Future-Proof: Why Navigating The Digital Landscape Allows Companies To Thrive

The global landscape is turning increasingly digital, and Singapore is making moves to be ahead of the curve. Aiming to be a truly digital Smart Nation, the government hopes to harness technology to transform health, transport, urban living, and government services and businesses.

To achieve this goal, the government needs to provide opportunities that can help hone every Singaporean’s ability to deal with the digital landscape. The 2023 Budget, for example, has identified initiatives that can help individuals future-proof their careers against the various changes affecting the workplace. 

As being digitally proficient is more of a basic requirement, companies should train, develop and engage their workforce in the digital language so they can keep up with the competition. Employers need to navigate the digital landscape to thrive these days.  

Readying your workforce to become more digitally savvy has many benefits for both your company and your employees. According to the MIT Sloan School of Management, companies that make sure their people are ready for the future tend to outperform their competitors. They deliver 19 per cent more revenue growth and have 15 per cent more profit.

Being digitally prepared also means:

• Improved productivity – The more your workforce is adept at managing technology, the more your company can benefit from increased efficiency and improved productivity.

• Better collaboration and communication – IT services and consulting firm Scalefusion writes that digitally-savvy employees are more agile and competent. They can use the collaboration tools available to them to get work done faster and smarter. 

• Reduced turnover – Investing in your people by offering them training and development makes them feel valued. They will feel empowered by your belief in them and this can make them want to stay in your organisation.

Upskilling and reskilling your workers  By offering your employees opportunities to upskill (i.e., upgrading one’s current skills to meet new demands) and reskill (i.e., acquiring a fresh skill set), you help them prepare for digital change. 

Flexible work arrangements  Supporting a digital landscape means individuals are highly mobile and can work from anywhere they prefer. Offering flexible work arrangements in your workplace gives employees the freedom to choose where to work, as well as the chance to maintain a work-life balance. 

Inclusive hiring practices  Employers are encouraged to be more inclusive in their recruitment processes, not limiting themselves to looking for talent with tech experience. Companies should be employing skills-based assessments and look for individuals who can easily adapt to rapid change. 

Avail of government-funded initiatives  The government offers programmes that can help support the workforce in becoming more digitally savvy. 

1. 1.

   Jobs-Skills Integrator Initiative (JSIT)  According to SkillsFuture, “JSITs are intermediaries who will work with industry, training and employment facilitation partners to optimise training provision and job matching services for companies and individuals.” With their help, employers can offer training courses targeted at the skills needs of their workforce and advise on career development opportunities within the company or the sector, among others.

2. 2.

   SkillsFuture Enterprise Credit (SFEC)  The SFEC, or one-off SGD 10,000 credit for eligible employers, can help companies invest in enterprise and workforce transformation initiatives to further improve their workplace.

3. 3.

   TechSkills Accelerator (TeSa)  TeSa aims to build and develop a skilled Information and Communications Technology (ICT) workforce for Singapore’s digital economy. With the support of the Infocomm Media Development Authority, this programme enables professionals to learn relevant skills through ICT skills acquisition and practitioner training.

Chew Siew Mee, Managing Director of JobStreet Singapore, wrote that even though tech companies have been conducting layoffs, the number of tech jobs in the workforce is growing, with a growth rate of 50% y-o-y. 

According to JobStreet’s Job Salary Report 2022, Computer/IT jobs are the highest-paid jobs in various industries, including Banking & Finance, Hospitality, Electrical/Electronics, Marketing/Advertising, Oil & Gas, Property/Real Estate, Retail/Trade, Science/Technology, Social Services, Telecommunication and Entertainment.

In-demand jobs in Computer/IT:

1. 1.

   Cybersecurity With the increasing need for data privacy, cybersecurity has become one of the most in-demand jobs in the world. According to industry researcher Cybersecurity Ventures, the number of unfilled cybersecurity jobs worldwide grew by 350 per cent between 2013 and 2021. 

2. 2.

   Chief Information/Chief Technology Officer According to The Wall Street Journal, companies are under pressure to modernise their tech and are looking for CIOs to help lead the way. The demand for interim CIOs, chief information security officers and chief technology offers grew by 83 per cent between 2020 and 2021.

3. 3.

   Data Mining Analyst  Data mining helps companies gather insight into their users, customers or clients. B2B tech publication Datamation estimates that the data mining market’s value will grow to USD 1.03 billion by 2023 due to a compound annual growth rate of 11.9%. 

4. 4.

   Software Developer  As companies strive to go more digital, they need more software developers or engineers to help them create products, apps and platforms that will support their requirements. Developers are needed in almost every industry, including manufacturing, services, consumer products, and travel. 

For jobseekers looking to get tech jobs, they would do well to look beyond tech companies and go for firms in the following sectors:

1. 1.

   Financial institutions According to Channel News Asia, Singapore’s largest banks are major tech hirers. DBS, for example, has plans of hiring 1,000 employees a year to add to its tech workforce.

2. 2.

   Manufacturing   Singapore’s manufacturing industry made up 22% of its GDP. The sector has grown partly due to the rise of automation and technology, which also requires a lot of tech talent. 

3. 3.

   Healthcare  The government aims to capitalise on the opportunities available in the health-tech space. In line with Singapore’s Research, Innovation and Enterprise (RIE) 2025 Initiative, SGInnovate's Helix Immersion Programme will support biomedical researchers and academic professionals to gain experience in both lab and non-lab settings at fast-growing companies.

4. 4.

   Food and beverage  According to the workforce management platform StaffAny, tech will remain significant to the F&B industry in 2023. F&B uses technology to enhance the customer experience, and optimise operations, among other

5. 5.

   HR HR technology solutions can help organisations focus on more strategic HR initiatives to support the company’s strategy. Workforce Singapore’s HR Tech Transformation Programme aims to support companies in implementing HR technology through HR process re-engineering, redesigning of impacted HR jobs and managing HR job transitions arising from the HR technology adoption.

As the need to adopt technology continues to grow, employers need to be able to navigate the digital landscape to remain competitive in their respective industries. This involves training and empowering the workforce in digital skills so that they can help the company achieve technological innovation. By being digitally prepared, a company sets itself, and its people, on a successful path towards the future.