Randstad has released the regional results from the Randstad Workmonitor 2020 1H survey that studied the local workforce’s appetite for upskilling and entrepreneurship. The survey was conducted from 13 to 30 March 2020, and the minimum sample size is 400 per market.
The survey was conducted in three markets: Hong Kong SAR, Malaysia and Singapore. They also produced a regional data report for comparison and reference.
Key findings in Hong Kong SAR include:
- 49% believe that their employers will re-skill and find them another position within the company if their job becomes redundant due to automation.
- 59% believe current training programmes are not sufficient and do not adequately prepare them for the skills they need in the future.
- 43% would rather take the risks of starting their own business rather than reskilling in a new field.
Key findings in Malaysia include:
- 87% are willing to be re-trained to ensure their employability.
- 75% believe younger workers are more attractive to employers due to the “tech-savvy” skills they possess.
- 57% reported that current employer training programmes are not sufficient and do not adequately prepare them for the skills they need in the future.
Key findings in Singapore include:
- 63% feel that being an entrepreneur would bring about more opportunities for them.
- 41% are considering leaving their current jobs to start their own business.
- 64% feel that current employer upskilling programmes are insufficient and do not adequately prepare them for the skills they need in the future.
Randstad’s latest Workmonitor survey revealed that 49% of Hongkongers believe that their employers will reskill and find them another position within the company if their job becomes redundant due to automation. This is in contrast to 81% of respondents in mainland China feeling so.
Furthermore, 59% of locally-based respondents felt that the training and re-skilling programmes provided by their employers do not adequately equip them with the skills that they will need in the future. 73% of respondents in mainland China share this same sentiment.
Natellie Sun, Managing Director in Search and Selection, Greater China at Randstad said, “When employees feel that they lack relevant skills to ensure their employability, it can impact their confidence levels in pushing boundaries. Employers who create learning and development and progression opportunities for their staff are seen as attractive employers. These could include offering job rotation programmes, having a more flexible job description, or giving their employees the opportunity to pilot new projects. Companies that invest in staff development will have the competitive edge of having a highly agile, flexible and skilled workforce.”
55% feel that entrepreneurship would open them up to more opportunities
Despite the increasing expectation on training, 43% of respondents would rather take the risks of starting their own business than re-skilling in a new field. Furthermore, 55% also feel that being an entrepreneur would bring about more opportunities, though this sentiment is less pronounced among more mature respondents (26% aged 55 and above).
“If given the option to reskill and enter a completely different field at a lower starting point or start their own business, most people would choose the latter. Being your own boss can bring about a certain pride and excitement, as you get to do what you love with the team you’ve built yourself. However, many people are also hesitant about starting their own business despite the low barriers to entry due to a highly saturated market and lower success rate. Entrepreneurship can expose business owners to many different challenges, and how they respond to and emerge from these situations can increase their attractiveness to employers in the future,” Sun added.
slash careers as an option
To ensure competitiveness and secure their income stability, it is not uncommon for employees to have multiple careers. Slash careers allow workers to pursue their passion, gain experience and acquire new useful skills as well as earn additional income in the process.
“The rise of remote working and the increasing popularity of the gig economy have made it possible for more people to explore the benefits of slash careers. Young candidates juggling different jobs are more desirable to employers as they bring about qualities and an outside-in perspective that would be valuable to the organisation. For example, candidates who have slash careers demonstrate good time management and stakeholder engagement skills, as well as a drive and motivation that many employers are looking for these days,” Sun said.
Paul Arkwright
Publisher
