant economies.

A Movement For Continuing Education

Since Singapore has limited natural resources and land area, its population is its most valued strategic asset. Due to these circumstances, Singapore relies on its citizens for social and economic growth. However, this reliance poses several challenges, according to Mr Lim, who leads SMU Academy, which offers cutting-edge interdisciplinary programmes that equips and empowers a future-ready workforce.

The challenges include a shrinking labour pool due to an ageing population and lower birth rates; a trend of millennials changing jobs more frequently; a need for workers to remain in the workforce longer due to increasing life expectancy; disruptive technologies that are anticipated to displace a fifth of the economy by 2028; and the recent impact of Covid-19 on businesses.

To meet the rising demand for support in a transforming economy, the Singapore government launched the SkillsFuture Movement to cultivate lifelong learning and help Singaporeans reach their highest potential throughout their life

Today, citizens could have access to SkillsFuture credits up to a total of $1,500 that can be utilised for skills development courses. SkillsFuture works closely working with other government agencies, institutes of higher learning such as SMU Academy, employers, and private training providers to reach as many Singaporeans as possible.

There are also plans to make sure these funds are going towards goals to help specific industries that will be a part of a more sustainable and smarter future, such as the digital, green and care economies. With the increasing awareness of learning and adaptive needs, educational institutions are preparing to help educate and reskill workers to fill in the new opportunities in the job market. At SMU Academy, their staff and instructors constantly search for new ways to promote and encourage continual learning after formal education.

As paradigms, systems, and technologies change, it is necessary to keep up with the times. Singapore has consistently adapted by factoring in predicted trends to ensure its talent pool is equipped with the skills needed to cope with an onslaught of changes. Because of its ongoing efforts, the country’s workforce has not only stayed relevant but managed to thrive amid significant shifts.