Upskilling to stay resilient
The need for businesses to upskill their workforce is more urgent than ever, as rapid technological advancements continue to redesign job roles
ROUNDTABLE PANELLISTS:
- Koren Wines, managing director, Xero Asia
- Arvin Tang, managing director, Akin
- Weng Wan Ying, senior consultant, Sustainable Living Lab
Moderator: Paige Lim, journalist, The Business Times
What trends in your industry have made upskilling even more important today?
Koren Wines: Digital technology is a proven catalyst for economic growth, fuelling innovation and efficiency gains across diverse sectors. It is transforming the way businesses operate, enabling them to unlock new opportunities, streamline operations and gain a much-needed competitive edge.
Upskilling teams with digital skills from cloud computing to artificial intelligence (AI) is critical to effectively implement and utilise these technologies for business success.
Additionally, work is shifting towards more complex, value-added activities with the automation of routine, repetitive tasks and admin.
Upskilling will enable employees to develop higher-level skills such as critical thinking, problem-solving and creativity to capitalise on those gains.
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Arvin Tang: In the past, digital marketers were primarily evaluated on their ability to utilise marketing tools and platforms effectively. Today’s landscape, however, requires them to navigate and excel in areas such as data integration, analytics, technological know-how and automation.
One significant trend is the democratisation of specialised tools through advancements in generative AI and machine learning. These tools – once accessible only to technical specialists – are now available to everyday marketers.
As a result, digital marketers must now possess skills beyond traditional marketing: They need to be proficient as business analysts, data integrators, and users of marketing tech.
Weng Wan Ying: When it comes to sustainability, evolving regulations have significantly transformed industry standards.
Stock exchanges such as the Singapore Exchange now have disclosure requirements. These regulations demand stringent environmental compliance and transparency in sustainability practices, necessitating detailed disclosures across supply chains.
The impact is particularly pronounced for small and medium-sized enterprises (SMEs) – which often lack the resources to adapt quickly – and underscores an urgent need for upskilling in environmental management, sustainable operations and regulatory compliance to remain competitive.
SMEs unable to adapt to these requirements risk losing business opportunities and being cut off from the supply chain.
What are some strategies in upskilling the workforce?
Wines: SMEs, unlike larger enterprises, tend not to have resources dedicated to learning and development or operational excellence. They are so lean that by and large, they are too busy working “in” the business to take a step back to work “on” the business.
In circumstances where SMEs are already aware of where they can benefit from upskilling, they don’t really need convincing. They need support to get the ball rolling and the resources to give them the space to focus on the big picture.
Business owners may also rely on their team members to identify areas and opportunities within the employee’s scope, where upskilling will provide additional value for the business. In many cases, however, the time and resources to facilitate this may not be readily available.
Luckily, Singapore’s SkillsFuture programme should alleviate some of the financial burden, with support for upskilling and reskilling.
Tang: We firmly believe the growth of our employees is tied to Akin’s growth, and encourage our members to explore and propose new training opportunities that can benefit the wider team.
To make upskilling even more accessible, we fully subsidise skills upgrading programmes aligned with global frameworks, including Agile methodologies and data blueprint and analysis.
Last year alone, we accumulated more than 400 hours of training, including through partnerships with external consultants. Investing in comprehensive training programmes ensures our team members are equipped with the latest skills and knowledge to excel in their roles.
Weng: At Sustainable Living Lab, we examine what skill sets are required for upcoming initiatives and identify which staff members might grow to possess these abilities. We also constantly search for new technologies and trends to predict and quickly fill skill gaps.
Staff have access to online learning platforms such as Coursera and Udemy and are reimbursed for important courses, allowing them to take control of their learning journey at their own pace.
To inspire people, we stress the personal and professional development advantages of upskilling, such as more job stability, career promotion, and relevance in the constantly changing employment market. We also create a conducive learning environment by providing flexible schedules and acknowledging successes.
How does upskilling help businesses to grow and overcome challenges?
Tang: Upskilling has been fundamental to our business growth. We prioritise the development of our employees as a means to advance the company, improving the calibre and depth of our solutions.
Our upskilling efforts have led to the formation of a senior team that collaborates effectively to manage the business and set a trajectory for younger employees. This has not only improved retention, efficiency and productivity, but also fostered a culture of mentorship and leadership development.
