9 in 10 employees in Singapore see urgent need to reskill

A survey by UOB also showed that older workers in Singapore are more worried about losing their jobs and becoming redundant in the job market.
By: | October 22, 2020

Nine in 10 employees in Singapore believe they need to reskill or upskill in order to remain competitive in the job market post-COVID-19, according to a UOB survey.

The UOB Asean Consumer Sentiment Study, which was conducted by the bank and Blackbox in July this year among 3,510 individuals aged 18 to 65 in five South-east Asian countries, showed that nearly all of the respondents (98%) between 56 and 65 years old were focused on reskilling and upskilling to stay relevant. And among those aged 24 to 55, about nine in 10 said the same.

The survey also revealed that older workers in the city state are worried about losing their jobs or being deemed redundant in the job market.

However, the majority of the respondents (88%) expect employers to digitalise instead of turning to retrenchments or hiring staff as means to cut costs.

Employees also expect it will be tough to secure new roles in the uncertain and turbulent economy, with 88% of Singapore respondents believing that companies will prefer candidates that can perform multiple roles.

Dean Tong, UOB head of group human resources, believes that the pandemic has magnified the importance of adaptability and continual learning to ensure people are ready to take on changing job demands and seize opportunities.

He also added that employees need to develop the skills needed for a future of work dominated by digital technology and data.