The future of work is changing rapidly, not just in Singapore, but around the world. With continual advancements in technology like machine learning, automation and artificial intelligence, we’re witnessing a significant shift in the types of jobs that will be in demand over the next five years. Globally, in its Future of Jobs 2023 Report, the World Economic Forum (WEF) revealed critical trends about jobs on the decline and those expected to rise. Is your job one of them?
Understanding Future Job Market Trends: What’s Changing?
According to the Future of Jobs 2023 Report, these are the roles that will be taking a backseat in the coming years:
- Data entry clerks: Automation and AI are streamlining processes, reducing the need for manual data entry.
- Bank tellers and cashiers: Self-service technologies and online banking are reshaping how we handle transactions.
- Retail salespersons: The convenience and widespread availability of online shopping are transforming retail, impacting traditional sales roles.
- Assembly and factory workers: Robotics is changing the face of manufacturing, automating many assembly line tasks.
These roles all have something in common: they often involve repetitive tasks that technology can now handle. However, it’s not all doom and gloom. While the decline in these jobs is notable, the WEF Future of Jobs Report also points to a surge in demand for other roles. The evolving job market offers opportunities for those considering a career transition to upskill and bridge the skills gap.
Understanding Future Job Market Trends: New Opportunities
As one door closes, another opens. Incorporating insights from the WEF Future of Jobs Report and Michael’s Page Hiring Trends in Singapore in 2023, we shine a light on some of the emerging job opportunities in the near future:
- AI & Machine Learning Specialists: With technology advancing at an unprecedented rate, specialists in AI and machine learning are in high demand to drive innovation and efficiency across various sectors. Michael Page’s hiring report highlights the use of AI in FMCG and retail to predict consumer behaviours and demand for AI talent in healthcare in Singapore.At Sengkang General Hospital, an AI tool developed with Medtronic significantly improves colon cancer detection by acting as a “second pair of eyes” for doctors, spotting nearly invisible growths with a detection rate improvement of 20%. This innovation highlights the vital role of AI in enhancing healthcare outcomes but also shows the potential job prospects for AI specialists in healthcare as the demand for AI-driven medical solutions increases.
- Business Intelligence Analysts: These professionals are crucial for interpreting data and providing actionable insights, helping businesses stay competitive in a data-driven world. Michael Page’s hiring report highlights increased demand for data analysts in the healthcare and life science sectors, as well as talent shortages for data analysts in the financial services sector.DBS, Southeast Asia’s largest bank, is an exemplary case of how data analytics is revolutionising the financial services sector. With a team of around 1,000 data scientists, analysts, and engineers, DBS showcases the critical role of data in enhancing banking products, services and operations. The bank’s significant investment in technology and data analytics underscores the growing demand for data analysts in financial services.
- Information Security Analysts: As cybersecurity threats evolve, the need for skilled professionals to protect sensitive data and systems is more critical than ever. Michael Page’s hiring report highlights an increasing demand for tech talent as many companies establish their headquarters and IT hubs in Singapore.The increasing prevalence of online information, transactions and interactions has made data breaches and cyber threats a critical concern across all industries. In Singapore online, major companies like StarHub, Sephora and even SingHealth all have experienced significant data breaches. These incidents highlight the universal need for information security specialists to safeguard against cyber threats and ensure companies remain compliant with data privacy regulations.
- Digital Marketing and Strategy Specialists: The digital landscape is ever-changing, and specialists in this field are needed to develop and implement effective digital strategies that connect with modern audiences. Michael Page’s hiring report highlights an increasing demand for digital and omnichannel marketers in Singapore capable of executing marketing strategies and optimising channels to maximise return-on-investment.Homegrown brand SecretLab, the Singaporean gaming chair company that transformed from a startup into a global brand within five years, also used digital marketing as one of the primary drivers to grow its business. Their main marketing strategy centered on direct-to-consumer digital marketing, partnering with e-sports organisations and influencers to endorse their brand.As more businesses catch on to how a strong digital presence can accelerate a company’s growth trajectory, digital marketers are sure to be in demand as digitalisation becomes even more widespread than ever before.
