While the structural changes to Singapore’s economy as a result of the pandemic is likely to weigh on the labour market for the rest of year, the transition into a new economy could uncover new recruitment bright spots, said Kelly Services recently when releasing its Singapore salary guide for 2020.
Despite uncertainties, it is likely that the future economy will be characterised by digital transformation across industries and the continued development of certain key sectors, such as biomedical manufacturing and information technology, on the back of increased demand for medical goods and digital solutions, the recruitment firm noted.
In addition, the resilient finance sector is expected to remain steady, with banking and insurance, the firm observed.
The continued development of the biomedical, IT and finance sectors will need to be supported by a skilled workforce that is well-equipped with the important skills needed to meet the demands of Singapore’s future economy, said Foo See Yang, Managing Director and Country Head, Singapore at Kelly Services.
“Upskilling and reskilling are therefore more important than ever in helping organisations and employees keep up with the changes as well as be prepared for the future,” Foo advised.
The Government's topmost priority amid the pandemic, has been on saving jobs, according to Kelly Services.
In the past few months, the Government has rolled out a slew of support measures to help jobseekers in these unprecedented times and continued support will be provided to three groups – fresh graduates from tertiary institutions, retrenched and mid-career workers, the firm pointed out.
To this end, the new National Jobs Council was formed as part of the Fortitude Budget to grow jobs and training opportunities in Singapore.
The SGUnited Jobs and Skills package expects to match close to 100,000 job seekers to new job opportunities, traineeships and skills training over the next 12 months, Kelly Services added.