Explore Singapore’s 2025 job trends, top careers, and skills needed to stay ahead in a changing workforce.
Singapore’s job market is at an inflection point, with industries undergoing rapid transformations in response to global trends, technological advancements, and economic shifts. While opportunities abound, the skills required to land top-paying jobs are changing just as quickly.
With AI reshaping industries and economic uncertainty looming, many professionals are questioning their next steps. Even major players like Meta are tightening operations, cutting 5% of jobs to brace for an “intense year.” But while some industries contract, others are expanding. Instead of second-guessing, let’s explore where the opportunities are, the most in-demand roles, and how you can future-proof your career in 2025.
Key Job Shifts from 2024 to 2025
If 2024 was the year of economic recovery, digital acceleration, and workforce restructuring, 2025 is shaping up to be the year of industry reinvention and competitive upskilling.
Last year, Singapore saw record-high foreign investment commitments, with S$13.5 billion injected into the manufacturing and digital sectors.
The tech industry experienced a major shift as AI adoption surged, with companies integrating ChatGPT or even the latest disruptor DeepSeek into core business operations.
Meanwhile, sustainability took center stage with the government unveiling stricter Green Plan 2030 regulations and increased funding for renewable energy projects.
In contrast, 2025 will be defined by the rapid restructuring of workforces, an increasing reliance on automation, and the urgent need for businesses to address talent shortages in emerging sectors.
While traditional roles in finance, logistics, and manufacturing remain stable, the demand for AI specialists, green economy professionals, and digital security experts is growing faster than ever.
Transportation & Logistics: A Global Trade Hub in Overdrive
With a 67% net employment outlook, Singapore’s role as a global trade hub is expanding, thanks to increased e-commerce activity, supply chain resilience strategies, and automation.
Healthcare & Life Sciences: The Race to Meet Demand
Singapore’s ageing population and increasing healthcare needs are accelerating job growth in the healthcare and life sciences sector, with a 27%net employment outlook. The focus is expanding beyond traditional roles, with rising demand in elder care, mental health, medical research, and healthcare technology.
In-demand roles: Geriatric & Home Care NursesMental Health Professionals (Clinical Psychologists, Occupational Therapists)Biotech & Medical ResearchersRadiation TherapistsHealthcare Data Analysts
Information Technology: The Powerhouse of Digital Transformation
With a 28%net employment outlook, Singapore’s IT sector continues to thrive as businesses accelerate digital transformation.
The surge in AI adoption, cybersecurity risks, and cloud migration has made tech talent indispensable, with companies prioritising innovation and security to stay competitive.
AI Governance & Ethics Specialists – Ensuring responsible AI use in industries like finance and healthcare.
Machine Learning Engineers – Designing, training, and deploying AI systems.
AI-Assisted Content & Marketing Strategists – Leveraging AI for hyper-personalised consumer engagement.
#2. Hybrid Work is Here to Stay
As companies implement the Flexible Work Arrangement (FWA) Tripartite Guidelines in December last year, they are also investing in digital ecosystems and collaborating/remote working platforms to enhance collaboration, project management, and performance tracking.
This means employees must adapt beyond just working remotely—they need the right skills to thrive in this evolving landscape.
→ To thrive, job seekers should:
Develop digital fluency, master platforms like Slack and Microsoft Teams.
Cultivate self-management skills to excel in the evolving hybrid workplace.
#3. Skills-Based Hiring Over Qualifications
Companies are shifting towards skills-based hiring, valuing hands-on expertise over formal degrees. To stay ahead, job seekers must showcase their abilities through certifications and real-world projects that demonstrate their practical knowledge.
Here’s how to stand out in key industries:
Data Analytics & Business Intelligence
Businesses rely on data-driven decisions, creating high demand for analytics experts. Employers seek professionals who can extract insights and present actionable strategies.
Build experience: Contribute to Kaggle projects or freelance in analytics.
Sustainability & ESG
Singapore’s push for net-zero emissions by 2050 has made sustainability expertise a priority. Companies need professionals who can integrate ESG principles into business strategies.
Gain hands-on experience: Work on corporate sustainability projects or volunteer in environmental initiatives.
UX/UI Design
With the rise of digital-first experiences, employers prioritise designers who can improve usability and engagement across platforms. A strong portfolio is key to proving expertise.
Gain experience: Work on automation projects or contribute to open-source robotics.
What Employees Can Do to Stay Competitive in 2025
With industries evolving rapidly, employees need to proactively adapt, upskill, and position themselves strategically to remain competitive in Singapore’s job market. Here are key steps professionals can take to ensure long-term career growth:
1. Upskill in High-Demand Areas
Employees should consider certifications, micro-credentials, and online courses to build relevant expertise. Here’s where demand is growing:
Cloud & Cybersecurity
Who’s hiring? Singtel and GovTech are expanding cloud and security teams.
While technical skills remain crucial, employers increasingly value soft skills such as adaptability, leadership, and critical thinking. As hybrid work and automation transform how teams collaborate, employees should strengthen:
AI is no longer a job threat—it’s a career enhancer. Professionals should learn how to utilise AI tools to streamline processes, boost efficiency, and value add. Some actionables include:
Familiarise with AI-productivity tools such as ChatGPT, Gemini, and JasperAI.
Take courses on AI literacy and machine learning fundamentals.
Understand data-driven decision-making to enhance strategic insights.
4. Be Open to Career Transitions
As automation and digitalisation reshape industries, more professionals in Singapore are rethinking their career paths. The demand for adaptable talent is growing, with companies actively hiring mid-career switchers.
For instance, HSBC is recruiting Investment Sales Consultants from diverse backgrounds, while the built environment sector is welcoming professionals into BIM Modeler roles. To navigate this shift successfully:
Target industries with high demand for mid-career talent:
Finance, tech, and sustainability sectors actively seek professionals willing to upskill and pivot.
Platforms like JobStreet highlight such opportunities in roles like Financial Analysts and Digital Transformation Consultants.
How to Thrive in Singapore’s Job Market in 2025
The rules of career success have changed. Job stability is no longer about tenure—it’s about agility. As AI reshapes industries and companies prioritise adaptable talent, professionals must rethink how they stay relevant. In Singapore, the demand for hybrid skill sets is rising—tech fluency is now expected in roles beyond IT, leadership requires digital communication mastery, and mid-career switches are becoming the norm. The best opportunities in 2025 won’t go to the most qualified, but to those who are most prepared for change.
Your next career move won’t be defined by what you’ve done—it will be shaped by what you can learn next. Ready to take the next step in your career? Submit your resume today and explore exciting job openings through Trust Recruit.
Singapore’s Workplace Fairness Legislation (WFL) introduces comprehensive legal protections against workplace discrimination, marking a significant milestone in the nation’s employment landscape. Announced during the Second Reading on 7 January 2025, Minister for Manpower Dr. Tan See Leng reinforced that the WFL prioritises fair employment, structured grievance-handling, and mediation over litigation to support both employees and businesses.
For employers, compliance is no longer optional. Understanding these changes isn’t just about avoiding legal risks—it’s about building a workplace that values fairness, transparency, and inclusivity. Here’s what you need to know in 2025.
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Understanding Workplace Fairness Legislation: A Background
Singapore has made steady progress in reducing workplace discrimination, but some challenges remain. According to the Ministry of Manpower’s Fair Employment Practices 2022 report, job search and workplace discrimination cases have declined over the years, reflecting efforts to strengthen fair employment practices.
However, biases still affect hiring and career progression, particularly in:
Age (16.6%) – Older workers face greater difficulty securing jobs and promotions.
Race (7.1%) – Hiring disparities persist in certain industries.
Mental health (5%) – Up from 2.9% in 2021, signalling a growing concern.
Family & caregiving status (4.3%) – Parents and caregivers may face barriers in career advancement.
Gender (4.2%) – Pay gaps and leadership challenges continue.
Nationality (4%) – Preference for specific nationalities remains in some roles.
Impact of Workplace Fairness Legislation on Singapore’s Workforce
The implementation of workplace fairness legislation provides robust protection against common forms of workplace discrimination, emphasising mediation as the primary method for dispute resolution. The interim report on recommendations for workplace fairness legislation published by the Tripartite Committee on Workplace Fairness outlines the structure of this legislation.
The introduction of the WFL will offer significant advantages for Singapore’s workforce.
Stronger Anti-Discrimination Measures: Ensures fair hiring and equal opportunities for all employees.
Workplace Diversity & Inclusion: Promotes a culture that values different backgrounds and experiences.
Protection Against Retaliation: Safeguards employees who report discrimination or harassment.
Key Provisions of the Workplace Fairness Legislation
Unlike before, businesses that violate the WFL now face legal consequences, including Ministry of Manpower (MOM) intervention, monetary penalties, and reputational risks. Here are some of key features to note:
1. Expanded Legal Protection for Employees
The WFL formally prohibits workplace discrimination, covering a broad range of protected characteristics to ensure that all employees have equal access to career opportunities.
