SINGAPORE: Employers in the city-state are urged to prioritize skills over formal degrees and experience to stay competitive in the global talent market, according to Jobstreet’s Decoding Global Talent 2024 report featured in the Singapore Business Review.
The recruitment platform highlights a growing trend toward hiring talent based on capabilities, not just academic credentials, as companies face challenges from ageing populations and workforce shortages.
Practical skills vs academic credentials
Emerging economies, known for their high levels of workforce mobility, are seen as a crucial source of skilled talent to fill gaps in more mature economies.
Jobstreet’s report points out that while some employers are beginning to shift away from the “paper ceiling” — a reliance on degrees and formal qualifications — this change is occurring slowly.
Companies are recognising the value of practical skills, hands-on experience, and workers’ potential over traditional academic achievements.
To make this shift successful, organizations need to embrace a new approach to assessing talent. Instead of focusing solely on degrees or experience, companies must collect and analyze data that better reflects workers’ skills.
This could involve a cultural shift within organizations and adopting new methods to evaluate job candidates based on a broader range of competencies.
Upskilling and reskilling
Jobstreet’s report also emphasizes the importance of upskilling and reskilling in the modern workforce. As technology, especially AI, continues to evolve, workers must adapt to stay relevant.
The report reveals that in Singapore, workers are strengthening their analytical and functional skills to remain competitive.
According to the data, 40% of Singaporeans are enhancing their analytical skills, including critical thinking and research abilities, while 35% focus on functional skills specific to their jobs, such as finance, sales, and technical expertise.
In addition to analytical and functional skills, project management (27%), creativity and innovation (24%), and advanced digital skills (22%) are among the top areas Singaporean workers are prioritizing for development.
However, despite these efforts to upgrade their skills, Jobstreet found that only about half of Singaporean workers actively seek reskilling opportunities.
Four in ten said they would only reskill if necessary or if they encountered significant obstacles in their daily work.
For many Singaporeans, reskilling happens through on-the-job training (47%) or self-study (40%). Other learning methods include watching online videos (36%), participating in employer-sponsored courses (36%), and engaging with online platforms (27%).
When it comes to learning formats, videos and tutorials (48%) are the preferred method, followed by workshops and seminars (40%) and shorter articles or videos (31%).
Despite these efforts, Singaporean workers still invest less time in learning and development than their Southeast Asian peers.
The report found that 19% of Singaporeans did not spend time learning in 2023 — higher than the regional average of 13%.
However, 45% of Singaporeans commit to learning at least once a month, indicating that while the frequency may be lower, there is still a strong commitment to skill development.
Jobstreet noted that while the time spent on learning might be relatively low, Singaporean workers are focused on maximizing the effectiveness of their learning experiences.
“Despite spending less time on learning and development compared to their Southeast Asian counterparts, Singaporean talent aim to make the most of their learning sessions,” the report concluded.
As Singapore’s economy continues to evolve, Jobstreet’s findings suggest that embracing a skills-based approach to hiring and development could help businesses stay agile, resilient, and competitive in an increasingly complex global labor market.