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Talent Crunch May Intensify With Smaller Talent Pool Actively Job-Hunting

  • 78% of employers find it difficult to fill job roles due to shortage of talent with relevant skillsets.
  • Only 10% of employees in Singapore say that they are actively looking for a new job.
  • The top three reasons cited by employees for remaining in their current roles are ‘being satisfied with the current role’ (60%), ‘satisfaction with the current pay’ (33%), and ‘current company provides job security’ (24%).  

SINGAPORE – Media OutReach – 27 January 2022 – More employers (65%) look to augment their workforce, compared to a year ago (56%) with businesses looking to 2022 with optimism. However, out of those who are hiring or intending to hire new talent, four in five (78%) of them are facing a challenge in filling job roles due to a lack of talent with relevant skillsets. This talent crunch may be exacerbated with only one in ten employees (10%) actively looking for a new job. Most employees (60%) are open but not actively looking for a new job, whereas 30% of employees are not looking and would remain in their current roles.  

 

 

These are some key findings from NTUC LearningHub‘s recently launched Emerging Jobs and Skills Report, where over 650 working professionals from Singapore were surveyed in December 2021. The respondents comprised both employers and employees from the six main industry clusters in Singapore, with the aim to uncover a dual perspective about the current job market, emerging jobs and skills, as well as the training landscape.  

 

The report reveals that industry clusters facing a greater talent crunch are Modern Services (87%), Manufacturing (83%) and Essential Domestic Services (80%). These include roles in Infocomm Technology (ICT) and Media, Energy and Chemicals, and Healthcare respectively.  

 

Correspondingly, the report also uncovers that employees working in Essential Domestic Services are the least likely to actively look for new employment (only 6% are actively looking), followed by Manufacturing (7%) and Modern Services (10%). When asked about the reasons for not actively job searching, the top three reasons given by employees are ‘being satisfied with the current role’ (60%), ‘satisfaction with the current pay’ (33%), and ‘current company provides job security’ (24%).  

 

Commenting on the findings, NTUC LearningHub’s Anthony Chew, Director of ICT, says, “To plug the skills chasm, companies could benefit from upskilling both existing and new employees to boost their workforce competencies and meet business objectives. NTUC LearningHub has been working closely with companies to curate outcome-focused training to place employees with latest industry-relevant skills set in their companies. This is achieved through our ‘train and place’ and ‘place and train’ programmes where we work with employers and NTUC’s e2i to match them with mid-career switchers who have reskilled through our programmes, or help their new hires undergo targeted classroom training and on-the-job training. Both programmes enable talents to seamlessly transition into their new roles. For example, to help companies overcome the talent crunch in the ICT sector, NTUC LearningHub has been working with employers in the sector to place and subsequently train new employees in both tech-lite and deep-tech job roles.”

 

He adds, “Through these programmes, companies can also tap on various training resources, government funding and support schemes. We urge employers who are facing talent shortages to work with us and leverage these programmes to cast a wider net for qualified candidates.”

 

To download the Emerging Jobs and Skills Report, visit www.ntuclearninghub.com/emerging-jobs-and-skills-2022. To find out more about NTUC LearningHub’s courses, training and grants, visit www.ntuclearninghub.com/. 


About NTUC LearningHub

NTUC LearningHub is the leading Continuing Education and Training provider in Singapore which aims to transform the lifelong employability of working people. Since our corporatisation in 2004, we have been working with employers and individual learners to provide learning solutions in areas such as Cloud, Infocomm Technology, Healthcare, Employability & Literacy, Business Excellence, Workplace Safety & Health, Security, Human Resources and Foreign Worker Training.

To date, NTUC LearningHub has helped over 25,000 organisations and achieved over 2.6 million training places across more than 500 courses with a pool of over 900 certified trainers. As a Total Learning Solutions provider to organisations, we also forge partnerships and offer a wide range of relevant end-to-end training solutions and work constantly to improve our training quality and delivery. In 2020, we had accelerated our foray into online learning with our Virtual Live Classes and, through working with best-in-class partners such as IBM, DuPont Sustainable Solutions and GO1, asynchronous online courses.

For more information, visit www.ntuclearninghub.com.


#NTUCLearningHub

CPA Australia calls for enhanced two-tiered consumption vouchers and quarantine tax deduction

HONG KONG SAR – Media OutReach – 27 January 2022 – Facing a fifth wave of Covid-19, Hong Kong’s near-term economic outlook is increasingly uncertain, according to one of the world’s largest professional accounting organisations. To boost confidence and protect recent economic gains, CPA Australia recommends the government offer an enhanced version of the electronic consumption voucher in the upcoming budget.

 

CPA Australia estimates the Hong Kong SAR Government will record a HKD37.1 billion fiscal deficit for 2021-22 and fiscal reserves will be HK$ 865 billion. These estimates take into consideration projected revenue, expenditure and adjustments for the year.

 

Improving living standards

Mr Anthony Lau, Co-Chairperson of CPA Australia’s Taxation Committee – Greater China said, “As one of the earliest proponents for the distribution of consumption vouchers to support the local economy, we are delighted to see the better-than-expected results of the consumption voucher scheme. Our members tells us the scheme has supported many businesses through increased customer spending and accelerated digital transformation.