📌 Employers cannot discriminate based on:
Age → Employers cannot reject qualified candidates based on age. Any age-related hiring criteria must be justified.
Nationality → Fair hiring practices are required. Job postings cannot favour specific nationalities unless legally necessary.
Sex & Pregnancy → Women must have equal opportunities in hiring, promotions, and pay. Maternity and caregiving cannot limit career growth.
Mental Health → Employees cannot be penalised for mental health conditions. Workplaces should provide reasonable accommodations.
Marital & Caregiving Status → Family responsibilities cannot impact promotions or key opportunities. Performance must be the deciding factor.
Race, Religion & Language → Hiring and promotions must be merit-based. Language requirements must be job-related, not exclusionary.
Example: Previously, a hiring manager might have avoided hiring candidates above 50 years old, assuming they would struggle with new technology. Under the WFL, this is illegal, and hiring decisions must be based purely on qualifications and experience.
2. Workplace Fairness Applies to Every Stage of Employment
Discrimination is no longer just about hiring—it applies at every stage of employment, ensuring that employees receive fair treatment throughout their careers.
📌 What does this mean for businesses?
Pre-employment → Hiring must be based on capability and qualifications, with job descriptions free from unfair exclusions / bias.
During employment → Promotions, pay raises, and training must be performance-driven, not based on personal traits.
Exit from employment → Dismissals and retrenchments must be fair, documented, and free from bias.
Example: A company cannot overlook a female employee for a leadership position due to an assumption that she will prioritise family over work. Decisions must be based on performance and suitability for the role.
3. Stricter Regulations on Job Advertisements
Employers must ensure that job advertisements do not contain biased language that could discourage certain groups from applying.
📌 What’s changing?
No more vague preferences → Phrases like “young and dynamic team” or “preferably Singaporean” are prohibited unless legally justified.
Language requirements must be justified → If a company requires fluency in a specific language, it must prove that it is essential for the role (e.g., customer-facing jobs in certain markets).
Example: A job advertisement stating “Only Mandarin-speaking candidates preferred” is illegal, unless the employer can demonstrate that Mandarin is a necessity for the role.
4. Stronger Protection Against Retaliation
A major enhancement under the WFL is protection against retaliation for employees who report workplace discrimination or harassment.
📌 What does this mean?
Employers cannot retaliate against employees who report unfair treatment, whether internally or to MOM/TAFEP.
Retaliation includes wrongful termination, salary reductions, exclusion from projects, or workplace harassment.
Example: If an employee reports bias in promotions, their employer cannot cut their bonus or reduce their responsibilities as a penalty.
5. Mandatory Grievance-Handling Procedures for Employers
All employers must implement structured grievance-handling processes, ensuring that employees can report discrimination in a fair and transparent manner.
📌 Employer responsibilities include:
Clear reporting channels → Employees must know where and how to file complaints.
Formal documentation → Companies must document every discrimination case for accountability.
Timely investigation and resolution → Complaints must be addressed within a reasonable timeframe with clear communication of outcomes.
Example: A company must have a formal and confidential process for employees to report unfair treatment without fear of backlash.
6. Temporary Exemption for Small Businesses (Under 25 Employees)
To ease compliance, businesses with fewer than 25 employees are temporarily exempt from WFL requirements for the first five years. However, this exemption will be reviewed, meaning SMEs must still prepare for eventual compliance.
📌 To prepare, SMEs should:
Establish Fair Recruitment Processes: ○ Ensure job advertisements focus solely on relevant qualifications and experience. ○ Standardise interview procedures to assess candidates based on merit.
Develop Clear Grievance Handling Procedures: ○ Create a transparent system for employees to report concerns. ○ Maintain confidentiality and address issues promptly to foster trust.
Educate HR and Management Teams: ○ Provide training on the WFL and fair employment practices. ○ Promote awareness of unconscious biases and how to mitigate them.
Regularly Review Employment Policies: ○ Align company policies with the latest guidelines from the Tripartite Committee on Workplace Fairness. ○ Stay updated on legislative changes to ensure ongoing compliance. By taking these steps, SMEs can create an inclusive workplace culture, attract diverse talent, and be well-prepared for future compliance requirements.
By taking these steps, SMEs can create an inclusive workplace culture, attract diverse talent, and be well-prepared for future compliance requirements.
Common Questions About Workplace Fairness Legislation
Currently, Singapore manages workplace discrimination through a combination of regulations and government initiatives. The key legislation addressing workplace discrimination is the Employment Act.
With the Workplace Fairness Legislation now in effect, compliance is a legal obligation for all employers. As one of the leading recruitment agency in Singapore, Trust Recruit understands that real workplace fairness goes beyond policy updates and checkboxes. It’s important to have open dialogues with employees, foresee potential obstacles, and suggest proactive remedies.
In turn, this helps to attract and retain top talent, while improving workplace morale, and ensuring long-term business sustainability. Companies that embed fairness into their culture won’t just comply with the WFL, they will thrive in Singapore’s evolving employment landscape.
Flexible Work Arrangements in Singapore: New Guidelines for 2024
Starting December, there will be a significant shift in the employment landscape in Singapore, as all employers will be obliged to establish a formal process for employees to request flexible work arrangements, according to a new set of tripartite guidelines. These guidelines aim to address the growing need for flexible work arrangements in Singapore’s evolving workforce.
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Why Flexible Work Arrangements (FWA) are Crucial in Singapore?
These progressive guidelines were initiated in response to the government’s acceptance of all the recommendations proposed by a specially appointed tripartite workgroup, which was established with the aim of exploring the implications and feasibility of flexible work arrangements.
The forthcoming guidelines for flexible work arrangements (FWA) in Singapore are being driven largely by the country’s current labour market conditions. As the Minister of State for Manpower, Gan Siow Huang, pointed out in a dialogue on the Tripartite Guidelines on Flexible Work Arrangement Requests, an increasing number of people are assuming caregiving responsibilities.
She mentioned, “Singapore has an ageing population. We know that more and more of us will be caregivers, at some point. It is our duty to create an environment that is supportive so that those people who want to work can continue to work, even while they are managing other family duties at home.”
This critical shift in labour market dynamics makes the implementation of FWA not just a matter of choice, but a crucial step to sustain a robust labour force in the country.
These new guidelines, slated for implementation later this year, will establish norms for employees to request flexibility in their work arrangements. Additionally, they will encourage employers to grant these requests based on business needs.
When Will Singapore’s New Flexible Work Arrangement Guidelines Take Effect?
Singapore’s new guidelines on flexible work arrangement requests are set to take effect on December 1, 2024. From this date, all employers in Singapore will be required to establish a formal process for employees to request flexible work arrangements.
These new guidelines will establish norms for employees to request flexibility in their work arrangements. Additionally, they will encourage employers to grant these requests based on business needs.
When do I Need to Request Flexible Work Arrangements?
1. Parenting Responsibilities
Parents, especially those with young children, may benefit from FWA as they often need to balance work with childcare responsibilities. This could include dropping off or picking up children from school, attending parent-teacher meetings, or caring for a sick child.
Individuals who are responsible for the care of elderly family members may need to attend medical appointments, manage medication schedules, or simply provide companionship during the day. FWA can allow these individuals to meet these responsibilities without compromising their work.
3. Furthering Education
Employees who are pursuing further education, such as part-time degrees or professional certification courses, may need the flexibility to attend classes, study, or complete their assignments.
Individuals with chronic health conditions often need to actively manage their health. This can involve regularly attending medical appointments for check-ups, treatments, or therapy sessions.
Furthermore, due to the nature of their conditions, they may require rest periods throughout the day to manage symptoms, recuperate energy, or take necessary medication. These rest periods can vary in length and frequency, depending on the specific health condition and severity. They are essential for maintaining the individual’s wellbeing and ability to perform work effectively.
What Are the Types of Flexible Work Arrangements in Singapore?
The new flexible work arrangements guidelines, effecting on December 1, 2024, apply to all employers and employees who have successfully completed their probation period. The guidelines have defined three distinct types of flexible work arrangements:
1. “Flexi-place” arrangements
These arrangements provide employees with the flexibility to work from locations other than the office, including options for telecommuting and working from home.
2. “Flexi-time” arrangements
This FWA type offers employees the ability to work at varying timings without any alterations to their total work hours or workload. This encompasses staggered hours, flexible shifts, and a compressed work schedule.
3. “Flexi-load” arrangements
These arrangements allow employees to choose different workloads with corresponding pay. They include provisions for job sharing and part-time employment.
Formal vs Informal Requests: What You Need to Look Out for
The guidelines mainly address formal requests for flexible work arrangements. These long-term arrangements require careful planning to ensure the business operates smoothly.
Informal requests, such as an ad hoc arrangement to report to work later on a particular day, do not fall within the purview of these guidelines. The guidelines outline the basic requirements that need to be met for formal flexible work arrangement requests to be submitted and duly considered.