These roles highlight a significant shift towards technology, data analysis, and digital engagement. For those looking to futureproof their careers against technology trends, it’s crucial to update skills and knowledge in these areas.
Finding Education to Bridge the Skills Gap
If you’re eyeing a career transition or upgrading into one of the in-demand roles, you’ll need a proper education to equip you with the skills and knowledge for a successful switch. The Singapore government, led by Deputy Prime Minister Lawrence Wong, is putting a strong emphasis on lifelong learning and training as a key pillar of a refreshed social compact with workers. Initiatives like SkillsFuture are at the forefront of this push, offering subsidised courses to facilitate upskilling for adult learners and workers, reflecting the nation’s commitment to continuous personal and professional development.
But not everyone has the luxury of stopping work to study for a new field. For those seeking to balance professional commitments with educational aspirations, pursuing online courses can be a viable option.
PSB Academy offers a range of courses that cater to working adults seeking professional development and students aiming to align their studies with future job market trends. Our programmes aim to meet the needs of various learners, ensuring that everyone has access to education and skills to help them stay ahead of the digital economy.
- IT & Computer Science courses: Ideal for those aspire to be in the IT field, these courses delve into the heart of modern technology and innovation. Students will learn from industry experts in a conducive environment with advanced computer laboratories.Students can choose from Bachelor of Information Technology with The University of Newcastle, Australia or the Bachelor of Science with Honours in Computing Science with Coventry University. Taught by the University of Newcastle’s faculty and approved lecturers based in Singapore, The Bachelor of Information Technology focuses on real-world problem-solving, shaping graduates to be technically competent, creative, and adaptable in the workplace. Alternatively, the honours degree with Coventry University offers hands-on learning opportunities for students to acquire professional skills in IoT, Big Data, Human-Computer Interaction (HCI), Web Development, and more. Explore IT & Computer Science courses
- Cyber Security courses: Our programmes equip learners with critical skills to protect against evolving cyber threats. Students who enrol for a cyber security diploma will also be able to earn optional professional certificates to aid them in their careers, such as the Security Specialist and Network Defender certifications from EC-Council. Meanwhile, students studying for a Bachelor’s degree in cyber security can select between Coventry University in the UK or Edith Cowan University, one of two Australian universities designated as an ACCSE by the Australian government. Before entering the workforce, bachelor students can also explore opportunities to connect with industry practitioners via student memberships with the Singapore Computer Society and The Institution of Engineering and Technology. Learn more about Cybersecurity courses
- Digital Marketing courses: Perfect for upcoming Digital Marketing and Strategy Specialists, offering industry insights into digital marketing trends and strategies. Students who enrol for a digital marketing diploma can also complete the official Google Analytics Certification Course (GAIQ), earning a professionally recognised certification to kickstart their career.Those pursuing a bachelor’s degree can opt for Coventry University’s digital marketing degree. This programme exposes students to digital marketing and analytics platforms while providing an opportunity to validate their skills through a hands-on digital marketing research project. Discover Digital Marketing courses
- Business Management courses: Tailored for those targeting careers as Business Intelligence Analysts or Business Development Professionals, these courses provide a deep dive into strategic business management. Students can select from a wide array of business management courses, from diplomas to bachelor’s, master’s and doctorate degrees. Degree programmes are offered in partnership with six globally renowned universities, some of which are accredited by AACSB, EQUIS and AMBA. Check out Business Management courses
Prepare for Tomorrow’s Job Market at PSB Academy
Get ahead in the evolving world of work with PSB Academy. Our comprehensive curriculum, spanning IT and Computer Science to Business Management, Digital Marketing, and many more, is crafted to bridge the skills gap in the fast-paced job market. Whether you’re transitioning careers or seeking to enhance your skill set, our courses, available full-time or part-time, are your gateway to success.
Experience hands-on learning at the PSB Academy Campus, where your journey to a promising career begins. Join us and be part of the next wave of skilled professionals leading the digital era.
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