In Singapore National Employers Federation’s (SNEF) May Day message, President Robert Yap suggested that the country’s labor market must remain flexible so that companies can adapt quickly and stay competitive amid uncertainties. 

He said, “As we enter an era of uncertainty where investment and trade flow constantly change, Singapore will be affected by the turbulence in the global economy. We must, therefore, continue to keep our labor market flexible so that companies can adapt quickly and stay competitive.”

While Yap asks the workforce of the nation to invest in their own continuous learning, a tripartite Workgroup on Older Workers is discussing a timeline for the raising of the retirement and re-employment ages, after consensus was reached on the need to raise them.

The challenge of the aging workforce is not new for Singapore. It has been a concern for companies across industries. The solution for the aging workforce is reskilling and redeployment initiatives for this population of workers. 

Yap said, “Employers need to reinvent employment practices and work for older workers so that they can continue to contribute to the growth of the company.”

He added, “Older workers must embrace the need for reskilling and redeployment when necessary so that they are able to work for as long as they can and contribute to their full potential."

It is not only the older workers but the entire workforce that he urges to embrace lifelong learning. 

Continuous development and learning is indeed the best way to keep up with the pace of disruption. A skilled workforce coupled with emerging opportunities in the country can help Singapore grapple with disruption and a tight labor market. By investing more in the available talent and increasing the use of technology, Singapore can reduce the reliance on foreign workers and innovate operational processes.

Image Credits: hindustantimes.com