How to Make A Flexible Work Arrangement Request?
To initiate a flexible work arrangement, you must submit a formal request in writing. This should align with the protocols established by your organisation, which could involve the use of an HR portal, email, or other official channels. Your request should include the following specifics:
Type of Flexible Work Arrangements: This could include different forms such as opting for remote work, reducing the number of working hours, or requesting a lighter workload depending on your personal needs and circumstances.
❗Remember, opting for a lighter workload could also imply a corresponding reduction in salary, depending on the terms of the flexible work arrangement.
Rationale for the arrangement: Your request should clearly outline your reasons for wanting a change in your work structure, which could be personal commitments, health concerns, or any other factors necessitating greater work flexibility.
The frequency of the arrangement: It’s important to clearly outline how often you would like to utilize the proposed flexible work arrangement. This means detailing if the arrangement is to be enacted on:
a daily basis (starting work two hours later every day)
a weekly basis (such as working from home every Friday)
or a monthly basis (like working half-days for the first week of every month)
The proposed start and end dates: Provide a clear timeline for when you would like the flexible work arrangement to start and when it would end. This helps the HR team to plan and avoid any misunderstanding.
Whilst the new guidelines primarily address formal requests, it doesn’t mean that informal discussions about flexible work arrangements are obsolete.
If previously, you had an impromptu chat with your supervisor about working from home on a day when you had a family commitment, and it was successful, such interactions can continue.
For example, if you find that you need to leave early one day for a personal matter, you can still have a casual conversation with your manager about adjusting your schedule for that particular day.
Example of A Flexible Work Arrangement Request“I propose to modify my daily work hours from Monday to Friday, shifting from 8am-5pm to 10am-7pm. This alteration would allow me to take my five-year-old son to school in the mornings. I suggest this arrangement to start on Jan 1, 2025, and conclude on Dec 31, 2025.”
Next Steps After Making A Request
After your request submission, your supervisor will discuss it with you to reach a beneficial solution. This may require multiple discussions, especially for long-term plans. You’ll need the space to discuss changes to your pay and benefits, new expectations, and operational impacts.
Your employer should respond to your request within two months of receiving it. If the request is denied, employers are required to provide the reason in writing.
Grounds For Request Denial
Grounds for denying a flexible work arrangement request can include:
Increased Costs: If the flexible work arrangement would significantly increase operational costs, it could be a valid reason for denial. This could include costs associated with equipment, infrastructure, or additional hiring to cover the flexible hours.
Reduced Productivity: Employers may deny the request if they believe that the flexible work arrangement will lead to reduced productivity – including concerns about the employee’s ability to perform effectively outside of the traditional office setting.
Need to Hire New Employee: Employers are required to take into account the financial and logistical impact when onboarding new employees. If the implementation of flexible work arrangements necessitates the hiring of additional personnel to fulfil your duties, this could constitute a valid reason for refusal.
Take note that, the company cannot deny your request simply because it doesn’t support remote work or flexible hours, or due to the organisation’s tradition or custom.
In case of a disagreement with your boss, you should attempt to resolve the workplace conflicts within the company. If necessary, your union can provide advice and assistance. Employers who disregard these guidelines may face corrective workshops or warnings issued by the Ministry of Manpower (MOM).
Final Words
Whilst Singapore’s new flexible work guidelines provide a structure for formal requests, maintaining open dialogue with your employers is crucial. As an employee, you should also take into account the effects on your team, proactively suggest solutions to anticipated obstacles, and take the initiative to ensure smoother negotiations and a higher likelihood of a positive outcome.
For job seekers interested in companies that offer flexible work arrangements, consulting with a reputable recruitment agency in Singapore can provide valuable insights into employers who are embracing these new guidelines. These agencies often have up-to-date information on companies’ policies and can help match candidates with employers that align with their work-life balance needs.
In a significant move to support families and strengthen the workforce, Singapore’s Prime Minister, Lawrence Wong, announced comprehensive shared parental leave regulations during the National Day Rally 2024.
These new initiatives include an expanded shared parental leave regulations, scheme, and comprehensive support for jobseekers and displaced employees, reflecting the government’s commitment to fostering a more inclusive and resilient society.
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NDP Rally 2024: List of Benefits to Support Working Parents in Singapore
The NDP Rally 2024 introduced several key benefits designed to support working parents, enhancing work-life balance and promoting shared parenting responsibilities.
1. Expanded Shared Parental Leave Scheme Up to 10-Weeks
One of the key announcements is the introduction of new shared parental leave regulations featuring a 10-weeks Shared Parental Leave (SPL) scheme, designed to provide parents with greater flexibility and time to care for their newborns. This initiative will be rolled out progressively over the next two years.
Phase 1: Effective from 1 April 2025, parents of Singaporean babies will be eligible for 6 weeks of SPL.
Phase 2: By 1 April 2026, the scheme will be fully implemented, offering 10 weeks of SPL to eligible parents.
The government will fully fund the SPL, with a cap of S$2,500 per week (up to approximately S$10,000 per month). This new policy enhances existing maternity and paternity leave entitlements, significantly increasing the total paid leave available to parents.
2. Flexibility in Leave Allocation
The SPL can be utilised by either parent, providing families with the flexibility to distribute the leave based on their caregiving needs. The default arrangement will equally split the leave between both parents:
For babies born between 1 April 2025 and 31 March 2026: Each parent is entitled to 3 weeks of SPL.
For babies born from 1 April 2026 onwards: Each parent will receive 5 weeks of SPL.
Parents may reallocate their leaves within the first four weeks after childbirth through the LifeSG app. Any changes requested after this period will require employer approval.
3. Enhancement of Existing Parental Leave
The SPL scheme will replace the previous arrangement allowing working mothers to share up to 4 weeks of their maternity leave with their spouses. Additionally, paternity leave will be increased starting 1 April 2025, reinforcing the government’s support for active fatherhood and shared parenting responsibilities.
4. Support for Larger Families
In recognition of the challenges faced by larger families, PM Wong also indicated a new support scheme for families with three or more young children will be introduced. Further details are expected to be provided at Budget 2025 next year.
NDP Rally 2024: List of Benefits to Support Jobseekers in Singapore
This new initiative provides temporary financial assistance to lower and middle-income employees who have been involuntarily displaced from their jobs.
1. SkillsFuture Jobseeker Support Scheme
To meet the needs of an evolving job market, the government has introduced the SkillsFuture Jobseeker Support Scheme, aimed at providing temporary financial assistance to lower- and middle-income employees who have been involuntarily displaced from their jobs.
Key Features of the Scheme:
Financial Assistance: Eligible individuals will receive up to S$6,000 (US$4,566) over a six-month period to alleviate financial pressures during job transitions.
Conditional Support: Recipients are expected to actively engage in upskilling activities, such as training programmes, career coaching, and job matching services, to enhance their employability and facilitate a smoother return to the workforce.
Recognising the importance of continuous learning, especially among mid-career professionals, the government has extended additional support:
Study Allowances: Singaporeans aged 40 and above pursuing full-time studies can avail of allowances up to S$3,000 (US$2,283) per month. This support is also partially extended to those enrolled in part-time courses, encouraging lifelong learning and skill development across various stages of career progression.
Employer Engagement and Implementation and of the New Policies in Singapore
The Singapore government acknowledges the impact of these policies on employers and has structured the rollout to allow ample time for adjustment for businesses:
Gradual Implementation: The phased approach to implementing the SPL scheme allows employers to plan and adapt their operational and manpower arrangements accordingly.
Engagement and Support: Employers are encouraged to work collaboratively with employees to facilitate the smooth adoption of these new policies, ensuring mutual benefits and sustained productivity.
Singapore’s Government’s Commitment to Social Welfare
Credit: National Day Rally 2024
These measures underscore the government’s dedication to strengthening social welfare systems and supporting citizens through various life stages and economic challenges. These initiatives are to build a more inclusive society, where families are supported and individuals can thrive in a dynamic environment.
Prime Minister Wong emphasized:
“These policies are designed to provide our citizens with the necessary support and flexibility to balance work and family commitments while ensuring that those facing employment challenges have the resources and opportunities to reskill and re-enter the workforce.”
Top 5 FAQs About the New Shared Parental Leave Scheme in Singapore
1. Who is eligible for the Shared Parental Leave (SPL) scheme?
The SPL scheme is available to parents of Singaporean babies, including unwed mothers. For fathers, eligibility requires being legally married. The scheme applies to parents of babies born from 1 April 2025 onwards.
2. Can one parent use all of the SPL?
Yes. While the default is to split the leave equally between both parents, they have the flexibility to reallocate the leave based on their caregiving needs. This reallocation must be done within the first four weeks after the child’s birth through the LifeSG app.
