Singaporean workers need to be data literate to thrive in today's business climate

At the 2019 National Day Rally, Prime Minister Lee Hsien Loong announced that retirement and re-employment ages will be raised. By 2030, Singaporeans will be able to work to the age of 65, instead of 62 now. What does that mean for Singaporeans in terms of their extended work life?

In today's age of higher life expectancy, improved standards of living, and advancements in technology, Singaporeans are required to prepare themselves for a long and purposeful life. Digital literacy has been identified as a necessary skill set that will help individuals in career longevity and enhancement. Recent government efforts to support citizens through the changing digital landscape include programmes such as job redesign, expanding job options, and re-skilling. More importantly, older Singaporeans are not left out. In August 2019, the Public Service Division announced that it will launch the Civil Service College to provide support to older employees in their journey of lifelong learning and employability.

As we move into the Fourth Industrial Revolution, it is even more essential for employees to have the right set of skills and mindset to thrive in today's climate. In light of this, NTUC Learning Hub's starter kit of training courses is aimed at helping people stay employable and adaptable with the times. More importantly, these skill sets will allow them to add value to businesses and in turn, earn higher wages. It is heartening that the government is spearheading these initiatives that will benefit everyone in the workforce, providing equal opportunities for the young and old when it comes to learning, participating and contributing to the economy.

The Workforce struggles
A constant theme that permeates the future of work conversations revolves around AI and automation. One of the greatest concerns for employees globally and in Singapore is the fear that AI and automation will render them jobless. The Singapore market faces the largest technical disruptions, and job displacement is expected to affect about 20% of Singapore's labour market, according to a study by Oxford Economics and Cisco.

Whilst these are valid concerns, it is wise to adopt a wider perspective on the benefits AI brings such as automating administrative and mundane jobs to free up valuable time and resources for employees to take on higher-value tasks. This way, new job opportunities can be opened, and new skills can be developed. In fact, a Gartner study states that AI-human partnership is favourable. It is possible to draw strengths from the human experience and AI and use it to our favour. By combining the human strengths of non-linear and creative thinking with the machine's processing power and speed, employees will be empowered to solve the problems of the future.

Data literacy is the foundation for success
At the end of the day, data lies at the core of it all. To harness the real benefits of technology, employees need to have a firm foundation of basic data literacy. On the bright side, Singapore is the most data literate nation globally, according to our Data Literacy Index. On top of that, the majority of employees surveyed (98%) acknowledged that data is important to how their company currently makes decisions. Despite that, only 8% have made major changes in the way data is being used over the past five years. This suggests that there is a gap between the importance businesses place on data and the effective conversion of that data into usable information. In short, businesses are not using their data effectively and are not upskilling their employees to be data-driven.

Singaporeans are keen to upskill, with 82% of those surveyed in our 2018 Data Literacy Report indicating a desire to improve their data literacy skills. Individuals motivated to pursue their own upskilling can supercharge their career and unlock new opportunities – particularly as data grows in importance across all enterprises. Businesses would do well to listen to what their employees want and act accordingly, to ensure that their workforce is being equipped with valuable skillsets.

Developing a culture of data literacy
The need for data literacy should be articulated openly, to allow everyone to participate in these conversations. By introducing new programmes such as data literacy courses, businesses can ensure that data is made accessible to all. Empowering employees with a data-driven mindset pushes for a faster eco-system, productively transforming individuals and businesses alike to take on more opportunities. NTUC secretary-general Ng Chee Meng summed it up perfectly when he stated that business can only transform at the pace of a worker in the workforce.

All that said, the onus is on the individual to take responsibility for learning. This can be done via simple steps such as asking the right data questions, and analysing the data given to them. This will help to ensure our future as a smart nation is indicative of every man on the street. As individuals increasingly work with data, understand data, and promote data insights at their workplace, businesses in Singapore will reap the rewards of being data-literate nation.