Singapore has made its mark in the world by being ranked as one of the most adaptable countries, but the island nation can still do more to better match talent with the right jobs.
According to the Adapt to Survive study, jointly conducted by LinkedIn and PricewaterhouseCoopers, Singapore came in fourth among the nine countries – and first in the Asia Pacific region – surveyed for their talent adaptability.
The island nation garnered a talent adaptability score of 57 out of 100, which is based on five key behavioural factors.
These include, the average number of times professionals in that market switch industries, the average number of different positions held in a professional’s career, the average number of internal promotions in that market, the average number of employers a professional has had in each market and the average number of open vacancies divided by the market’s population.
Tying with the US, Singapore was behind countries like The Netherlands (85), United Kingdom (67), and Canada (61).
However, despite Singapore’s healthy score, the country can still do better.
The study stated Singapore could save $280 million in lost productivity by more effectively training talent for new skills or to switch industries.
“These findings will not just help MNC’s and SME’s in Singapore in dealing with their talent management challenges in an efficient way, but also provide invaluable insights for Singapore as a country to further improve workforce productivity,” Alywin Teh, people and change partner and consulting leader, PwC Singapore, said.
However, the report added “more can still be done” to avoid companies in Singapore wasting huge amounts of money on avoidable recruitment costs.
“The longer time taken to find the right candidates, and the increased likelihood for mismatched talent to leave sooner, are costing companies in Singapore $80 million in avoidable recruitment costs,” the report said.
The report highlighted the need to keep making the local workforce adaptable is crucial because higher adaptability will lead to reduction is skill gaps, resulting in better economic performance.