3. What happens if sufficient notice isn’t given for SPL?
Parents are required to provide early notice of their leave plans within the first four weeks after the child’s birth to facilitate their employer’s arrangements. If the notice is not given in time, employers may ask to defer or adjust the leave plans and have the discretion to not grant leave without sufficient notice.
4. How does the SPL scheme affect self-employed parents?
Self-employed parents who meet the eligibility criteria can avail of the SPL by submitting claims through the Ministry of Social and Family Development’s (MSF) government-paid leave portal. They will receive compensation for the time taken off work to care for their newborns.
5. Will parents on short-term contracts be eligible for SPL?
Yes, parents with irregular employment arrangements, such as short-term contracts, can benefit from the new SPL scheme through the Shared Parental Leave Benefit (SPB). To qualify, they must have worked at least 90 days in the 12 months prior to the child’s birth. They can claim reimbursement from the government for the time taken off work.
Conclusion
The National Day Rally represents a progressive step toward enhancing social support structures, with these shared parental leave regulations marking a significant milestone in Singapore’s workforce policy. By investing in family welfare and workforce resilience, the government is paving the way for a more robust and adaptable society, equipped to face future challenges and opportunities.
These initiatives are expected to positively impact Singapore’s demographic trends, labour market dynamics, and overall societal well-being, reaffirming the nation’s commitment to sustainable and inclusive growth.
The New HR: How AI in Human Resource is Shaping the Future
Generative Artificial Intelligence (AI) is transforming the corporate world in ways we’ve never seen before, notably in the Human Resources (HR) department. According to Gartner, 76% of HR leaders anticipate that if their organisations do not adopt AI solutions, including generative AI in human resource, within the next 12–24 months, they risk falling behind.
However, there are fears that AI could jeopardize 300 million full-time jobs worldwide. Many in the HR field also predict a decrease in their department’s headcount due to the implementation of generative AI in human resource.
Thus, it’s up to HR to guide these changes and drive the adoption of AI in a manner that benefits the organisation while mitigating potential risks.
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How is AI Used in Human Resource?
As businesses embark on digital transformation journeys, HR’s role in adopting Artificial Intelligence (AI), including Generative AI, becomes vital. AI in human resource processes goes beyond automation, enhancing HR functions to create a more efficient and productive environment.
Generative AI streamlines tasks such as recruitment, onboarding, employee engagement, performance management, and payroll processing. For example, AI can automate resume screening, saving time and reducing hiring bias. AI-powered chatbots assist new employees during onboarding, ensuring a smooth transition.
AI also personalizes communication and support, analyzing employee feedback to provide insights into morale and areas needing attention. Performance management becomes data-driven, with AI offering real-time feedback and identifying trends for additional training or support.
However, this transition presents challenges. Empathy is crucial; HR leaders should lead with compassion and understanding. Effective communication about the changes AI in human resource processes will bring, along with transparency and open dialogue, can alleviate concerns and anxieties.
The Benefits of Employing Generative AI in HR Processes
1. Leading Digital Transformation
Generative AI in the workforce extends beyond just job augmentation and displacement, and includes equipping individuals with the skills necessary to succeed in this dawning era. HR teams need to assist business leaders in balancing the efficiency gains from generative AI in human resource with the human qualities that remain essential for businesses.
For instance, IBM is leveraging its AI to transform their HR and make it more efficient. Their AI tool, Watson, assists in various tasks such as talent acquisition, learning and development, and career advice. Additionally, it is used to predict employee performance, aiding managers in making decisions about promotions and pay rises. This also provided a 96% accuracy rate in anticipating workers who are considering to quit.
2. Enhancing HR Productivity
Generative AI tools, such as ChatGPT, are revolutionizing HR operations by simplifying tasks like recruitment, onboarding, personal development, and everyday administrative duties. By generating content, analyzing data, and creating reports, these various AI tools could potentially enhance productivity by up to 30%.
A prime example to reference is ADP, a human resources management software and services provider that uses AI to automate repetitive tasks such as time tracking, payroll, and benefits administration. Their AI has significantly improved efficiency, reducing payroll processing time by up to 40% and decreasing errors by 33% due to automated time tracking.
Moreover, Generative AI aids service representatives by summarising phone calls, benefiting both the representatives and the clients. This technology does not replace representatives, but rather, it empowers them to work more efficiently and enhance the client experience.
3. Customizing Employee Services
Apart from improving internal operations, Generative AI can develop new tools for employees to enhance their experience. HR chatbots, like the AI-powered HR assistant provided by Leena AI, can effectively reduces the workload on HR teams via:
Recruitment efforts
Assist with onboarding
Resolve common employee enquiries.
Hilton Hotels implemented LeapIn AI in their recruitment process. This enabled them to fill positions in just 7 days, leading to a 50% reduction in turnover.
Generative AI also allows HR teams to offer intuitive and tailored self-service applications. Advanced AI chatbots can understand context and content, making them more effective than basic models.
Furthermore, Generative AI can facilitate personalised employee services. HR “co-pilots” can guide employees on career development, learning opportunities, personal goals reminders, and even identify when an employee might need stress relief or additional support. It can also aid in creating custom learning and development plans for each employee.
4. Aiding with Payroll Reporting and Processing
Xero employs AI to streamline its payroll processes. The system can project up to 90 days into the future, offer predictive insights, and help detect any potential payroll errors before they happen. This not only saves time but also minimizes the risk of mistakes.
Is AI Going to Replace HR? HR’s Crucial Role in Leading AI Adoption
As businesses increasingly embark on digital transformation journeys, HR’s role in leading the adoption of Artificial Intelligence (AI), including its advanced form, Generative AI, is becoming vital. HR departments have the opportunity to showcase AI’s transformative potential, yet this transition is not without challenges.
1. Planning for Workforce Impact
HR leaders need to plan for the workforce impact meticulously, taking into account how AI will affect jobs and the necessary skills for future business success. HR can play a significant role in guiding people through these changes, ensuring that the human aspect remains central in the organization.
2. The Importance of Empathy
Empathy is crucial during this transition. Given that change can be intimidating, HR leaders should lead with compassion and understanding. HR needs to be mindful of how the introduction of AI will be perceived and received by the employees.
It’s essential to communicate effectively about the changes AI will bring to the organization and the benefits it offers. Transparency and open dialogue can help to alleviate any potential concerns or anxieties. It’s also important to highlight the areas where AI can’t replace human input.
Adopting new tools is part of this journey. HR can learn from other organizations that have successfully implemented generative AI and identify their own use cases. A balanced approach is recommended, involving strategic deployments of generative AI, along with quick-win projects that can help build knowledge and enthusiasm.
4. Addressing Concerns and Ethical Considerations
Concerns about AI adoption are widespread. Kevin Fitzgerald, Managing Director Asia at Employment Hero, suggests that HR leaders need to address these concerns. Prioritizing workforce education is crucial for ethical AI use.
Concerns about AI adoption in HR primarily revolve around:
Ethical use of AI, ensuring fairness and absence of bias, triggers concerns in 65% of AI adoption cases.
Employee privacy, particularly the handling and protection of sensitive data by AI tools, is a concern for 37% of cases.
Trust in the accurate task performance of AI systems is a concern for 26% of cases.
AI governance, meaning the management and supervision of these systems, raises concerns in another 26% of cases.
Notably, 73% of HR professionals think that the rapid progress in AI development should be slowed down.
5. Keeping the Human in Human Resources
While AI can augment businesses in various ways, it is not a replacement for humans. Instead, it enhances the quality and scope of human capabilities. Human interaction remains critical in several aspects:
Empathy and understanding are irreplaceable in customer service or HR. Whilst AI can handle routine queries, human touch is vital for complex or emotionally-charged situations.
Humans excel in creativity and innovation. Whilst AI can generate ideas based on existing data, humans can think outside the box and envision new concepts.
Ethical considerations require human oversight. AI functions based on its programming and doesn’t possess moral judgement. Humans should be involved in decisions with ethical implications to ensure responsible and ethical use of AI systems.
Despite AI streamlining administrative tasks, HR personnel remain essential. AI lacks the human elements like empathy and understanding needed in complex situations. Creativity, innovation, and ethical supervision, strengths of humans, are irreplaceable. Hence, AI in human resource can augment but not replace human capabilities in HR.
The Best AI Resource for HR and Business Transformation In Singapore
SGTech has unveiled the ‘Generative AI for the Tech Workforce,’ a guide geared towards fostering digital transformation for companies. As a Skills Development Partner, SGTech is entrusted with outlining job roles and skill prerequisites across both tech and non-tech sectors to cater to the changing GenAI landscape.
This resource is particularly beneficial for small and medium-sized enterprises (SMEs) looking to employ Generative Artificial Intelligence (GenAI) solutions and train their staff accordingly. Co-developed by SkillsFuture Singapore (SSG) and AI Singapore (AISG), we hope business owners are well equipped t:
harness GenAI to enhance business efficiency
launch new products and services
The guide also incorporates three GenAI business solution use cases, a tech talent profile, an overview of necessary GenAI skills for employees, and resources to aid business owners in implementing GenAI in their businesses and workforce. It serves as a practical handbook for both businesses and individuals navigating this evolving landscape.
