Coming out of an unprecedented era of a global pandemic, the world has experienced a profound shift on multiple fronts, making progress and stability still a challenge in every industry. On one side, there are geopolitical tensions that impact trade relations and supplies - the Ukraine war being one of the biggest - and on the other, climate change is accelerating livelihood and food concerns. And with talks of a recession looming and the recent spate of layoffs from technology firms, the near future is looking a little bleak.
Between these rapid developments in flux, it’s not surprising that many are rethinking their budgets and careers rights now. But if one can see uncertainty as a catalyst for change and opportunities, the time is ripe to future-proof one’s value in the job market. Ignite opportunities, secure long-term retention with your talents and recession-proof your career - here’s how.
Hone in on your value, not your role
When it comes to resumes and interviews - be it for new applicants or performance reviews, emphasise your value and impact, not your job scope and duties completed. In a sea of applicants and existing employees, defining your accomplishments is far more powerful when you have metrics to back it up, especially if they are impressive.
Think of it from the employer’s perspective - in a time of rapid development, a person delivering hard figures of their results clearly defines themselves as an asset. If your role doesn’t show up in determinable KPIs, choose to find validation in testimonials from colleagues and clients alike.
Consider Career Cushioning
Beyond the great resignation and quiet quitting, career cushioning is the latest workplace catchphrase that you need to know. With the current state of economic uncertainty, career cushioning is a much-discussed and trending topic on LinkedIn. And it’s understandable why this term has entered the work conversation with the thousands of layoffs by tech giants, resulting in many feeling anxious over their job security.
So what exactly does this trending phrase mean and how do you practise it? According to LinkedIn Career Expert Blair Heitmann, career cushioning is the act of keeping your options open, while employed, so you can cushion your career from whatever comes. She describes it to be like an “insurance policy to set yourself up for success due to the current state of economic uncertainty”. It pays to be prepared and there are three key steps that you can take to help manage career uncertainty.
First, take stock of your skills – both technical and soft skills – and work on building any missing skills you would need to land your next job. We will cover this point in greater depth in the paragraphs below.
Secondly, stay connected with your network, build relationships with the people around you at the workplace because you never know who might be looking to hire someone with your skillsets and experience for a great new role. And lastly, reflect on your career journey and goals, and then make a plan for the next steps you want to take in your career. Pro tip - do this with either a career coach or a trusted mentor to stay accountable, focused, and to continue growing your career.
Amp up those soft skills
In a pre-pandemic survey conducted by LinkedIn, soft skills were already emerging as a crucial component in hiring talents. They discovered that 92% of talent professionals and hiring managers said that soft skills matter as much - or more - than hard skills, and 89% said bad hires typically lack the right soft skills for the job. In Singapore, the latest SkillsFuture Report 2022 highlighted the increasing employer demand for soft skills, also known as critical core skills (CCS), as these are essential for business transformation.
The top three most important soft skills identified by the report are self-management, influence and creative thinking. Beyond attending courses to acquire the relevant tools to build soft skills such as developing people or creative thinking, workplace learning is another effective mode for developing critical core skills. Critical core skills are increasingly important for organisations, especially those pursuing transformation which would require effective communication, coordination and management. These skills then become quintessential to a favoured candidate, even in fields not traditionally thought to be inclined to these traits, such as an engineer or accountant. After all, these critical core skills are transferable across all scopes and grant more effectiveness at the workplace, and a candidate who has such innate abilities tends to show more initiative, better time management, emotional quotient and problem-solving skills than those who don’t.
If you are looking to take stock of your soft skills, try out the CCS profiling survey developed by SkillsFuture Singapore and Institute for Adult Learning Singapore here.
Upskill and reskill
While the flux may tempt one into doubling down on the existing job scope to feel anchored, when the dust settles, one might emerge from the changes a few steps behind. This is why upskilling and reskilling oneself - while used to be seen as a nice-to-have - has become a necessary investment to give career longevity.
Think of it this way: If you’re happy in the role, the elevated skills allow you to perform better and give HR more reason for retention. If you’re stagnant, it gives you room to target another scope and use the new skills to suggest a transfer. To really make an impression, consider the weaknesses in your organisation and speak to your managers about what direction the company is heading in. If you think yourself suited to contribute, pick the appropriate skill and go into the relevant training courses to chase the dream. Another way around this would also to look at the in-demand skills across the three priority economic growth pillars. Skills in software development, cloud and data analytics are some in-demand examples for the digital economy. Sustainable investment management within the sustainable finance domain has seen demand growth of more than 1,500% while demand for skills beyond traditional care roles such as resilience and self-care has also increased significantly.
Consider transitions
Keeping up with business trends is a great way to stay relevant in the job market. With many businesses talent shortages, many have turned to industry 4.0 such as using robots and automation to plug workforce gaps. Enterprises across a wide range of sectors are looking to exploit technological advancements to make transformational improvements to process efficiency, ESG requirements, and product or service quality. This shift will require job scopes, work processes and functions to change and has caused some concern, with PwC reporting that 60% of the workforce are worried that automation is putting jobs at risk, and 39% think it’s likely that their job will be obsolete within five years.
By observing general industry movement, one can aid one’s job transitions by targeting upcoming ones (like those shown above). Singapore’s SkillsFuture website is also a great platform to keep track of latest trends, and its most recent 2022 report has indicated rising employment in relation to emerging areas - the digital, care and green economies – and industry 4.0 implementation.
Otherwise, look towards expansive transferable skills such being a Trendspotter for organisations, or sharpening your middle management acumen and producing tangible results. Plus, for Singaporeans, the subsidy for these SkillsFuture courses, whether for upskilling or career transition, are a lasting investment.
Discover the many career-enhancing courses at SMU Academy.
