Employers urged to embrace 'skills-first mindset' to address issue
Employers across Singapore are being urged to embrace a "skills-first mindset" amid findings that employers are worried about future talent shortages in the wake of rapidly developing technology.
Findings from Workday's The Global State of Skills, which included 149 Singaporean business leaders, revealed that 43% of them are worried about future talent shortages.
The concerns come in the wake of AI's rapid adoption across workplaces, which is transforming how jobs are carried out and making employers take a hard look at their current talent.
According to Workday's report, only 30% of business leaders are confident that their organisation has the skills needed for long-term success, and only 46% said they have a clear view of skills within their workforce.
"Organisations in Singapore will need to fully embrace a skills-first mindset to address the talent shortage challenges in today's workforce," said Fabio Tiviti, Group Vice President, APAC & Japan Field Operations, Workday, in a statement.
"This will allow organisations to truly unlock the full potential of AI and ensure the workforce is well-equipped to tackle the challenges of tomorrow."
According to Tiviti, the rules of employee and engagement and the skills required to succeed are now completely different in the age of AI.
"That said, the human element has never been more essential," he said.
The push towards a skills-first talent management approach comes as hiring becomes even more skills-based in Singapore. Indeed's Smarter Hiring Report recently found that 59% of employers in Singapore are already planning to implement a skills-first hiring approach.
But despite this momentum in hiring, overall skills-first talent management is facing roadblocks in Singapore.
Around half of business leaders in Workday's report revealed that among the barriers to skills-first talent management is the time needed to reskill staff (52%) and resistance to change in the organisation (49%).
Technology won't be the only solution to boost skills-based strategy at work, according to Workday.
It reiterated the importance of a shift in mindset, including clear communication of the benefits (58%) and effective change management (46%) to drive adoption in organisations.
