Singapore is a small yet vibrant nation that has made a name for itself as a centre of innovation, trade, and finance worldwide. However, the country also faces many difficulties in the quickly evolving global economy, including a lack of skilled labour, technological upheavals, and heightened competitiveness.
To overcome these challenges, upskilling and reskilling for a future-proof workforce, Singaporean businesses need to invest in enhancing the skills of their workforce. Businesses may enhance their customer service, creativity, and production by retraining and upskilling their workers.
We will define upskilling and reskilling, discuss their significance for Singaporean business success, and discuss how financial organizations like DBS assist companies in putting upskilling and reskilling initiatives into action.
What are the differences between reskilling and upskilling?
The process of acquiring new skills or enhancing current ones is referred to as upskilling or reskilling.
The process of learning new skills to enhance present job performance is known as upskilling. An accountant might upgrade their skills, for instance by learning how to apply new accounting standards or software.
Learning new skills to get ready for an alternative occupation or career is known as reskilling. For instance, a cashier might retrain to become a salesman or a representative for customer service.
Employees must reskill and upskill to meet the constantly changing needs of the labour market and their respective occupations.
Why is reskilling and upskilling essential for Singaporean business growth?
Businesses in Singapore must reskill and upskill to remain relevant in the global market. When companies invest in their employees’ skill development, they stand to gain:
- Increased productivity: Skilled workers are more effective and productive. Lower costs and higher output are possible outcomes of this.
- Enhanced innovation: Workers are more likely to develop original concepts and solutions when their skills are current. This can assist companies in creating new goods and services and staying one step ahead of the competition.
- Better customer service: Staff members with strong customer service skills may better attend to the demands of clients and ensure a satisfying encounter.
A PwC survey states that 79% of Singaporean CEOs are worried about the availability of critical skills in their workforce. According to the report, in the next three years, 74% of Singaporean CEOs intend to expand their investment in worker upskilling.
The report also emphasized a few critical competencies that are in great demand in Singapore, including proficiency with digital tools, management, innovation, and communication.
Singaporean firms can guarantee that they have the talent required to develop and prosper in the future by reskilling and upskilling their workforce.
Upskilling vs. Reskilling
Retraining entails picking up brand-new abilities, whereas upskilling is a means of improving one’s current skill set. Both processes are necessary to guarantee that the labour force is prepared for the future. Indeed, according to forecasts by the World Economic Forum, half of all workers will require retraining by 2025.
The advantages of reskilling and upskilling for the workforce
The learning process for reskilling and upskilling programs should be entertaining and stimulating. Staff employees can fully immerse themselves in the subject matter by participating in dynamic, hands-on training courses provided by DBS. Employees who use this learning strategy gain new abilities and experience increased drive and self-assurance. In the end, this helps our people’s long-term careers.
In 2020, DBS and AWS collaborated to launch the DBS x AWS DeepRacer League, an initiative that taught 3,000 workers artificial intelligence and machine learning capabilities through a series of interactive online tutorials.
Reskilling and upskilling employees has advantages that go beyond their own growth. Furthermore, a staff with proper training can result in higher output, improved performance, and a happier workplace.
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