There is a shortage of digital talent globally and in Singapore
The pandemic has led to a rise in demand for digital talent globally. Even in a dynamic economy such as Singapore, where 63% of its current workforce is digitally skilled, an estimated 1.2 million additional digital workers will be needed by 2025, according to a report by Amazon Web Services. This is a 50% increase from current levels, which goes to show the scale of the digital talent gap at hand.
Business-focused upskilling programs could be a solution to the talent shortage
Attracting and retaining the best digital talent is no easy feat in the current economic environment. The pandemic has created a supply-side constraint with an increasingly competitive hiring market driven by a limited but highly sought-after digital talent pool.
In response to these challenges, a recent report by SkillsFuture Singapore has shown that there is an increased recognition amongst employers and employees regarding the importance of workplace learning. In 2021 alone, more than 660,000 Singaporeans have participated in digital upskilling or reskilling programs, which shows that there is an appetite for upskilling.
Business must now provide the right resources and supportive environment to enable their employees to take charge of learning the most in demand digital skills of the future. In doing so, businesses can increase retention as well as develop their own robust workforce for the digital future.?In fact, talent upskilling could lower a company’s costs by up to 30%, according to research by the Boston Consulting Group.
Prevalence of business focused upskilling programs
In a partnership with IMDA Singapore, BCG has developed a digital maturity index and discovered that while 83% of MNCs have reached a stage of digital literacy, many SMEs are struggling, with only 36% achieving digital literacy. The main reasons cited for falling behind the digitalisation curve includes financial constraints and challenges in integrating new technologies.
To help Singapore businesses boost their productivity and overcome the challenges of securing digital talent, BCG has launched RISE for Business to prepare both small and large organizations for the new digital age. Businesses will get to leverage BCG’s consultants and industry experts to work with their employees in solving their business problems and charter a path for digital growth. Find out more at bcgriseacademy.com/business.