Institutes of Higher Learning (IHLs) can collaborate with industry partners and business associations to better understand their needs and develop courses to fill skills gaps. This could be in the form of specialised courses aligned to the nature of the company or providing certification in certain competencies to help employers assess and verify newly acquired skills.
Essentially, these institutions should design programmes that are working professional-friendly, where they aren’t missing out on opportunities in their current jobs.
With the World Economic Forum’s Future of Jobs Report 2023 projecting that half of all workers’ core skills will need upgrading every five years, companies cannot solely rely on recruiting from new cohorts. Those that do not help existing employees keep up with technological advances and in-demand competencies could shoot themselves in the foot by limiting the pool of talent available to them and risk falling behind.
THE DECISION DILEMMA
As the shelf life of skills gets shorter, there needs to be a collective effort to foster a mindset of continuous learning in our local talent, encouraging them to embrace change and acquire new skills in their careers.
Budget 2024 measures may go some way to relieving the decision dilemma for mid-career workers. When the options are leaving their jobs mid-career to further their education or hitting the books after a hectic day at work, many end up settling for the status quo.
New, innovative educational approaches like CBE could also help persuade some to take the plunge. IHLs can empower those in or looking to move into high-demand industries, as well as those who have not had the opportunity of a pre-employment education in some fields.
Ensuring equitable access to upskilling and reskilling opportunities can, in turn, build a bigger and stronger talent workforce.
Professor Chua Kee Chaing is president of the Singapore Institute of Technology (SIT) and Dr Charla Long is president of the Competency-Based Education Network.