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Mr. Kenji Naito, Group CEO of Reeracoen, shared his views with CNA938 Money Mind hosts on the recruitment trends in Singapore as well as Reeracoen’s innovative solutions for companies to close their workforce gap. Here are some of the key highlights:
Why do you think Singapore’s unemployment rate will continue to rise in the short term?
Mr. Naito cited numerous reasons such as rapid digitalisation, a shift in people’s perception of work, restructuring of business models and a shortage of talent for specialised roles. These all result in an increase of the job vacancy to unemployed person ratio in the short to medium term as Singapore continues to recover from the impact of the global Covid-19 pandemic. One key factor Mr. Naito highlighted is the mismatch between the expectations of employers and workers.
What are the gaps in the labour market that need to be filled? And why aren’t we able to fill them?
Though there are different gaps in the labour market, Mr. Naito emphasised the lack of talents needed for certain industries and roles. Digitalisation created a surge in demand for numerous niche roles, particularly in the FinTech industry. Right now, “there is a huge gap between what employers want versus the limited supply of ready-made talent,” said Mr. Naito. Workers who have related experience and qualifications are preferred and sought after by employers globally. Hence, despite the availability of a pool of active jobseekers, there is huge demand for such talent which outstrips the supply. Mr. Naito recommended that Singapore employers should consider “lowering their entry requirements” as well as “investing in upskilling and in-house training to start closing off their workplace gaps”. Since the Singapore government offers grants and reskilling opportunities, this is a fantastic opportunity for both employers and employees to achieve a mutually beneficial outcome.
What will Singapore need in order to stay competitive? What skills are our workforce lacking to stay ahead?
“As the government announced, Singapore must build a world-class talent pool.” Mr. Naito strongly agreed that Singapore should adopt an offensive strategy of talent acquisition in order to stay competitive.
As for the skills our workforce needs to stay ahead, one important skill is adaptability. It is difficult to predict the future; both individuals and companies need to adapt quickly to any circumstances when required. To achieve this, Mr. Naito stressed that “we need to keep learning and studying” to gain marketable skills. For instance, a salesperson not only needs to focus on improving sales, but also has to gain knowledge of digitalisation.
What can employers then do to shift their mindsets and employment policies to ensure they stay competitive and productive?
Employee engagement is one of the most crucial factors for companies to stay competitive. Regular surveys can be conducted to measure employee engagement and facilitate internal communication. Some companies are also creating new positions such as Human Resource Business Partner to keep employees happy while ensuring productivity remains high. In this age of innovation, Mr. Naito reiterated the need for human power—not AI—to solve pressing issues like climate change.
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About Reeracoen
Reeracoen Singapore Pte Ltd is one of Singapore's leading recruitment agencies. With our extensive networks effectively source and match high-caliber candidates to our partners. We take pride in our solutions provided to our partners, assisting not only job seekers in finding suitable employment, but also supporting business enterprises in talent acquisition. Our clients enjoy a peace of mind knowing that as part of the Neo-career group, Reeracoen is committed to delivering the same Japanese professionalism and service quality across our 12 offices in 8 Asian countries.