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.
“Analytical Skills”, “Communication Skills” and “Crisis Management” were the top three core competencies required for the training of managers and supervisors for SMEs. Emerging skills’ options, such as “Resource Management”, “Talent Development”, “Partnership Management” and “Relationship Management” were also ranked high in the survey. While most employers preferred that management training should be short, bite-sized programme would be an ideal option to meet their training needs.
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