It’s tempting to assume that laid off tech workers have flooded the job market – but this is far from the case. Many of those impacted have found alternative job opportunities. This is especially true for roles which have highly sought after tech capabilities – there simply isn’t enough talent to go around. If anything, Singapore, like other business and tech hubs, is in the midst of a prolonged tech talent crunch.
According to the Ministry Of Manpower, a third of Singapore’s vacancies are from the information and communications sector, with high demand for skilled tech professionals like engineers, data scientists, and cybersecurity experts. A new study by CIO.com corroborates this, and has found that cybersecurity, data science, and AI roles are amongst the most difficult to fill.
While some of this demand is coming from within the tech industry – savvy industries like banking, healthcare, retail and HR are hoping to snare talent as they build out their own digital capabilities. Adding to this challenge is the reality that companies today are competing with each other in a global talent marketplace, across industries and across geographies.
Employers know that nearly every company is going through this – and the need for strategic talent acquisition and workforce development is more apparent than ever.
Reskilling and upskilling
Addressing the skills gap requires balancing empathy and business strategy. Both small and medium-sized enterprises and large corporations should prioritise reskilling and upskilling initiatives to empower employees to transition into roles aligned with the demands of the evolving tech landscape. For instance, as AI becomes more prevalent, a systems support engineer with the right training can transition to a scrum master or project manager. This not only helps retain valuable talent but also contributes to a more resilient and adaptable workforce.
However, designing and delivering upskilling programmes is easier said than done, and requires organisations to be intentional, agile and forward-thinking. Instead of cookie cutter training programmes, businesses must think of individual needs and create a culture of learning and development. For their part, individuals must own their own progress and development by reflecting on their current skills and understanding the priorities of their organisation, as well as the future of the industry itself. In talent management, we refer to this as “T-shaped skills”, where talent combines depth in a specific field with a broad range of cross-disciplinary skills, making them much more adaptable to diverse roles.
Let’s consider a software developer with skills that extend beyond coding to include project management, cloud computing, and cybersecurity awareness, amongst others. Candidates who offer the breadth of knowledge in multiple fields and a depth of expertise in their sector stand a higher chance of employability in the ever-evolving labour market.
Skills-based hiring
It takes two hands to clap – beside jobseekers actively seeking self-improvement, employers need to rethink current hiring practices to find the right candidates. Companies that seek to address current talent crunch issues, need to look beyond conventional hiring practices. This is because skills requirements, particularly in high-demand roles, change fast, making hiring solely on past experience and academic qualifications less applicable.
According to the World Economic Forum’s Future of Jobs report, half of all employees will need reskilling by 2025, and 40 percent of current workers; core skills are expected to change in the next five years. Yet, a Harvard Business School study found that 80 percent of business leaders said their applicant tracking systems were filtering out half of high-skilled candidates due to system parameters like résumé gaps or missing credentials.
To stay ahead of the curve, Singapore has introduced a Skills-Based Hiring Handbook in collaboration with the TechSkills Accelerator and the Institute for HR Professionals. This book guides companies in adopting hiring practices beyond academic qualifications. Beyond the Handbook, IMDA and the TIP Alliance are bringing together an ecosystem of partners and key stakeholders from across the government, as well as Institute of Higher Learning, union, Trade Associations and Chambers of Commerce, as well as businesses and HR communities, to sustain the movement towards skills-based hiring.
At a company level, businesses need to work closely with universities and students to set them up for success. At Jobstreet, we’ve recently introduced TechConnect, an event done in collaboration with the National Youth Council Singapore, NCS Group, and Cognizant. Through this event, students could explore the latest emerging trends, discover emerging career opportunities, and receive practical advice for their future. Beyond this, companies need to consider offering internships and on-the-job training to people without traditional qualifications.
All of these are steps in the right direction – but as the market becomes more competitive, businesses and policy makers will need to find adaptable, innovative solutions to prepare for a transformative future.
About the author
Chew Siew Mee, Managing Director for Jobstreet by SEEK (Singapore) is responsible for leading and driving Jobstreet Singapore’ growth and operations, while building on the company’s success and presence throughout the Southeast Asia region.
A veteran in the recruitment industry, Siew Mee has over two decades of rich experience– all of them dedicated to growing and nurturing Jobstreet. With her in-depth understanding of organisational structure and coupled with manpower-related decision-making practices, she has helped transform the recruitment journey of companies across the board.
Under her leadership, Jobstreet Singapore has grown 15-fold, and has successfully undergone digital transformation. She currently leads a team of 100 employees whom she works closely with to drive accelerated business growth. She also spearheads numerous transformational projects to drive change in one of Southeast Asia’s leading employment companies.
Working with people forms the essence of Siew Mee’s love for the job. This translates into her unique ability to mentor and coach across various functional departments.
A leader equally passionate about people and technology alike, this makes Siew Mee rightly positioned to lead recruitment, management and motivation of her large talented team to navigate the dynamic changes in the industry.
