Employee Job Security Singapore – Future Proof Your Career 2024

Singapore’s job market is showing signs of a shift, with a slowdown in hiring across various sectors. While the unemployment rate remains low, recent reports indicate a cooling labour market in late 2023 Channel News Asia. This is particularly concerning for the tech industry, which experienced a significant wave of retrenchments in 2023 Straits Times. This trend highlights  how we can future-proof our careers and focus on career resilience. By developing the skills and experience needed for jobs resilient to economic downturns, we can build recession proof careers and safeguard our career against layoffs. This means cultivating career adaptability and focusing on recession proof industries, i.e.industries resilient to economic downturns to ensure career longevity and career sustainability in turbulent times.

 

Missed Matches

Natural unemployment exists in two forms, frictional and structural unemployment, best explained by  Former Minister of Manpower, Mr. Lim Swee Say, as “missed matches” and “mismatches” in his speech to the Ministry Of Manpower, Committee of Supply.

Frictional unemployment occurs between the period when workers and firms are in the process of locating each other. In the past, job hunting occurred over a long period of time and this may cause higher frictional unemployment. However, with the growing number of recruitment organisations, such as Citadel Search, this number will reduce gradually over time. With the Singapore Government’s oversight reaching out to improve educational and career guidance as well as providing advice, and the increasing variety of technologies to aid job search such as LinkedIn and other job portals, this rate should be less of a problem in future.

 

Mismatches

The real concern is the second group of natural unemployment, which is a mismatch of workers’ skills against the needs of companies. Structural shifts in industries results in possibly permanent massive unemployment. With the intensity of global competition amping up, and being a tiny red dot that punches above its own weight at the frontier of technology, Singapore is distinctively more susceptible to the tectonic shifts brought about by disruptive innovation.

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While you may think that all these are irrelevant to you, you should not be complacent just because you currently have a nest to roost. The plague of a skill mismatch is ever present, and strikes anyone at the unlikeliest of times. In today’s VUCA ( volatile, uncertain, complex and ambiguous)   world, an iron rice bowl is certainly a misnomer!

This focus on career resilience, ensuring career longevity, and building recession-resistant careers is crucial in today’s job market.  By developing career adaptability and targeting industries resilient to economic downturns, individuals can future-proof your careers and safeguard against potential layoffs.

To combat and cope with unemployment and recession, here are 5 tips you could consider.

 

5 Tips to Recession-Proof Your Careers in the VUCA world

# 1 Upgrade Yourself

The Singapore government remains committed to supporting its workforce in staying competitive and adaptable in the face of a constantly evolving job market. Here’s how you can leverage these initiatives in future proofing your career to ensure career longevity:

  • SkillsFuture Singapore (SG):

    Launched in 2015, SkillsFuture remains a cornerstone of Singapore’s workforce development strategy. It offers a vast array of courses and programs across diverse fields, including those in high demand like Digital Technology, Data Science, and Artificial Intelligence. Whether you’re a recent graduate or a seasoned professional, SkillsFuture empowers you to upskill or reskill to stay relevant and enhance your career adaptability. The government provides an initial $500 credit in your SkillsFuture Credit account, which is topped up periodically, making continuous learning accessible.

  • Singapore’s National Jobs Council (NJC):

    Established in 2018, the NJC identifies future-proof industries and emerging job roles with high growth potential. They publish comprehensive reports and resources to guide career seekers and professionals towards these in-demand fields. Explore their website to discover these recession proof industries that are resilient to economic downturns and align your career path accordingly.

  • Workforce Singapore (WSG):

    WSG offers a variety of programs to support career development at different stages. Their Adapt and Grow initiative provides career guidance and skills upgrading subsidies for both early career professionals and those considering a mid-career switch. Additionally, Professional Conversion Programmes (PCPs) cater to PMETs seeking to transition into new sectors with strong growth prospects.

  • Industry-Specific Initiatives:

    Many industries in Singapore have launched their own skills development programs to address specific needs. Stay updated on these targeted initiatives by researching your chosen field or contacting relevant industry associations.

 

By actively engaging with these government-led and industry-specific programs, you can continuously adapt and grow your skillset, safeguard your career against layoffs, and build career resilience for long-term success in the ever-changing Singaporean job market.  You can find recession-proof jobs and seek a mid-career switch via the ambit of Professional Conversion Program  (PCP) where your skills can be tested out with an employer.

 

#2 Try Contracting

Do not hesitate to take up temporary or contract work as a way to recession-proof yourself. The key to securing job offers is to demonstrate you have certain competencies and skills; achievements such as the completion of business critical projects will be good to include in your CV. Through such experiences, you will also gain new skills that could diversify your current opportunities, which is also a strategy for employee job security or career adaptability. Moreover, if the employer likes the work you are doing, perhaps they could convert you to a FTE (full time employee), ensuring career longevity. 

At Citadel Search, we try to change the mind-set of individuals to appreciate contract jobs. Often, people shy away from contract jobs thinking they aren’t as good as permanent jobs or entail a lack of employee job security or appeals to lower-mid jobs only. We see a rise in retrenched workers, over the last 2 years, rejecting proposed contract jobs due to these preconceived notions. There were some who preferred to stay home and not have a job than take the contract work!  Thankfully, however, there were some we were able to successfully convince. Contract jobs exists for a good reason and offer you opportunities to extend yourself in places you would not have considered if the traditional mind-set prevailed.

