Upskilling: The Sustainable Path Forward
Despite continued disruption, 2021 saw a surprisingly strong rebound globally and in Asia as companies and individuals adapted more quickly than expected. Economies continue to flourish, the job market is rejuvenated, and with the spotlight on flexibility and wellbeing, people are emboldened to reevaluate the balance between their work and personal lives. However, this rapid return to growth could be encumbered by the skills shortage we are already observing in some sectors.
In 2022, rising confidence and optimism will see employers investing more in growing their workforce. More than half the employers we surveyed intend to add to their permanent headcount this year in anticipation of an increase in business activity levels. This is driven not just by high-growth industries like technology and life sciences, fortunately spared the brunt of the pandemic, but also the revival of the hard-hit sectors, including manufacturing and services, as economies return to ‘business as usual’.
As for employees, upskilling will become even more of a necessity in the years ahead. Already, we see a growing number of skilled professionals taking the initiative to develop their skills in preparation of progressing in their careers or switching to a different field completely. With employers increasingly taking a skills-based approach to hiring rather than assessing candidates according to qualifications or job titles, investing in skills development will be paramount for jobseekers.
In the following pages, we share the findings from our survey, as well as market insight and salary trends of 15 industries across China, Hong Kong SAR, Japan, Malaysia, and Singapore.
The report includes quantitative and qualitative results, conclusions from the research, and recommendations from experts in their fields.
