Singapore is actively strengthening its workforce in response to economic volatility, drawing insights from reports like ‘Forward Singapore’ and #EveryWorkerMatters Conversations (#EWMC) to bridge gaps, empower citizens, and create a more inclusive, resilient workforce for the future.
Singapore has emerged as a prosperous nation with a robust economy, yet the worry over job security prevails, especially with the anticipation of increased economic volatility. As such, Singapore is steering toward fortifying its workforce, addressing key issues, and creating opportunities to empower its citizens. Findings and recommendations from reports such as the “Forward Singapore” report and the National Trades Union Congress (NTUC) #EveryWorkerMatters Conversations (#EWMC) report highlight the urgency to bridge gaps and build resilience in the workforce. These insights also serve as a catalyst for action and change, advocating for better support, fair employment, and continuous skill development for all worker segments.
The “Forward Singapore” report highlights the necessity of broadening our perception of successful careers and job opportunities. It emphasizes the reduction of wage gaps across professions, empowering Singaporeans for career agility and resilience, as well as continued investment in the local workforce while maintaining an open economy. Encouraging fair employment practices, respecting diverse job roles, and empowering individuals to take ownership of their careers are pivotal themes.
On the other hand, the #EWMC report by NTUC, encapsulates the concerns and aspirations of a broad spectrum of workers, across various ages, sectors, and roles, which have led to the launch of the Renewed Workers’ Compact that reinforces the need to support workers across various life stages. Acknowledging the intertwining nature of work and life concerns, advocating for autonomy, adaptability, and assurance across all worker groups and the recommendations out forth by NTUC aim to address specific challenges and aspirations of various worker groups.
The recommendations from the #EWMC report for the following key worker groups are:
- Youths: Enabling comprehensive support, quality internships, diverse career pathways, and enhanced financial literacy.
- Workers: Equipping them for resilient career transitions, lifelong learning, and support during unemployment.
- Caregivers: Providing flexible work arrangements and support for balancing work and caregiving.
- Older Workers: Ensuring fair employment and training opportunities, fostering a multi-generational workforce.
- Vulnerable Workers: Recognizing and rewarding essential workers, offering better protection for self-employed persons.
Both reports indicate that a significant focus is needed on vulnerable workers, especially lower-wage workers and self-employed individuals. Recommendations ranging from expanding the progressive wage framework to better protect lower-wage workers to ensuring stronger representation and protection for self-employed persons are crucial for a more equitable workforce.
The need for more protection for Retrenched PMEs
One significant call to action by NTUC is the need for more protection for retrenched Professionals, Managers, and Executives (PMEs). This resonates with earlier efforts such as calling for more protection for retrenched PMEs back in 2016, as further layoffs were anticipated and the recommendations from the PME Taskforce report in 2021, that advocates for leadership development programs and global exposure opportunities to empower Singaporean PMEs.
“The Labour Movement has advocated that the Government does more to better assure Singaporean workers that they will not have to face employment setbacks alone. We agree with this call and believe it is time to introduce a new support scheme for involuntarily unemployed jobseekers”
– The Forward SG Report (p.53)
The support for PMEs, both in grooming leadership talent and providing opportunities for global exposure, underscores the importance of honing a diverse skill set and a global mindset. Although Singapore measures second on Insead’s Global Talent Competitiveness Index, in 2022, after Switzerland, that’s no reason to take it easy. With Singapore’s economy maturing and growth slowing, it’s time to find new industry champions. It needs competent corporate and business leaders who can handle “business as usual” but have the audacity to take bold risks. Don’t get me wrong. It’s not as if Singapore has no representation on the global stage. Given the island’s population size, TikTok’s CEO Chew Shou Zi and Ping An Group’s executive director Jessica Tan surely give it bragging rights. Having Singaporeans succeed in the corporate world, will create a virtuous cycle, where we will have more opportunities for Singaporeans in Singapore and in the world.
The path towards a stronger, more resilient workforce in Singapore
As we move forward, a collaborative effort from all stakeholders will be crucial to actualize these recommendations from the “Forward Singapore” report and the #EWMC report, to create a more inclusive, supportive, and adaptable workforce for a sustainable future. As a society, we must come together to ensure that no one is left behind, and that the workforce remains a vibrant, adaptable, and inclusive force. This will not only strengthen the economy but also enhance the overall well-being and livelihoods of Singaporeans.