Wrapping Up
In conclusion, the adoption of generative AI in human resource processes can transform the corporate world, offering substantial gains in productivity, employee services, and digital transformation leadership. However, it comes with challenges, including the potential impact on jobs and the need for workforce education on ethical AI use.
HR departments need to spearhead the integration of AI in human resource functions, investing in continuous learning programmes for AI literacy. This ensures employees’ confidence to work alongside AI and maintains the crucial human elements in management. Resources like SGTech’s guide can aid businesses to effectively utilise generative AI in human resource for enhancing efficiency and exploring new opportunities. Additionally, recruitment companies in Singapore are also starting to leverage these AI advancements to streamline their processes and provide better services to their clients.
Mental Health in the Workplace: Factors, Impact & How to Improve
Singapore’s work environment is notorious for its high pressure, affecting mental health in the workplace significantly. It influences productivity, job satisfaction, and even creating workplace conflict among colleagues.
According to the recent National Population Health Survey, the prevalence of poor mental health escalated from 13.4% in 2020 to a shocking 17% in 2022. This data highlights the urgent need to focus on strategies that prioritise and actively promote mental wellbeing.
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Current State of Mental Wellbeing in Singapore Workplaces
These compelling findings underscore the urgency for employers and policymakers to prioritise mental wellbeing in their strategies and policies. It is crucial to address these concerns for the betterment of the workforce and the overall performance of organisations.
The survey conducted by the Ministry of Health studied the health, risk factors, and lifestyle habits of Singapore residents aged 18 to 74 from July 2021 to June 2022. The highest rate of poor mental health was found amongst younger adults aged 18 to 29, at 25.3%. Furthermore, gender disparities were observed, with a higher percentage of females (18.6%) reporting poor mental health than males (15.2%).
When compared to other Asian markets surveyed in 2023, Singapore’s stress levels were lower than Hong Kong’s 19%, but twice as high as mainland China’s 8%, globally, Singaporeans rank among the most stressed at work.
Factors Affecting Mental Health & Wellbeing in Singapore Workplaces
Workplace mental health in Singapore is a complex issue, shaped by a combination of factors:
1. Economic Factors
Singapore’s high-pressure work environment, with its relentless deadlines, certainly adds to the stress. But it’s not just the job itself. Economic factors, like the rising cost of living spiked by the GST hike, pile on even more stress. Furthermore, we can’t ignore the mental toll from broader economic trends like inflation, recessions, and layoffs.
2. Financial Stress
Interestingly, it turns out Singaporean workers are more stressed about their finances than most people worldwide. This money stress doesn’t just affect mental wellbeing – it also hits productivity and efficiency. Half of Singaporean workers were stressed about money, a figure that’s 10% higher than the global average. And this financial stress is thought to knock overall productivity and efficiency down by a staggering 20%.
3. The Challenge of Balancing Work and Personal Life
Work-life balance, or more accurately, the lack of it, is another big challenge that many employees face. With 70% of Singaporeans point to poor work-life balance due to heavy workloads as a major worry, this issue doesn’t just exist in a vacuum. It heavily impacts their mental wellbeing, productivity, and happiness at work.
While having a supportive work environment is essential for mental wellbeing, it’s concerning to see that many workplaces in Singapore still fall short in this area.
81% of Singapore employers have taken steps to combat workplace discrimination and foster diversity and inclusion. But, there’s still a significant 19% who haven’t. These workplaces may unintentionally leave their employees without the necessary support to handle stress and preserve their mental health.
5. Mental Health Crisis in Singapore’s Workplaces Amid COVID-19
The Covid-19 pandemic has added another layer of stress to Singapore’s workplaces. The shift to remote work was a new experience for many, leading to increased stress levels, with a study finding about41% of remote workers feeling the pressure. This number is significantly higher than the 25% of those still working in the office.
The pandemic has also brought more attention to mental health issues like depression, anxiety, and burnout.
Impact of Poor Mental Health & Wellbeing on Employees and Organisations: A Critical Analysis
1. Impact on Employees
Skipping Work, High Staff Turnover, and Disengagement Employees might find it hard to focus or make decisions, leading to mistakes and inefficiency. This can result in more skipped workdays, high turnover rates, and even “quiet quitting” where folks just check out and stop trying, even though they’re still technically employed.
Job Satisfaction and Employee Engagement Employees may call in sick more often or start coming late to work. In severe cases, they might even think about saying goodbye to their jobs, resulting in high turnover rates which can hit businesses hard.
Social Relationships and Work Culture Impact Employees might withdraw or become irritable, leading to tensions within teams and sabotaging collaboration efforts. This can contribute to a toxic work culture marked by misunderstandings, conflicts, and lack of co-operation.
Drop in Productivity and Staff Turnover When productivity drops, fewer works are completed effectively, which can lead to decreased profits. Additionally, high staff turnover disrupts the workflow as new employees need time to learn their roles and reach their full performance potential.
Harm to Company Image and Culture A negative work atmosphere stemming from poor mental health can damage the company’s image and culture, making it tough to draw in and retain top-notch talent. This could potentially lead to a brain drain and decrease the company’s edge in the market.
Role of Human Resources in Promoting Mental Wellbeing in Workplace
Considering the escalating concerns surrounding mental wellbeing in Singapore workplaces, it’s essential for HR to take proactive steps and implement customised wellness programs targeting mental health, ensuring the diverse needs of the workforce are met.
Mindfulness Training A prevalent strategy in modern wellness initiatives, this approach furnishes employees with the skills needed to manage stress effectively and maintain equanimity in the face of work-related challenges.
Stress Management Workshops These workshops provide employees with valuable insights into identifying stress triggers and crafting effective coping mechanisms, aligning with the realities of Singapore’s high-pressure work environment.
Promoting Open Dialogues about Mental Health Fostering a work culture where employees feel safe and supported to discuss their mental health openly results in understanding, empathy, and collective support, thereby creating a more inclusive and compassionate work environment.
Employee Assistance Programmes These resources provide indispensable support to employees, assisting them in addressing personal issues that impact their work performance and mental health. Services like counselling, legal advice, and financial planning assistance are offered.
How is the Singapore Government Addressing Mental Health Issues in the Workplace?
The government has introduced several mental health support programmes. HR can also encourage employees to participate in these programmes:
The Community Mental Health (CMH) programme promotes early detection and intervention of mental health conditions and provides continuous community-based care and support.
Fostering understanding and acceptance of mental health, The Beyond The Label campaign encourages open conversations, and creating a more inclusive workplace environment.
Employees can be encouraged to join the Wellbeing Champions Network, which promotes mental health by offering a platform for sharing, learning, training, advocacy, and shaping mental health policies.
Considering the current state of mental health in the workplace in Singapore, where stress levels and mental health issues are increasingly prevalent, it becomes absolutely essential for businesses to place a high priority on implementing and promoting strategies that support the mental health of their employees. Recruitment companies in Singapore can also play a crucial role in this by advocating for healthier work environments and helping employers find candidates who are better suited to manage workplace stress.
By doing so, they can cultivate a positive work environment that fosters employee satisfaction, productivity, and overall business success.
Cultural Fit in C-Suite Recruiting: Key for Singapore’s Diversity
As one of the Four Asian Tigers alongside Hong Kong, South Korea, and Taiwan, Singapore holds undeniable regional significance. Its economic power is enriched by a multicultural tapestry of customs and traditions. For companies, particularly those focused on C-Suite recruiting, grasping this cultural complexity is crucial.
As a leading Asian economic powerhouse enriched by multicultural diversity, understanding Singapore’s cultural complexity is key for companies looking to succeed there. In particular, businesses focused on senior executive recruiting must align candidates’ cultural fit with professional expertise.
Achieving the balance is vital to effectively navigate Singapore’s dynamic landscape and diverse workforce. By integrating cultural awareness with strategic hiring, companies can assemble leadership teams positioned to thrive in Singapore for the long-term.
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Benefits of Prioritising Cultural Fit in C-Suite Recruiting
C-suite executives play a pivotal role in shaping business strategy and organisational culture. Research shows leadership’s influence on culture can significantly impact performance, especially in diverse environments like Singapore. There are several key reasons why hiring culturally-aligned leaders is critical:
1. Driving Performance & Change
Studies from MIT show companies that prioritise cultural fit when recruiting executives are five times more likely to achieve breakthroughs. 72% of leaders also attest (PWC) that strong culture is vital for leading change initiatives successfully. Aligned leaders rally their teams more effectively.
2. Retaining Top Talent
In Singapore’s high-attrition environment, positive culture is key for retention. 57% of local workers have considered resigning (SHRM), with only 55% viewing their corporate culture as favourable. Culturally attuned leadership fosters an inclusive culture that retains talent.
