Student Id: 2002950 CM Assgmt 1

[Audio] Assignment 1. Topic 4. Student Id: 2002950 CM Assgmt 1.

[Audio] Growing concerns towards the economy makes employers less optimistic in hiring workers. Based on a survey conducted on 500 companies, there is a drop in the expectation of wage increase, and 9 out of 10 companies would awards bonuses of 1 month or more to their staff. The net employment outlook also decreased in 2023 compared to 2022. The next slides highlights two current issues Singapore face, Technology and Aging Population in employment and employability..

[Audio] Firstly, as technology advances, the nature of work is changing. Automation and digitzation are making jobs obsolete. By 2028, the following industries are predicted to encounter the highest loss of jobs. However, technology might also create new jobs in other areas. This can lead to challenges in terms of job loss and the need for workers to acquire new skills..

[Audio] A solution to help mitigate this issue would be the Adapt and Grow initiative. It helps jobseekers to find new jobs and provides training and support to help them transition to new roles. The program includes career coaching, skills training, and other services to help workers stay competitive in the job market. It benefits businesses by reducing costs needed to train staff and shifting them to more important areas..

[Audio] Next, Singapore's workforce is aging rapidly, and this poses a challenge in terms of productivity and labor force participation. The aging workforce also means that there will be a larger pool of older workers who will need to be supported as they transition into retirement..

[Audio] A solution to mitigate the aging workforce issue would be the Tripartite Guidelines on Re-employment of Older Employees. These guidelines aim to help employers retain and re-employ older workers by providing guidelines on best practices for age-friendly workplaces, training and development, and flexible work arrangements. Older workers can then contribute by providing their experience and guidance to the younger workers..

[Audio] Key learning points. Firstly, we can see that the future is uncertain. Events like disruptions might have pros and cons. For example, digitization creates jobs in some areas but makes jobs obsolete for other areas. Secondly, adaptability is crucial and it involves everyone. For example, in both mitigations, the government, businesses and staff had to adapt to cope with the issues described..

[Audio] These are the references.. References. Tay, H. Y. (2023, January 6). S'pore's Q1 hiring outlook dims, but firms prepared to pay more to attract workers: Survey. The Straits Times. Retrieved February 18, 2023, from https://www.straitstimes.com/singapore/jobs/s-pore-s-q1-hiring-outlook-dims-but-firms-are-prepared-to-pay-more-to-attract-workers-survey#:~:text=The%20employers%20reported%20a%20net,the%20third%20quarter%20of%202022 . Chng, G. (n.d.). The ugly and good of Technology - Singapore Computer Society. The Ugly and Good of Technology. Retrieved February 18, 2023, from https://www.scs.org.sg/articles/the-ugly-and-good-of-technology Cheng, K. (2018, September 16). S'pore to be worst hit by job displacement as tech disrupts region's Labour Markets: Study. S’pore to be worst hit by job displacement as tech disrupts region’s labour markets: Study. Retrieved February 18, 2023, from https://www.todayonline.com/singapore/spore-be-worst-hit-job-displacement-skills-mismatch-tech-disrupts-regions-labour-markets CareerBuilder, A. (2020, March 12). Budget 2020 – spotlight on enhancement to adapt and grow. Budget 2020 – Spotlight on Enhancement to Adapt and Grow. Retrieved February 18, 2023, from https://www.careerbuilder.com.sg/blog/budget-2020-spotlight-on-enhancement-to-adapt-and-grow Ministry of Manpower. (2021, August 17). Article: Growing alongside our ageing workforce. Retrieved February 18, 2023, from https://stats.mom.gov.sg/Pages/Growing_Alongside_Our_Ageing_Workforce.aspx https://siteadmin.tripartism.sg/assets/files/Archive/Re-employment%20Guide%20(English%20Version).pdf.

[Audio] These are the references.. References (Video Editing).