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Forward-looking enterprises assess emerging industry trends and redesign their businesses and job roles to navigate these trends effectively. They also offer more training opportunities to help employees upskill while providing strong career growth opportunities to attract, retain and develop their workers. The one-year extension of the SkillsFuture Enterprise Credit scheme, announced in Budget 2020 and designed to support business and workforce transformation, will allow small- and medium-sized enterprises (SMEs) more time to embark on and complete these efforts with confidence. However, the impact may be limited due to the S$10,000 quantum in credits and the short-term nature of the extension. Hence, a top-up of the SkillsFuture Enterprise Credits, together with an expansion of the transformation programs it can support, can be helpful. More clarity on how employers will be further incentivized to redesign jobs, provide better training and develop stronger career health for employees can also be helpful.
Emerging technologies like generative AI (GenAI) could be a game-changing solution to enhance productivity and drive technological transformation. Unlike prior industrial revolutions that mainly affected blue-collared workers involved in operational and labor-intensive work, the jobs and livelihoods of professionals, managers and executives may be most impacted by the green and digital economy. Digital skills (such as GenAI and data analytics) as well as green skills (such as carbon footprint management and sustainable manufacturing) are expected to be in demand at scale and at speed. Therefore, measures that further support workforce upskilling in digital and green skills through Budget 2024 would be welcome.
It is heartening to see measures that encourage mid-career Singaporeans to take up a second diploma and ITE graduates to upgrade to a diploma. Having said that, microlearning and microcredentials should still have a place in the national upskilling strategy. Microlearning, often virtual and asynchronous in nature, became popular during the pandemic as credible upskilling pathways for individuals juggling work and personal commitments. Employers may also be more inclined to encourage their employees to embark on microlearning, compared with full-time courses. Hence, more efforts to enable Singaporeans to leverage virtual and microlearning would be welcome.