57% of workers have considered resigning due to dissatisfaction with their company’s culture. Only 55% view their own corporate culture positively. This underscores the need for culturally-aligned leadership that can build an inclusive and engaging culture.
3. Boosting Productivity & Engagement
Research from Arbinger indicates that aligned executives increase productivity by 46% and employee engagement by 38%. Leaders that embody company values inspire teams to higher performance levels. This underscores why cultural fit at the top is an imperative.
For any business looking to sustainably grow in Singapore’s multifaceted landscape, hiring culturally-aligned C-suite leaders provides measurable advantages across performance, retention, morale, and more. The data shows it’s not just recommended, but vital for success.
Consequences of Ignoring Cultural Fit in C-Suite Recruiting
Bringing on a C-suite executive without cultural alignment can severely impact an organisation and its bottom line. Negative ramifications emerge through multiple vectors:
1. Costly Turnover from Culture Clashes
SHRM shows that turnover stemming from culture mismatch can cost a company 50-60% of the departed executive’s annual salary. Replacing an executive is a massive expense, especially factoring in recruiting costs, lost productivity, and onboarding.
2. Exacerbated Attrition Rates
This mismatch amplifies turnover rates and strains budgets. When leadership lacks cultural alignment, top talent is more apt to voluntarily resign, fueling ongoing attrition. Our insights into why employees resign from high-paying roles further prove the vital importance of cultural fit at the top.
3. Toxic Environments Erode Performance
Beyond direct costs, cultural misalignment breeds conflict in the workplace that erodes team dynamics. When executives don’t reflect company values, it permeates divisions and depresses morale across the board.
The fallout includes plummeting morale and productivity. Unengaged, frustrated teams deliver subpar results, creating more problems than aligned leadership solves.
Moreover, one wrong executive hire lacking cultural suitability reverberates through the organisation. The aftermath often shows up as communication breakdowns, weakened cohesion, and sinking motivation – all hampering performance.
When divisions lose faith in leadership, isolation, politicking, and dysfunction inevitably follow. This cascading damage makes proper cultural vetting for the C-suite non-negotiable.
The data spotlights why cultural alignment must be top-of-mind when adding C-suite leaders. The financial, cultural, and productivity pitfalls of getting it wrong make getting it right an indispensable priority.
Strategies to Optimise C-Suite Recruiting
C-Suite recruiting in Singapore is no walk in the park. It’s a game that requires strategy. You can dive deeper into our recruitment tips & strategies to get it right. Cultural fit? It’s more than just a buzzword; it’s a cornerstone.
Aligning this with your C-suite recruitment tactics is the key to success. Here are our most important strategies in hiring C-suite candidates:
1. Define Your Company’s Culture
Before evaluating a senior executive’s cultural fit, clearly define your organisation’s culture. Consider your company’s values, environment and objectives to understand desired leadership traits and behaviours that align.
Inquire internally to involve staff:
What are our core values?
What environment do we want?
What goals and methods will achieve this?
Invite employee feedback and suggestions.
Once the culture is well defined, assess candidates’ fit. Seek those sharing organisational values with similar working styles. For instance, if collaboration is key, pursue leaders with a proven collaborative track record, like successfully directing cross-functional teams.
An example is BNP Paribas Real Estate, where executives mandated adopting a new business development approach top-down. Despite initial work with sales champions, companywide training was still required as the issue spanned all functions.
This shows that whilst leadership can instigate change, ongoing input from all staff embeds it. Regular feedback highlights gaps between intended and actual culture, refining initiatives towards desired behaviours. Evaluate cultural alignment perpetually.
2. Use Behavioural Interviewing to Gauge Cultural Alignment
Whilst customary interview questions have some merit, rehearsed responses may not illuminate actual workplace conduct. Consider behavioural techniques for deeper insight on fitting company culture.
This involves the candidate depicting specific prior situations and their reactions. Comprehending handling of varied circumstances indicates cultural congruence regarding expected executive traits and behaviours. Probe leadership style, communication approach, conflict resolution and achieving collective goals.
A LinkedIn survey found 86% of hiring managers rate behavioural interviewing as effective for appraising soft skills, which 60% struggle to evaluate. Moreover, its structured format enables fair and legal candidate comparisons.
These numbers demonstrate this method’s prevalence at senior levels to assess leadership agility across diverse scenarios. Tailor questions to your cultural priorities and evaluate patterns signalling misalignment early on. Assess conduct fit continually after appointments through regular feedback.
3. Leveraging Diverse Stakeholders to Evaluate Fit
Cultural alignment assessments benefit from varied viewpoints. Seek input across the leadership team, staff and HR on executive candidates. Each provides unique perspectives based on relationship proximity regarding values and collaboration fit.
For instance, executives supply comparisons on leadership chemistry and strategic alignment. Employees detail day-to-day culture and work style clashes. HR examines employment histories flagging environment adaptation challenges.
Ensure hiring criteria clarity for objective feedback. Everyone must evaluate appointments based on cultural contribution; not just technical ability or chemistry with individuals.
For example, at Apple, candidates interact with around 12 staffers across functions. As Steve Jobs asserted, even marketing hires meet technical teams because anyone could veto for culture mismatch. Collective responsibility cements standards through workgroup exposure. Continual engagement post-hire also enhances acculturation.
Wrapping Up
Singapore’s diverse business landscape demands more than just expertise. It calls for a deep understanding of cultural fit, especially in C-Suite recruiting. The data speaks for itself: cultural alignment impacts productivity, retention, and overall company morale.
As the stakes in C-Suite recruiting rise, prioritising cultural fit isn’t just an option—it’s essential. For businesses aiming to thrive in Singapore, the right leadership, aligned with the company’s values and the nation’s unique cultural fabric, is the key to success.
AI in Banking and Finance: Learn How’s AI Used in Banking Industry
Over past decades, Singapore has been positioned as a global financial hub, housing a robust banking and finance industry that’s vital to the domestic and regional economy. In the era of rapid technological advancements, this sector dived headfirst into a tech transformation.
This article delves into the evolution of the region’s banking and finance sector in Singapore, shedding light on how the industry is both adapting to cutting-edge technology and redefining the landscape of employment opportunities.
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Technology-Driven Evolution in the Banking Industry
Generative artificial intelligence (AI) stands at the forefront of technology-driven transformation in Singapore’s financial sector, propelling a surge in tech spending.
According to research firm Forrester, tech spending in Singapore is projected to reach a staggering US$22.2 billion in 2023, marking a 4.6% increase from the US$21.2 billion spent in 2022 and surpassing the US$20.5 billion recorded in the pandemic year of 2021.
Furthermore, research house IDC anticipates Singapore’s investment in AI alone to exceed US$3.5 billion by 2026, nearly tripling the US$1.2 billion spent in 2022. Here are the top three trends shaping the job evolution:
1. Artificial Intelligence (AI) Takes Center Stage
AI is revolutionising banking operations. From automating tasks to enhancing the customer experience, AI’s impact is significant. Job roles like AI specialists and data scientists are in high demand, while routine manual jobs are gradually being replaced.
Jobs Eliminated: Routine manual tasks, data entry positions, and basic customer service roles that can be automated.
Jobs Created: AI specialists, data scientists, machine learning engineers, AI ethicists, AI product managers, AI trainers, and educators.
2. Digital Disruption and the Rise of Fintech
Digital disruptions, coupled with the rise of fintech companies, are redefining the competitive landscape. Banks are embracing digital banking, offering services online, and facing increased competition not only from traditional rivals but also from innovative fintech startups.
Jobs Eliminated: Traditional banking roles that become redundant due to digital transformation, such as some teller positions.
Jobs Created: Digital banking experts, fintech specialists, cybersecurity experts, customer experience specialists, and AI strategy consultants.
3. Cybersecurity and Data Security
With the digital front under constant threat from cyberattacks, safeguarding customer information and financial data is paramount. Financial institutions invest heavily in advanced security measures, driving up operational costs to ensure trust and data security.
Jobs Eliminated: Some manual data security monitoring roles that can be automated by AI.
Jobs Created: Cybersecurity experts, compliance and regulatory analysts, AI ethicists (to ensure data security), and AI trainers and educators for cybersecurity teams.
HR and Recruitment Services in Singapore in the Era of AI
Singapore’s finance sector isn’t just adopting tech; it’s transforming job prospects. As AI gains prominence, recruitment strategies shift. According to Harvard Business Review, 44% of businesses use AI in IT, and 19% use it to predict customer preferences.
The HR landscape is also undergoing a transformation. A remarkable 96% of senior HR professionals believe that AI has the potential to significantly enhance talent acquisition and retention. AI-driven tools streamline recruitment processes, making them more efficient, precise, and capable of identifying the best-suited or ideal candidates.
This not only helps the industry stay competitive in a tech-forward landscape but also positions Singapore’s financial sector as an attractive destination for tech-savvy job seekers.
