Manpower Update Report
Accountancy Sector - 2020 Manpower Update Report
Accountancy Sector - 2019 Manpower Update Report
Manpower Survey Report
Accountancy Sector - 2017 Manpower Survey Report
Accountancy Sector - 2015 Manpower Survey Report
Accountancy Sector - 2013 Manpower Survey Report
Accountancy Sector - 2011 Manpower Survey Report
Automobile Industry - 2019 Manpower Survey Report
Automobile Industry - 2018 Manpower Update Report
Automobile Industry - 2016 Manpower Survey Report
Automobile Industry - 2014 Manpower Survey Report
Automobile Industry - 2012 Manpower Survey Report
Automobile Industry - 2010 Manpower Survey Report
Banking and Finance Industry - 2020 Manpower Update Report
Banking and Finance Industry - 2019 Manpower Update Report
Banking and Finance Industry - 2017 Manpower Survey Report
Banking and Finance Industry - 2015 Manpower Survey Report
Banking and Finance Industry - 2013 Manpower Survey Report
Banking and Finance Industry - 2011 Manpower Survey Report
Beauty Care and Hairdressing Industry - 2020 Manpower Update Report
Beauty Care and Hairdressing Industry - 2019 Manpower Update Report
Beauty Care and Hairdressing Industry - 2016 Manpower Survey Report
Beauty Care and Hairdressing Industry - 2014 Manpower Survey Report
Beauty Care and Hairdressing Industry - 2012 Manpower Survey Report
Beauty Care and Hairdressing Industry - 2010 Manpower Survey Report
Building, Civil Engineering and Built Environment Industry - 2020 Manpower Update Report
Building, Civil Engineering and Built Environment Industry - 2017 Manpower Survey Report
Building, Civil Engineering and Built Environment Industry - 2015 Manpower Survey Report
Building, Civil Engineering and Built Environment Industry - 2013 Manpower Survey Report
Building, Civil Engineering and Built Environment Industry - 2011 Manpower Survey Report
Catering Industry - 2018 Manpower Survey Report
Catering Industry - 2018 Manpower Update Report
Catering Industry - 2015 Manpower Survey Report
Catering Industry - 2013 Manpower Survey Report
Catering Industry - 2011 Manpower Survey Report
The outbreak of COVID-19 has not only curbed tourism spending but also local consumption, resulting in business closures, layoffs and/or unpaid leave for workers. Some of the laid-off workers have joined the workforce in security guarding services. As at 30 June 2020, there was an increase of 8.4% in the number of valid Security Personnel Permit (SPP) holders as compared with 2019. However, the industry estimated that some of the newcomers will leave the industry when the economy gets into better shape.
Technology is reshaping the profession. While some accounting practitioners are reskilling or upskilling themselves using technological tools to transform the role they need to perform, tech-savvy practitioners with core technical knowledge are most needed by employers. Agility, resilience to change and the ability to embrace technology are the desired attributes of future accounting practitioners. The future accounting workforce should make good use of their creativity, agility, critical thinking and adaptability to effectively respond to an environment of technological change.
The advancement in technology is reshaping the manpower landscape of the banking and finance industry. Financial institutions, whether they are big or small, are trying their very best to update their legacy systems and rely very much on technology to improve operational efficiency and enhance customer experience. Institutions also need talents who are agile and adaptive enough to navigate the changes and face the challenges that lie ahead. Employees should comprehend how new technologies are able to be applied effectively to achieve organisational goals.
Nowadays, customers, particularly the Millennials, get used to buying online and e-commerce. They have grown up with the Internet, mobile devices, social media, and the cloud, etc. These customers are expecting similar online experience as they normally do from popular e-commerce and online platforms when they are considering buying insurance products. What is more, with the emergence of virtual insurers, traditional insurance companies have to embrace InsurTech to revamp the entire system in order to satisfy customer needs which are invariably evolving.
Digital transformation happens in all industries and digital revolution is reshaping the way how businesses are functioning and how companies are interacting with customers. The market is hard to find highly skilled talents possessing both the domain knowledge and the technical skills in the innovation and technology sector. In view of such talent gap, industry-institution collaboration helps encourage more academic research and elevate student projects to local innovative products and solutions. The benefits of industry-institution collaboration are enormous to both students and companies.
Together with the pandemic outbreak and the escalation of US-China trade conflicts, it is imperative for enterprises to implement digital plans in phases and explore new business opportunities beyond the US market such as “the Association of Southeast Asia Nations” (ASEAN). Furthermore, to adapt successfully to this changing business environment under the digital era, there is a rising demand for talents in data analysis, digital marketing, e-commerce, computer programming and project management.
Driven by the public’s extensive use of digital and social media, the overall manpower of the industry stabilised between 2016 and 2019 with a change in the manpower trend that reflected the transformation of the journalism sector and the growing market demand of professional services from the advertising and public relations sector. The report recommends that multiple skills of employees should be developed and training in relation to innovative media technology, media law and professional ethics should be strengthened for the industry to cope with global and local economic challenges, and the industry should capture the opportunities associated with the 5G high speed mobile network.
The industry, in particular the local vessel sector, is still struggling with the ageing problem and the lack of new blood. Concerted efforts among the employers, training institutes and the Government are required to enhance the youngsters’ knowledge about the industry. A more flexible examination arrangement of the Local Certificates of Competency, such as relaxing the pre-conditions for sitting the examinations, may also enhance the appeal of the local vessel sector.
With the adverse impacts of the social incidents and coronavirus, the local tourism faces unprecedented catastrophic challenges. Competition for business and leisure arrivals should regain momentum when normalities resume. In the digital era, manpower for leveraging technology and transforming big data into actionable insights is required; however, the human element will maintain its distinctiveness when formulating creative business propositions in the customer-centric industry.
Professional and systematic editorial training for interested young people and print machine operation training that targets middle-aged manpower will help ease problems of manpower succession and shortage in the labour market.
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