How to best use SkillsFuture credit to succeed in your career

In an advanced economy that's driven by productivity and innovation, Singapore's workforce is pushed to perform at its optimal level.

With the recent introduction of SkillsFuture, Singaporeans are given more avenues to ramp up their skills to achieve their career goals in the near future. One of the schemes under this programme is the SkillsFuture credit for Singapore citizens aged 25 and above.

The initial credit will be $500 in 2016 and there's a promise of top-ups at regular intervals. Singaporeans can use this to fund work-skills related courses from the Workforce Development Authority (WDA), Ministry of Education (MOE), and other public agencies.

Let me take you through a two-part series on how you can make the most of your SkillsFuture credit to help you gain the most desirable skills employers are looking for, and so you know what jobs will have the brightest outlook in 2020.

The first question: Do we have the right skills to survive a more competitive future economy?

Two years ago, PwC published a report on how a skills gap is hindering growth for business in Singapore. The report states that in Singapore, industries such as food & beverage, hospitality, construction, and some sectors in the financial services have talent shortages.

Across the globe, the majority of CEOs (61%) are committed to investing in workforce development over the next three years. These business leaders also believe that government measures and initiatives to address the problem must be prioritised.

What is a skills gap? And how is it affecting the economic environment in Singapore and the rest of Asia?

Simply put, a skills gap is the difference between what employers want and what the job candidates have to offer. Another research by PwC reveals that business leaders are concerned that despite the positive outlook for jobs in emerging markets, they will not be able to find the right people to fill these roles.

The Asian Development Bank shares cases where even those with graduate degrees in Asia and the Pacific are lacking market-ready technical skills to be absorbed into the workforce, and calls for a scale-up in technical training to sustain future growth.

Does a skills gap really exist on a national or global level?

Some analysts claim that it does not exist. Some employers are too quick to yell “skills gap”, and this issue has been blown out of proportion. Therefore, it should not be considered a national or global crisis.

Moreover, when employers are pressed for evidence to prove that skills gap indeed exists, all they could say is that the employees they want are not willing to accept the salary that they're offering.

I believe that this debate will last for a long time. Whether or not a skills gap exists, there is no denying that having more than the usual soft skills can help improve a candidate's chance of landing his or her dream job.

Candidates must have more to offer than good communication skills, problem solving ability, and being adaptable – Inc. Magazine made a useful list of the critical skills an employee should have, as well as pointing out what employers should be looking for to succeed in the workplace in 2020.

I've picked out the top 5 that I think most resonate in Singapore.

1. Cognitive load management.
Nowadays, if you need to find an answer to a question or a problem, all you need to do is 'google it'. And you'll see pages and pages of information about almost anything. This phenomenon is evident even in the workplace. And so the ability to filter information and to decide what is important for a certain task -- and understanding the rationale behind such a decision -- is one of the critical skills an employee must have in the near future.

2. Transdisciplinary.
This does not mean being a 'jack of all trades' – rather it's the ability to understand key concepts across multiple disciplines. What did I say about the ease of access to information? Take advantage of this because having good general knowledge is always a desirable skill.

3. Cross-cultural competencies.
As companies become increasingly global, it is important for employees to not only work well with others but to thrive in a cross-cultural setting. Even now, there are jobs that require working with colleagues and clients from different parts of the world, and we expect to see more of this in 2020.

4. New media literacy.
The digital revolution has begun and it affects all aspects of our lives including the workplace. In the early 2000s, being comfortable with the digital platforms was often good enough. However, employers will soon have the expectation that employees have the ability to critically assess and develop the right content for the various new forms of media.

5. Sense making.
Understanding the deeper sense or significance of a task or project is an essential skill all employees must have. More than being task-oriented, asking for the purpose of a certain task can open up opportunities for an employee to deliver more than what's required.

The Workforce Development Authority (WDA) runs initiatives such as Skills Training for Excellence Programme (STEP) that can help employees achieve the skills I mentioned above. SkillsFuture is a push into the right direction.

Take advantage of this opportunity, as it can help you with the career advancement you've been dreaming of.

In the next article, we'll look at the career paths you should invest your SkillsFuture credit to, namely those jobs with the brightest outlook in 2020.