 

“This year, we recommend the government consider offering an enhanced two-tier version of the scheme to help defend the economy from the fifth Covid-19 wave by boosting local consumption. Subject to affordability, the base amount could be up to HK$3,000 for all eligible Hong Kong residents. The second tier, targeting vulnerable groups such as low-income earners, could receive an additional payment of up to HK$3,000 to alleviate their financial burden. These vouchers will continue to promote the uptake of digital payment technologies in Hong Kong.

 

“Further, we recommend that the government consider introducing a one-time tax deduction for quarantine expenses for hotel accommodation with a suggested cap of HK$50,000, as well as introducing a one-time tax deduction for additional costs incurred by employees in working from home, capped at around HK$8,000.

 

“Other measures could include increasing child allowance to HK$150,000 per child and expanding the dependent parent allowance and dependent grandparent allowance to include dependent parents and grandparents residing outside of Hong Kong.”

 

Increasing labour supply

Mr Janssen Chan, Co-Chairperson of CPA Australia’s Taxation Committee – Greater China said, “According to the latest government figures, monthly average over 100,000 private sector job vacancies were recorded in the fourth quarter of 2021, representing a surge of nearly a 75 per cent year-on-year. Labour and talent shortages at this level present a real risk to Hong Kong’s economic growth and long-term competitiveness.

 

We recommend the government consider introducing measures to address this issue, such as allowing non-local students to stay longer in Hong Kong. This could be done by extending the initial 12 months time limitation under the Immigration Arrangements for Non-Local Graduates.

 

“Facing the dual challenges of labour and talent shortages and an ageing population, the government should encourage more employers to hire or reemploy Hong Kong residents aged 60 and above. To achieve this, we suggest increasing the maximum amount of on-the-job training allowance for employees aged 60 and over under the Employment Programme for the Elderly and Middle-aged to HKD8,000. The government should also consider introducing an additional tax deduction on salaries for companies hiring employees aged 60 and over, with a suggested cap of HK$120,000 per employee per year. We hope the government will invest sufficient resources to address these perennial societal issues.”  

 

Supporting businesses

Chan said, “We are pleased that the government acted quickly in response to the fifth Covid wave by announcing further support for hard-hit sectors through the HK$ 3.75 billion fifth round of the Anti-epidemic Fund. However, based on experiences in other markets, we expect the negative impacts on businesses of this wave will last for several months, especially for SMEs.

 

“Given the uncertain short-term business outlook created by the fifth wave, we suggest the government consider introducing a series of measures to support SMEs. These include extending the maximum duration of principal moratorium to 30 months for the 80 per cent Guarantee Product, 90 per cent Guarantee product and Special 100 per cent Loan Guarantee under the SME Financing Guarantee Loan Scheme. The application period for the Special 100 per cent SME Financing Guarantee Loan Scheme should also be extended to the end of 2022. The Pre-approved Principal Payment Holiday Scheme should be extended until the end of October 2022.

 

Lau added, “Sixty-seven per cent of surveyed members recently stated they are waiting on the details of the tax concession for family offices before taking action. We therefore suggest that the government expedite the release of the tax concessions regime for family offices.”

 

Tax reform measures

Lau said, “Eighty-four per cent of surveyed members believe that changes should be made to the Hong Kong tax system as a response to the city’s inclusion in the European Union’s “Grey List” of non-cooperative tax jurisdictions. Further, 39 per cent believe that the proposed global minimum tax regime will be a significant concern to their organisation’s growth objectives.

 

“With these developments creating uncertainty for businesses, we suggest the government announce measures to address the city’s inclusion in the “Grey List” and provide details on how they will respond to BEPS 2.0, including clarity on the implementation of a domestic minimum tax.

 

“To maintain Hong Kong’s international competitiveness in a changing tax environment, we suggest the government commission a comprehensive reform of the tax system. Such a review should focus on the three ‘Cs’ – certainty, clarity and consistency.”

 

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 168,000 members in over 100 countries and regions, including more than 21,000 members in Greater China. CPA Australia has been operating in Hong Kong since 1955 and opened our Hong Kong office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

#CPAAustralia

The issuer is solely responsible for the content of this announcement.

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New Innovative: Babel Finance Forms Partnership with Paradigm to Increase US$8 Billion Monthly Trading Volume

SINGAPORE – Media OutReach – 27 January 2022 – Babel Finance,  a leading global cryptocurrency financial services provider, announced in December 2021 its partnership with Paradigm. Babel Finance crypto trading will offer increased trading precision, eliminate leg risk, and lower execution costs associated with trading derivatives. This partnership, combined with the expertise of the Babel Finance Singapore team, will contribute significantly to the growth of its US$8 billion monthly trading volume.

 

By partnering with Paradigm, a zero fee institutional liquidity network for derivatives traders, Babel Finance crypto financial services now has unified access to multi-asset, multi-protocol liquidity on demand without compromising on execution preferences, costs, and immediacy.