Our team now has the right skill sets to leverage advanced tools such as AI and marketing technology, further enhancing productivity and innovation.
Moreover, upskilling serves as a preventive measure against potential economic shocks. Having a foundational understanding of data blueprints, for one, has enabled us to navigate the AI and machine learning boom confidently.
Weng: Upskilling has helped Sustainable Living Lab to adapt quickly and stay ahead of market trends. It has given us a competitive edge, enabling us to offer services that meet current demands.
Our commitment to continual learning has led us to develop innovative programmes addressing key gaps in sustainability transitions, digital literacy and social issues.
The team’s diverse skill sets have enabled us to handle difficult problems efficiently, improve our industry relevance, and remain competitive.
Wines: Upskilling is critical to maximising the value of digital technology, which is a proven enabler for SMEs. From online sales channels, digital marketing and data analytics to AI and machine learning, digital tools allow businesses to reach new markets and understand customer preferences better.
Digital tools also streamline operations, from inventory management to customer relationship management. This frees up time and resources for team members to focus on more strategic or even revenue-generating activities.
The ability to adapt quickly to changing circumstances is crucial, especially with the challenging operating environment. Digital tools enable flexibility, allowing businesses to pivot their strategies in response to market shifts or unexpected events.
What are the biggest barriers to upskilling for SMEs?
Tang: SMEs often find it challenging to adopt a talent-first culture and allocate a budget for people development, such as investing in a dedicated talent manager. Without such personnel, this leads to a shortage of trained professionals to identify and seize upskilling opportunities.
Aligning talent management with long-term business goals and identifying skill gaps demands significant time, effort and resources. This includes finding the right person to craft a comprehensive development plan.
Employees must also be motivated and willing to engage in upskilling. Upskilling programmes should be aligned with their personal interests, career aspirations and the company’s development goals.
Weng: It is crucial for SMEs to understand the daily struggles of employees, whose time and capacities are often stretched to the limit. This reduces their availability to participate in upskilling programmes.
SMEs also face the complexity of skill prioritisation. Rapid technological development and shifting market expectations can make it challenging to identify the most essential and valuable skills.
A lack of direction and uncertainty can create hesitation and hinder upskilling efforts. Financial restrictions can also restrict their capacity to commit to thorough training courses.
Wines: Small businesses frequently lack the resources and operational redundancies that larger enterprises enjoy. They have smaller teams that work tirelessly to keep their businesses running day-to-day, and as such, tend to prioritise short-term requirements over investing in the future.
Upskilling can also come at a cost, which may feel prohibitive for small businesses running on narrow margins.
SMEs can be held back by insufficient understanding of the areas upskilling will have the biggest impact on, along with how to measure the returns on investment.
How can SMEs take the first step towards upskilling?
Tang: SMEs can begin by securing management buy-in to initiate personalised upskilling plans for each employee and aligning these plans with their business needs. This ensures training initiatives are tailored to address specific skill gaps relevant to company objectives.
Companies can tap grants and courses offered by government agencies, tertiary institutes and accredited training organisations. They can also explore setting up a company training committee championed by the National Trades Union Congress.
When implementing training initiatives, it is essential to plan according to operations to minimise disruption.
Additionally, maintaining an open mindset towards talent management and implementing practical, incremental steps ensures effective application of learning in the workplace.
Weng: SMEs can initiate the upskilling process by evaluating their current and future project requirements, identifying skill gaps and prioritising training initiatives accordingly.
It is essential to comprehensively analyse the company’s direction and consider emerging trends and signals that may affect their business. This foresight enables SMEs to upskill their personnel and anticipate the necessary skills.
Establishing a culture of learning, in which employees are motivated and encouraged to acquire new skills, can ensure long-term growth and competitiveness.
Wines: The first step is to seek guidance from a business adviser or accountant who can identify areas where transformation and upskilling will have the greatest impact.
For instance, they can identify where digital tools can be implemented to improve business performance, and what kind of upskilling is most useful to leverage those tools.
Beyond external support, fostering the right mindset is paramount. While making time and headspace for training can feel daunting, it is vital to acknowledge the long-term benefits. Every hour invested now will save you 10 down the track.
And while there never seems like a perfect time to start, the sooner a business commits to upskilling, the sooner it will reap the rewards. By embracing training initiatives proactively, small businesses position themselves to adapt, innovate, and thrive in today’s dynamic business landscape.
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