 

#3 Volunteerism 

Volunteerism is also a good way to spend your time and employers also look to such activities as proof of a productive use of time. 

Look for places that would appreciate your time when you are doing work on pro-bono basis or for a small stipend.  These opportunities could allow you to stretch yourself in tasks that you would not ordinarily do.  For example, research not-for-profit organisations and look at some of the tasks they need help in.  

Dare to be a mature in-house intern,  or even train them in skills they had always wanted to have but may not have the budget to do so.  For example, volunteer your digital marketing skills in helping them integrate their internal communication channels, build their social media presence, etc.  If you have HR skills in helping them sort out their HR challenges.   We know of candidates who took such time-off their beaten track to do these volunteerism. They shared that it also feed their souls!

This will improve your chances, and it also builds up connections along the way. Who knows, you may even find a prospective employer while volunteering at the museum or F1 event!

Through volunteerism, you can use your current skills-set or stretch them in contexts and environments you had never done before. Or take on new skills and stretch yourself to see if you enjoy these skills.  

 

#4 Polish Your Resume and Interview Skills

Staying informed about the latest in-demand jobs is crucial for career sustainability in turbulent times. Here’s how you can navigate the ever-changing Singaporean job market:

  • Target High-Growth Industries:

    The IT, E-Commerce & Innovation, and Healthcare sectors are currently experiencing significant growth, creating a surge in job opportunities. Consider exploring these future-proof industries if you’re seeking a career change or aiming to ensure career longevity.

  • Embrace Multi-Disciplinary Skills:

    New economy jobs often require a blend of skills from various disciplines. For instance, a Data Analyst role might combine expertise in statistics and marketing. Upskilling in complementary areas can significantly enhance your career adaptability and make you a more attractive candidate.  Become a T-Shape employee today. 

  • Craft a Compelling Resume:

    A well-written resume that showcases your accomplishments is vital for landing your dream job. Here are some tips to future-proof your resume:

  • Shift from Tasks to Achievements:

    Move beyond simply listing responsibilities. Use achievement-oriented language to quantify your impact. Instead of stating “Responsible for Profit and Loss,” highlight how you “Increased profitability by X% through implementing ABC management strategies.”

  • Focus on Results:

    Highlight the tangible outcomes of your actions. Did you manage a project that resulted in cost reduction? Quantify the savings and showcase your problem-solving abilities.

  • Keywords:

    Include relevant SEO keywords related to your target industry and desired job role. This will improve your resume’s findability by applicant tracking systems (ATS) used by many companies.

 

By staying updated on emerging job trends, developing a multi-disciplinary skillset, and crafting a compelling resume focused on achievements, you can position yourself for success in the dynamic Singaporean job market.

Your resume also needs to be consistently updated and customised. 

To get the latest job updates and recession-proof yourself, follow Citadel Search on LinkedIn.

Additionally, increase your presence professionally on social media. Do tailor your resume for individual positions, and include words from the job descriptions.  Do this and your resume will come up higher in employer searches. We see candidates every day and we know what the employers want! Read more here on how to write a great resume.

 

#5 Flexibility Matters

Former Prime Minister Lee Hsien Leung emphasised the importance of career resilience for Singaporeans.  He urged us to be open and flexible in our job search, not just seeking new positions with different employers, but also considering entirely new careers in different industries. This career adaptability is crucial for ensuring job stability and career longevity in these uncertain times.

The key lies in future-proofing your career. By actively re-skilling and taking courses, you can develop the core competencies needed to thrive in recession proof industries resilient to economic downturns. This may involve embracing strategies for job security, even if it means taking a temporary pay cut to gain valuable experience in a new field.

Our recent candidate exemplifies this approach. Despite having no direct experience, her strong core competencies and positive attitude made her a perfect fit for a new opportunity, even with a 45% pay reduction. The client recognized her potential and was willing to give her a chance to build a recession-proof career.

Remember, in today’s job market, career sustainability in turbulent times requires continuous learning and a willingness to adapt. By focusing on building recession-resistant careers and developing career adaptability,  you can safeguard your employee job security and achieve long-term success.

 

#6 Patience Is Key

A job search to find the most suitable role for yourself takes an average of six to eight weeks, but there may be times where it is longer and this wait differs for different job levels and the status of the economy. Do not be disheartened if time stretches by and you are still unemployed. Understand that as much as you are searching for an ideal job, perhaps another company out there is also searching for someone like you.

 

Partner with us Today to Recession-Proof Yourself!

Do keep in contact constantly with a recruitment firm, such as Citadel Search, as we will be able to help you refine your job search. 

Citadel Search encourages you to never give up on your job-search, so get ready and apply these 6 tips to empower yourself and embrace employment once again! Recession-proof yourself!

To get the latest job updates, follow Citadel Search on LinkedIn.

Whether you are one of our fine candidates or an established client or prospect, we hope you enjoyed this article. If you are interested to learn more about how we can aid your job search, do visit our job board or contact us to have a chat.

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