SkillsFuture - Investing in Your Future

Looking for opportunities or investments that can make a significant impact on yourself? Well, investing in own well being first is likely one of the best investment you can make. In what area(s) you are going to invest depends on your life goals - something of financial values or something just improving your overall happiness. Significantly, your personal growth and development is of your life-long values. Leveraging on your SkillsFuture credit for this purpose may therefore become pivotal.

Importance of Continued Education for Singapore's Workforce

Singapore economy heavily relies on human resources. Education and training investments in human capital therefore forms an essential part of Singapore's foundation. This propels us towards a highly skilled and competitive workforce in Singapore and around the world.

Continued education and training is a critical factor for the survival of our economy and the future workforce. With the fast pace of technological advancement and increased global competition for jobs, Singaporeans must upgrade and strengthen their skills to maintain their competitiveness. With economies evolving, businesses strive to find new ways to survive and grow. With these trends, the demand for higher-skilled workers will increase. Singaporeans must continue to help make workplaces the essential venues for learning so that workers will keep on developing themselves throughout their careers and lives.

To help Singaporeans develop and maximize their potential, the Government has therefore introduced SkillsFuture.

Lifelong Learning and SkillsFuture

Education does not stop after graduation. Lifelong learning helps keep us up with the trends and global industry needs. Without lifelong learning, we will be stuck in our past.

SkillsFuture is a national movement that seeks to provide citizens and permanent residents the opportunities to develop their work skills throughout their lives for a better future. It establishes a culture and holistic system of lifelong learning by pursuing skills mastery that strengthens quality education and training. It aims to drive Singapore to the next phase of development, resulting in an advanced economy and an all-embracing society.

SkillsFuture outlines the country's driving force that moves towards an advanced economy and society. It is where individuals go beyond current competencies by attaining new knowledge and mastery of skills for future potential jobs; the motivation is not only towards what the current positions need but also achieving further excellence and fulfilling passions in life. SkillsFuture promotes a lifelong learning attitude, respects for skills in all nature of jobs, and recognizes talents and progresses of all people regardless of ages, qualifications, or background.

The SkillsFuture Council aims at coordinating and driving the national effort to achieve the objectives of the SkillsFuture framework. The Council focuses on critical areas of successes. Firstly, it helps individuals make well-informed decisions about charting their career, education, and hence learning journeys. Secondly, it supports creating an integrated, high-quality education and training system that responds to the ever-changing needs of the industry. Thirdly, it encourages employer recognitions and career development based on skills and mastery. Lastly, it promotes a culture that encourages and celebrates lifelong learning.

Workers can enrol in programs and courses offered by the Workforce Skills Qualifications (WSQ) system for continuing education and training (CET) to improve their skills and employability1.

Singapore’s advancing, high-growth areas present new opportunities for Singaporeans. Therefore, adequate trainings are needed for companies to capitalize on the trends. It also means new talents and skills for businesses in these areas are in demand.

Some of the skills are transferable, providing individuals more options for career advancements. Since they will need technical and critical core skills to perform well in all job roles, they should consider investing in those skills required for the new and emerging areas first.

These new and emerging growth areas will lead to more employments. These new areas will also likely change the existing job requirements. Prioritising the acquisition of relevant skills in these growth areas will therefore allow all individuals to exploit the new opportunities. Under the framework, you can track your skill development journey. You can also learn the trends, insights of these growth areas. Moreover, you can acquire relevant resources provided by accredited training agencies.

The Digital Economy

Our economy will be increasingly digitalized. Old standards and business models are increasingly being digitized. In digital economy, new technologies are required in order to plan, design, and implement the transformations. Today there are jobs related to the new digital economy in more than twenty industries as described in the Industry Transformation Maps (ITMs). Majorities of the top priority skill clusters are tech heavy such as data engineering and data science.

Under the tech-lite category, data analytics necessitates data in research or business where technology application skills are required to use new technologies effectively. To make informed business decisions, you must be able to conduct research, survey and draw observations or conclusions to keep up with the current trends. Furthermore, the Internet of Things (IoT) management skills - interconnectivity via digital hardware and machine data - are essential.

The Care Economy

SkillsFuture also prepares individuals who wish to grow in the care economy. The care economy refers to a professional group of jobs and skills to provide healthcare and education to current and future Singaporeans. Research shows that by the end of 2022, the care economy will account for about forty percent of all job openings in emerging professions worldwide. Evidently, the care economy will form a crucial part of job opportunities in the world. Conduct and ethics are mandatory to achieve high service standards in the healthcare profession. Also, practices such as unbiased consultations are all embracing for the benefit of the care recipients, regardless of their needs and background.

The Green Economy

The green economy is about living, growing, and working while preserving and practising environmental sustainability. Green skills are now required for over 450 job roles across 17 industries. There are green process designs that aid in reducing waste and pollution in the products and services offered. One example is the Carbon Footprint Management, which aids in reducing greenhouse gas emissions. Another example is the Frameworks for Environmental Management Systems and Policies, which ensures work processes meet the standards for being environmental-friendly. And yes, you can pick up these industry skills by attending relevant courses using your SkillsFuture credits.

Critical Core Competencies for Managers and Business Leaders

More businesses realise that soft skills improve employee performance and business competitiveness. In addition to technical skills, there is a growing emphasis on soft skills for the future of work. At ODC, we provide quality WSQ leadership and soft skills courses. For more information on these courses, you can click the link here.

Taking Ownership of Your Skill Development Journey

Constant upskilling and lifelong learning are essential for personal and professional growth. The future is unpredictable; there is a need to continually learn and adapt. Knowing that the future economy needs certain specific skill set is just a beginning. We must act on it immediately. The first step is to go online to find the relevant WSQ courses or approach your HR manager for courses you