The industry is reinventing its business models to harness the power of technology fully. Investments in technology infrastructure, coupled with the recruitment of tech/IT professionals, are reshaping the sector’s workforce. In 2021, the financial services sector employed more than 209,000 individuals.
Singapore’s prominent banks are taking decisive steps in response to the tech revolution. Oversea-Chinese Banking Corporation (OCBC) has doubled its tech teams in areas like blockchain, AI, and augmented reality, hiring 1,500 tech professionals over 3 years. United Overseas Bank (UOB) plans to add over 2,700 employees in 2023, with 500 in tech and data roles.
DBS, the region’s largest bank, boasts about 1,000 data professionals and a commitment to digital transformation. These local institutions are strategically augmenting their tech workforce to stay competitive amid evolving technological trends.
Key Jobs That Shape the Future of Banking Recruitment
Overall, banks will seek a mix of technical and non-technical roles to harness the potential of AI while ensuring responsible and ethical implementation within the industry. Here are some job roles and positions that are likely to emerge or become more prominent:
AI and Machine Learning Specialists: Banks will need experts who can develop and implement AI and machine learning algorithms to improve customer service, risk assessment, fraud detection, and other critical functions.
Data Scientists and Analysts: The demand for data scientists and analysts will continue to grow as banks rely on data-driven insights to make informed decisions. These professionals will collect, analyse, and interpret data to drive business strategies.
AI Ethicists and Compliance Officers: As AI becomes more integrated into banking processes, there will be a need for professionals who can ensure that AI systems adhere to ethical standards and regulatory compliance.
Cybersecurity Experts: With increased reliance on AI and digital technologies, the need for cybersecurity experts will remain high. These experts will be tasked with protecting banks’ AI systems and customer data from cyber threats.
Customer Experience Specialists: Banks will seek professionals who can leverage AI to enhance the customer experience. This may include roles focused on chatbots, virtual assistants, and personalised marketing using AI.
AI Product Managers: These professionals will bridge the gap between technical teams and business objectives, ensuring that AI initiatives align with the bank’s strategic goals.
AI Trainers and Educators: As AI systems become more prevalent, banks may need experts to train and educate employees on how to effectively use and interact with AI tools.
Quantitative Analysts (Quants): Quants will continue to be in demand for their expertise in developing and validating AI models for risk management, trading, and portfolio optimisation.
Compliance and Regulatory Analysts: These professionals will help banks navigate the regulatory landscape surrounding AI applications in finance and ensure compliance with industry standards.
AI Strategy Consultants: Consulting firms specialising in AI strategies may assist banks in developing and implementing AI roadmaps, helping them stay competitive and compliant.
AI is not just a trend but a transformative force. With billions invested and tech integration at its core, the industry is evolving rapidly. It’s not just reshaping financial processes; it’s moulding the job landscape.
From AI specialists to compliance analysts, new roles are emerging. This AI-powered revolution ensures Singapore’s financial sector remains dynamic, competitive, and ready for the challenges of tomorrow.
What is Upskilling? Your Key to Career Advancement in Singapore
In today’s ever-changing job landscape, the concept of job security has taken on a new meaning. With the rapid advancements in technology and automation, employees are finding themselves at the crossroads of adaptability and uncertainty. Particularly in Singapore, the surge of tech, like AI and robotics, is reshaping roles, intensifying the need for upskilling.
Analysing 433 occupations across six ASEAN countries, Oxford Economics found that nearly 21% of Singapore’s full-time workers could face job displacement within the next decade due to increased technology adoption, including AI and robotics. This figure is higher than in other Southeast Asian nations and underlines the pressing need for individuals to adapt their skills to the evolving job landscape.
Recent statistics show that 2 in 5 employees (41%) are afraid of losing their jobs and are considering changing their employment in the first half of 2023. This represents a 5% increase from the statistics recorded in 2021. The fear of job loss, coupled with the desire for better career prospects, has given rise to a growing trend—the pursuit of upskilling.
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What is Upskilling? What Does it Mean by Upskilling?
Upskilling refers to the process of learning new skills or enhancing existing ones to improve one’s competence, employability, and career prospects. In today’s rapidly evolving job market, upskilling has become increasingly important for professionals across various industries. It enables individuals to stay relevant, adaptable, and competitive in the face of technological advancements, changing job requirements, and industry disruptions.
Upskilling can take many forms, such as taking courses, attending workshops or training programs, obtaining certifications, pursuing higher education, or engaging in self-study and online learning platforms. The skills acquired through upskilling can be technical, such as coding, data analysis, or digital marketing, or they can be soft skills like communication, leadership, or problem-solving.
In a rapidly changing job landscape, upskilling is not just a luxury but a necessity. By continuously investing in their professional development and acquiring new skills, individuals can future-proof their careers, remain competitive, and position themselves for success in an ever-evolving job market.
What is The Difference Between Upskilling and Reskilling?
While upskilling and reskilling are related concepts, they differ in their scope and goals. Understanding the distinction between the two is crucial for individuals and organizations seeking to enhance their workforce’s capabilities.
Upskilling refers to the process of acquiring additional skills or knowledge within one’s current role or industry. It involves enhancing existing competencies or learning complementary skills to perform better in the present job or prepare for future advancements within the same field. Upskilling enables individuals to stay relevant, efficient, and competitive in their current roles by adapting to new technologies, processes, or industry trends.
On the other hand, reskilling involves learning entirely new skills to transition into a different role, job function, or industry. It is a more significant shift that involves acquiring a completely new set of competencies, often due to changes in the job market, technological disruptions, or personal career aspirations. Reskilling equips individuals with the necessary skills to pursue new career paths or adapt to evolving job requirements that may render their current skillset obsolete.
The Upskilling Imperative
In a bid to stay relevant and equipped with the skills demanded by the job market, employees are increasingly recognising the need for continuous learning and development. A staggering 91% of new recruits in Singapore now prioritise upskilling opportunities when considering job offers.
This shifting mindset underscores the importance of upskilling as a means to enhance employee productivity and security in an ever-evolving professional landscape.
The Singaporean government’s SkillsFuture program, fueled by grants and subsidies, is propelling lifelong learning for employers and employees alike. With over 660,000 participants last year, this initiative cultivates crucial skills such as digital expertise, data analytics, AI, and automation, fostering adaptability in an ever-changing job landscape.
By creating a collaborative environment, Singapore positions itself as a global hub for skilled talent, ensuring both individual growth and economic advancement in the face of rapid technological evolution.
With local employers seeking talents equipped with skills for emerging roles, failure to bridge the skills gap can jeopardize career prospects. Thus, the imperative for continuous upskilling and reskilling has become crucial to maintaining economic relevance and job viability, whether currently employed or seeking new opportunities.
2. Fortifying Job Security Through Upskilling
Upskilling serves as a powerful strategy for fortifying job security through various avenues. According to the World Economic Forum, it significantly enhances employability by equipping individuals with adaptable skills that align with evolving industry dynamics, consequently rendering them valuable assets to employers and diminishing the risk of job displacement.
Moreover, upskilling acts as a shield against the looming threat of automation, as evidenced by a McKinsey & Company study. This study highlights that individuals armed with advanced digital skills and the capacity to collaborate with machines are notably less susceptible to the impact of automation on their careers.
The widening of an individual’s skill set is yet another aspect that contributes to job security. By expanding their repertoire, upskilled individuals become versatile and capable of fulfilling diverse responsibilities, reducing dependence on a singular job role and enhancing resilience in the face of ever-changing job demands.
In a competitive job market, possessing the latest skills and knowledge can be a game-changer. Upskilling allows mid-level executives to position themselves as valuable assets to their current and potential employers.
In the dynamic landscape of business, where innovation is paramount, companies seek individuals who can readily adapt to new challenges and contribute fresh perspectives. Thus, promising career prospects and robust salaries await individuals in emerging roles.
Some up-and-coming jobs include:
Data scientists, with an average annual salary of S$96,000, are sought after for their expertise in data analysis.
Cybersecurity engineers, earning around S$102,000 per year, play a pivotal role in protecting digital systems.
Blockchain engineers, with an average salary of S$126,000annually, are in demand for their proficiency in secure transaction technology.
UX/UI designers, commanding about S$75,000 annually, shape engaging digital experiences.
Digital marketers, earning around S$60,000 per year, steer online campaigns in an evolving digital market.
These roles not only promise growth but also showcase Singapore’s commitment to technology-driven fields.
Concrete statistics support the benefits of upskilling. According to a study conducted by the World Economic Forum, upskilling initiatives can lead to an impressive boost in productivity, with potential gains of up to 20%.
Moreover, research indicates that employees who actively engage in upskilling are more likely to remain with their current employers, fostering loyalty and stability within organisations.
Here are the benefits of upskilling or employee training:
Enhanced employability: Acquiring new skills makes people more appealing to employers, reducing the risk of job loss.
