Singapore is World's 2nd most talent competitive country and top in Asia: INSEAD REPORT

Singapore is the world's second most talent competitive country after Switzerland, and top in Asia, according to the Global Talent Competitiveness Index (GTCI) 2017 published by INSEAD.

While Switzerland excels at offering an ideal economic environment and retaining domestically-developed talent, Singapore leads the way in attracting and enabling its global talent pool.

Singapore takes an ecosystem approach to talent development in the face of technological change. Its regular "learning journeys" organized by the Ministry of Manpower, along with relevant agencies such as the Workforce Development Agency (WDA) and the IMDA, aim to enlighten small businesses to new possibilities in automation to enhance productivity and reduce dependence on foreign labour.

One of the most recent journeys introduced smart technologies in the cleaning and services sector such as robotic floor cleaners and droids that can fold napkins to speed up the work of hotel staff.

The learning journeys are only the beginning.

They are accompanied by various government grants and incentive schemes, such as the Lean Enterprise Development Scheme, a cross-agency taskforce that makes resources and funding available to local small companies looking to augment their workers with technology.

The Lean Enterprise Development Scheme supports a company to become manpower-lean, build a stronger Singaporean core, and develop a better quality workforce.

Another box Singapore ticks in the GTCI is in education. Its recent PISA scores - which put Singaporean children three years ahead of their American peers in mathematics - reflect Singapore's forward-looking education system. The school system also offers coding classes at a very early age, and adopts many digital delivery channels.

A disconnect between skills needed and skills possessed

The report observes that technology creates jobs as well as destroys them. In today's world, in many countries, there is often a disconnect between the skills needed and the skills that employees and graduates currently possess.

How do you prepare yourself for this new environment?

You need to broaden your knowledge, embrace lifelong learning and a multi-career.