1  Skills Demand for the Future Economy 2023/2024

SkillsFuture Singapore (SSG) conducted a study using 11 years’ worth of job posting data, to investigate the changes in skills required by Singapore’s economy over time. The analysis provides insight into how employers’ demand for skills needed of their workers has changed over the years; what skills are most in demand, what is becoming increasingly important and what is becoming less important. This changing portfolio of skills needed is called the “skills composition”. Below are some key information extracted from the "Skills Demand for the Future Economy Report 2023/2024". For the full report, please click here. 

1.1      Skills Composition of the Singapore Economy

From 2012 to 2022, Business Management, Data Management and Production Management accounted for the majority of the skills composition of the Singapore Economy. Operations Management increased in relative importance from 8% in 2012 to 12.2% in 2022, reflecting the rise of e-commerce and globalised supply chains. Care Services increased slightly in relative importance from 6.5% in 2012 to 7.6% in 2022, reflecting the increased need to cater to Singapore’s aging population. While the absolute demand for Critical Core Skills (CCS) increased in this period, its increase is lower than the other clusters. This resulted in a net decrease in relative importance from 4.8% in 2012 to 3.4% in 2022. Apps & Tools increased in relative importance from 4.0% in 2012 to 6.4% in 2022, reflecting the speed of digitalisation in Singapore. 

1.2  Critical Core Skills (CCS)

The top five demanded CCS did not change over the past decade. CCS are essential for the Singapore workforce to be competitive globally. In today’s global economy, businesses need to be able to communicate effectively with clients and customers from all over the world. They also need to collaborate with colleagues from different cultures and backgrounds to solve problems in a fast-paced and ever-changing environment. 

Skills that are consistently in the top 10 list in 2012, 2017 and 2022:

○ Communication: Share information effectively 

○ Collaboration: Work effectively with others 

○ Problem Solving: Identify and solve problems 

○ Creative Thinking: Generate new and innovative ideas 

○ Self Management: Manage one’s personal effectiveness and holistic well-being 

2      More information about the World of Work