Future-proofed careers: Continuous learning keeps employees adaptable to industry changes and emerging technologies.
Increased job security: Versatility in skills makes employees indispensable to organisations, boosting job security.
Higher earning potential: Specialised skills can lead to roles with better pay.
Alignment with national initiatives: Participation in training programs aligns with ongoing learning priorities.
Access to emerging industries: Learning new skills opens doors to growing sectors.
Strengthened industry relevance: Regular training keeps employees updated and credible in their fields.
Boosted employee morale: Training shows investment in growth, improving job satisfaction.
Increased innovation: Learning fosters creative thinking and problem-solving abilities.
Support for lifelong learning: Continuous education aligns with personal growth and development.
Compelling data underscore evidence of upskilling’s success in Singapore. Randstad’s 2022 Workmonitor report revealed a clear desire for professional growth, with 91% of workers surveyed expressing interest in development opportunities. However, only 22% reported receiving training from their employers in the past year.
This focus on upskilling aligns with the Labour Market Report Q4 2022, which noted an “unprecedented”227,800 increase in overall employment during the year, rising by 2.9%. Furthermore, Q4 2022 alone witnessed a rise of 43,500 jobs, reflecting a five-quarter consecutive growth trend in employment.
These statistics collectively underscore the positive impact of upskilling initiatives in fostering career growth and stability in Singapore’s evolving job landscape.
Conclusion
As Singapore’s professional landscape continues to evolve, upskilling has emerged as a crucial strategy for maintaining employee productivity and job security. For mid-level executives navigating the uncertainties of the job market, embracing continuous learning not only enhances their skills but also reinforces their position in an increasingly competitive workforce.
The commitment to upskilling empowers individuals, strengthens organizations, and fosters a culture of innovation, adaptability, and growth. In Singapore’s dynamic economy, the pursuit of upskilling isn’t just an option—it’s an imperative for success in an ever-changing job market.
Improving Your Recruitment Process: Best Ways & Practices
With the increasing competition in the job market in Singapore, it has become even more important for companies to have a recruitment process that not only attracts qualified candidates but also retains them. It’s not just about filling positions; it’s about finding the right talent for the job.
In 2022, there were an estimated 1.5 million job vacancies in Singapore, while the number of unemployed people was only 400,000. This means that there were more than 3 job vacancies for every unemployed person.
Having an effective recruitment strategy can save a company both time and money by reducing turnover rates, increasing employee engagement, and improving overall business performance.
Moreover, having a good recruitment process can also enhance the company’s reputation as an employer of choice, making it easier to attract top talent. A study found that 75% of candidates say that the recruitment process has a significant impact on their decision to accept a job offer.
Here are 5 ways to assess how effective your recruitment tactics are and the tips on how to improve your recruitment process.
Table of Contents
5 Ways to Assess Your Recruitment Tactics
1. Analyze Your Application Process
The typical recruitment process in Singapore involves job posting, candidate sourcing, screening and shortlisting, interviews, assessments and tests, reference checks, offer and negotiation, and onboarding.
The first step in assessing the effectiveness of your recruitment tactics is being able to analyse your application process. This involves evaluating how user-friendly your application process is and identifying any bottlenecks or areas where candidates may be dropping out of the process.
Companies should pay attention to comments indicating difficulties in submission, lack of communication, lengthy steps, clarity of job requirements, and user-friendliness. These comments provide valuable insights into the candidate’s experience and help identify areas for improvement.
2. Tracking Key Metrics
Tracking key metrics is essential for assessing the effectiveness of your recruitment tactics. Here are 5 to keep track of:
Time-to-Fill: Measures the duration from initiating recruitment to filling the position. A shorter time-to-fill indicates efficiency and prevents losing candidates to competitors.
Cost-per-Hire: Calculates the total recruitment cost. Lowering cost-per-hire while maintaining quality ensures efficient resource allocation.
Quality of Hire: Evaluates new hires’ performance, productivity, and retention. It assesses the effectiveness of attracting top talent.
Candidate Experience: Measures candidate satisfaction with the recruitment process. Positive experiences enhance the employer brand and attract high-quality candidates.
Source of Hire: Identifies the most effective candidate sourcing channels. Understanding the best sources helps allocate resources strategically.
Some current statistics to keep in mind:
The average time to fill a vacant position in Singapore is 30 days.
To improve these metrics, you can use a range of strategies, such as streamlining the recruitment process, utilizing employee referrals, and investing in employer branding. Recruitment metrics can also benchmark performance against industry standards and track progress over time.
According to a LinkedIn report, organisations with a talent pipeline are 2.3 times more likely to achieve their financial goals than those without. This indicates that maintaining a pool of potential candidates through a talent pipeline can positively impact business outcomes.
Conducting a talent pipeline analysis involves several key steps.
Identify future talent needs by aligning with stakeholders and identifying critical roles and skills.
Define clear target candidate profiles based on qualifications and attributes.
Employ diverse sourcing strategies to attract potential candidates from various channels.
Engage and nurture candidates through ongoing communication and relationship-building activities.
Continuously evaluate candidate suitability through screenings and assessments.
Regularly update and maintain the pipeline by refreshing it with new prospects and removing irrelevant candidates.
Measure pipeline effectiveness using key metrics and adjust recruitment strategies based on the insights gained to optimise the pipeline’s effectiveness.
Let us help you analyse your talent pipeline and check out other Trust Recruit services available.
4. Reviewing Turnover Rates
By analysing turnover rates, you can identify patterns and potential causes for high turnovers, such as poor cultural fit, inadequate onboarding, or limited opportunities for career advancement.
A high turnover rate is typically indicated by 28% of new employees leaving their jobs within the first 90 days of employment. The average turnover rate in Singapore is 15%, which is still relatively low. It’s best to have low turnover rates to avoid negative consequences, such as:
Frequent resignations: An increase in voluntary resignations within a short period may indicate issues with the recruitment process or work environment.
Negative employee feedback: Consistent feedback indicating dissatisfaction, low morale, or lack of career development opportunities should be addressed promptly to retain talent.
Low employee engagement scores: Monitoring and analysing employee engagement survey results can highlight areas of concern that may contribute to turnover.
Enhance candidate screening: Implement rigorous screening processes to identify candidates who are not only technically qualified but also fit well with the organisation’s culture and values.
Improve onboarding programs: Develop comprehensive onboarding programs to facilitate new employees’ assimilation into the company, ensuring they feel supported and engaged from the start.
Enhance employee engagement initiatives: Create a positive work environment that fosters employee satisfaction, growth opportunities, and work-life balance, reducing the likelihood of turnover.
5. Measuring the Diversity of Your Candidate Pool
Following the success of Unilever and DBS Bank in implementing diversity and inclusion initiatives, measuring your candidate pool is essential in assessing your recruitment tactics.
It relates to evaluating the success of your strategies in attracting and considering candidates from diverse backgrounds. By assessing the diversity of your candidate pool, you can determine whether your recruitment efforts are inclusive and aligned with your organisation’s diversity and inclusion goals.
Best Practices on How to Improve Recruitment Process
1. Streamlining the Application Process
By streamlining the application process, businesses can make it easier for candidates to apply, increasing the likelihood of attracting a diverse pool of qualified applicants. Companies like Google and Meta are examples of businesses that have implemented successful streamlined application processes.
Google’s process takes around two months, with seven simple steps for applicants to get through. On the other hand, Meta’s process is clearly stated on its website, which allows potential applicants to know what to expect when they apply.
2. Improving Your Employer Branding
In 2021, it was found that 62% of job seekers utilise social media platforms to assess a company’s employer brand. A strong employer brand can attract top talent, increase employee engagement, and improve overall business performance.
Through such, you can communicate your company’s culture, values, and benefits to potential candidates.
3. Offering Competitive Compensation and Benefits
Candidates often weigh salary and benefits as top factors when considering a job offer. Companies that offer competitive compensation packages and desirable benefits such as flexible work arrangements can differentiate themselves in a crowded job market and attract a diverse pool of top candidates.
Encouraging employee referrals leverages the existing networks and connections of employees to source potential candidates. This can help to identify candidates who are a good fit for the company culture and have the necessary skills and experience.
Additionally, it can result in faster hiring times, reduced recruitment costs, and improved employee retention rates.
5. Building a Diverse and Inclusive Hiring Process
To build a diverse and inclusive hiring process, companies can take steps such as reviewing job descriptions to remove bias, implementing blind screening processes, and ensuring diversity in the interview panel.
Companies can also partner with community organisations and attend job fairs to reach a wider pool of candidates.
Conclusion
Regularly assessing and learning how to improve recruitment process is crucial in ensuring your organisation attracts the best talent and remains competitive. Effective recruitment tactics are essential for finding and retaining top talent, and this process requires ongoing attention and effort.
By implementing these strategies, you can significantly improve the recruitment process, leading to increased retention rates, higher employee engagement, and a stronger brand reputation.
