Commentary: In this tough job market, retraining alone is no silver bullet
SINGAPORE: While Singapore narrowly avoided a technical recession this quarter, two issues remain: Retrenchment numbers are upwards. Hiring activities are down.
Noting that hiring sentiments have become more restrained, the Monetary Dominance of Singapore has highlighted that the resident unemployment rate had edged upwards to 3.1 per cent in the second quarter.
As political and economic uncertainties loom over global markets, observers volition continue monitoring Singapore'southward economical performance. Many businesses may run into dwindling returns in this period of sluggish growth.
Price management is the first affair that comes to mind when top lines do non look good. Unfortunately, payroll costs is the starting time line particular CEOs might accept a knife to.
READ: Commentary: Here's a sure-win bet for Singapore companies and workers every bit recession looms
Workers would be wise to rethink the year-terminate family holidays or plans to switch the eight-year-former car out for a newer one.
While tripartite efforts to retrain workers have helped manage retrenchment for years, instead of relying on your employer or your union to help you manage your career or maintain your employability, the onus is on you to have care of yourself.
READ: Commentary: Practise not fear retrenchment. 4 tips for working professionals in a downturn
Non but is training in our professional interests, only it also fulfils a human being need for self-improvement. Co-ordinate to a 2022 LinkedIn report, more than ii in v employees in Singapore accept left a visitor because they felt that learning and development opportunities were lacking.
Merely can retraining salvage you from redundancy in this economic outlook? And what kind of training should y'all be focused on?
TIP #1: Look PAST THE EFFORT REQUIRED IN RETRAINING
Acquiring new noesis and skills should be an ongoing endeavor, irrespective of job market atmospheric condition. Nevertheless the reaction I usually get when the topic of re-skilling pops up is that information technology takes fourth dimension and is impractical.
Continuing notwithstanding will go out yous behind in a world constantly moving forrard. Re-preparation and re-skilling are necessary, given the real risks of being replaced.
Information technology's no silver bullet and you lot accept to sieve through a myriad options, but MySkillsFuture offers courses for Singaporeans and Permanent Residents looking to improve their employability.
READ: Commentary: What you demand to know about Career Mobility
Discuss with your dominate which programme to put yourself on before embarking on one. He or she might have other career development options available you might not accept sight of. Ultimately, be prepared to invest in preparation on your own money.
Consider it an investment in your future - to gain credit on your career balance sheet.
TIP #two: DEVELOP AN AWARENESS OF WHAT'S IMPACTING YOUR INDUSTRY
Retraining is often thought of as an exercise to proceeds technical skillsets in the face of new technological tools. While this might be the case for most operational roles, most jobs today require agility and cocky-awareness.
My advice for workers looking at retraining is to detect means to develop a sensitivity to marketplace trends that touch your industry. What does the future concord? What big shakes are affecting your line of piece of work? How would changes in your industry affect what you are doing now?
Generally, there are three types of industries – "sunrise", "sunset", and "solid colonnade". The engineering sector is an instance of a sunrise industry; wholesale merchandise is seen as a sunset manufacture; while fiscal services is viewed as a solid colonnade industry.
Can y'all adopt a sunrise industry mindset and figure out how you tin can transform your operations? What competencies volition your company need over the next iii to five years? What tin can you lot exercise to close the gap?
READ: Tin can millennials ain these skills for success?
DBS'south understanding of how fintech would disrupt the banking sector and its decisive move to transform its operations to marshal with consumers' evolving expectations have paid off.
Its full-yr internet profile in 2022 rose by 28 per cent to a record S$five.63 billion. It has too been named Global Bank of the Yr by The Broker and the World'southward Best Digital Bank by Euromoney.
When asked about DBS's surreptitious ingredient to success, CEO Piyush Gupta discussed his priority around developing a receptive culture that understands the imperatives for change. "One of our rallying cries has been, how do y'all create a 22,000 kickoff-upwards?"
READ: Commentary: The futurity is tech just where is Singapore's engineering and Information technology talent?
It has also since identified staff who tin exist reskilled to serve new customers' cyberbanking needs. A branch service executive's role now includes helping customers learn how to employ self-service options.
DBS has tuned operations towards fresh demand and new engineering. How are you lot doing that for your company?
TIP #3: BUILD NETWORKS
Venturing into a job search can be challenging in this climate.
For those faced with retrenchment, competing with other jobseekers takes on an urgent complexion, when one has to put food on the table, service a home mortgage and other loans, non to mention securing the dearest and support of spouses and family members.
We have then far focused on gaining relevant skillsets but much about securing your role in a world of disruption and shorter career lifespans besides involves networking and personal referrals, the most constructive avenues of landing a new job.
What if you lot have just acquired new skills nonetheless practice non have much relevant experience to talk about – who volition hire you?
READ: Commentary: Tattoos, being overweight or dressing casually - practise looks impact your chances of getting hired?
As a mid-careerist, it's worth investing in growing your networks with people who can connect you with a relevant role. Many employers believe in hiring for the right work feel, attitudes and values, and closing the skills and competencies gap after.
That network building must start today. It's simple. Be a fraternal colleague at work. Pay it forward.
Don't restrict yourself narrowly to your task description, merely lend a helping hand and bear witness added value where possible. Deepen your relationships and stay in touch on with quondam bosses, colleagues and partners.
Commentary: Networking is a necessary skill, non a dirty word
So much communication on networking tends to focus on networking sessions with strangers in the profession, merely I would urge workers to start in their own circles at the workplace.
A contempo example comes to mind. A client of mine was able to secure iii job offers during his chore search after being permit go.
One came nigh from his ex-subordinate. My client made an impression every bit a good boss during the menses they were working in the same company and that trusted relationship reaped rewards for him.
CAREER PLANNING A LIFE LONG ENDEAVOUR
Career planning and management must be a career-long activity, regardless of the state of the economy.
During uncertain times like these, the space y'all occupy is ideally 1 where your resume is camera-ready, yous have a network you can count on, and your mindset remains positive to tackle fresh challenges with conviction.
Retraining is no silver bullet but bearing in heed these iii tips tin give you the confidence y'all need to navigate a challenging job market.
Paul Heng is founder and managing director of Side by side Career Consulting Group.
Source: https://cnalifestyle.channelnewsasia.com/commentary/commentary-tough-job-market-retraining-alone-no-silver-bullet-282376
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