 

With Paradigm, Babel Finance crypto trading can now bridge the worlds of traditional and crypto finance. Leveraging Paradigm’s platform, Babel Finance can not only connect directly with institutional counterparties, but also access workflow automation tools necessary to facilitate multi-leg and multi-product strategies (with underlying hedges) through a single executable structure.

 

This is an important step for Babel Finance to have a full suite of reliable services to meet the growing demand from mainstream investors who are keen on adding crypto assets into their portfolios. The digital asset capabilities of Babel Finance asset management will further evolve as the company offers more leading-edge products with capable compliance controls. This will ultimately cement Babel Finance as a key service provider of crypto asset management and prime brokerage services, as well as crypto lending. 

About Babel Finance

Babel Finance is a global leading crypto financial services provider, offering institutional and HNWI investors professional services covering crypto lending and crypto trading.

The company is backed by prominent investors including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital, and NGC Ventures.

With a business focus in Asia and a business headquarters in Singapore, Babel Finance has established close cooperative relationships with major global exchanges, custodians, investment funds, and mining institutions. 

https://twitter.com/BabelFinance

https://www.linkedin.com/company/babelfinance/

#BabelFinance

The issuer is solely responsible for the content of this announcement.

First crypto deal in Asia for several global investment firms with $40mln round for Babel Finance

HONG KONG SAR – Media OutReach – 27 January 2022 – Babel Finance, an Asian-based crypto financial-services startup, made the first crypto deal in Asia for several global investment firms. With a $40mln injection, Babel Finance cryptocurrency has shown that there is ever-growing investor demand for the digital currency market in Asia.

 

The investors included Tiger Global Management, Sequoia Capital China, Sequoia-affiliated Dragonfly Capital, Bertelsmann (through its Asia-focused investment arm BAI Capital), and Zoo Capital. Babel finance is the first crypto portfolio for them. 

 

Babel Finance cryptocurrency services have used this financing round in a strategic move to build strategic external partnerships. These strategic partnerships include investing in Paradigm and leveraging compliance services with its partnership with Chainalysis.

 

Babel Finance’s crypto market footprint has been strengthened with its recent investment in Paradigm. Through this investment, Babel Finance Investment now has unified access to multi-asset, multi-protocol liquidity on demand without compromising execution preferences, costs, and immediacy.

 

Chainalysis, a leading blockchain data platform, will provide Babel Finance with its KYT (Know Your Transaction) and Reactor services. This will allow Babel Finance to have a real-time transaction monitoring solution providing alerts to their compliance team. Chainalysis’s Reactor service can connect cryptocurrency transactions to real-world entities, enabling compliance teams to examine criminal and legitimate activities. Babel Finance’s crypto lending service offering, for example, now has a heightened capacity to safeguard clients’ interests and investments and comply with Anti-Money Laundering regulations. 

 

Babel Finance’s Hong Kong office and its other offices in Asia are ready to serve its clients’ needs and the growing interest in crypto in the region. With this recent $40 mln investment, Babel finance will innovate its offering of crypto financial services (crypto lending, crypto prime financing, and crypto asset management). With its expert team from first-tier financial institutions such as PwC, China Merchants Bank, Deutsche Bank, Credit Suisse, Lazard, Industrial and Commercial Bank of China, and mainstream technology companies, it provides cutting-edge services in cryptocurrency financing.

About Babel Finance

Babel Finance is a global leading crypto financial services provider, offering institutional and HNWI investors professional services covering crypto lending and crypto trading.

 

The company is backed by prominent investors including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital, and NGC Ventures.

 

With a business focus in Asia and a business headquarters in Singapore, Babel Finance has established close cooperative relationships with major global exchanges, custodians, investment funds, and mining institutions.

 

https://twitter.com/BabelFinance

https://www.linkedin.com/company/babelfinance/

 

#BabelFinance

The issuer is solely responsible for the content of this announcement.

Where Technology Meets Architecture: Ultimaker 3D Printers Pave The Way for Creative Innovation Among Students

TOKYO, JAPAN – Media OutReach – 27 January 2022 – Ultimaker, the global leader in professional 3D printing,  announces its engagement with the University of Tokyo with its utilization of digital fabrication tools in its new innovation hub, “T-BOX.”

Image: 1/10 size 3D printed model of the installation work exhibited at the Design Biennale in London

The University of Tokyo SEKISUI House – KUMA Lab (a.k.a. T-BOX) started with a donation from Sekisui House Co., Ltd, researching the future of architecture using technology to explore “the future of living”. Six flagship Ultimaker 3D printers and Ultimaker Digital Factory software help students of the architecture department to improve their craft and explore other avenues for growth, such as learning about manufacturing or digital fabrication.

“Choosing Ultimaker was an excellent answer for T-BOX due its high level of printing accuracy, speed, and responsiveness. The unlimited material range allows the students the opportunity to experiment with advanced polymers and composites to meet the demands of the real world.” Mr. Toshiki Hirano, the director and project assistant professor of SEKISUI HOUSE – KUMA LAB said.

 

Mr. Hirano added: “The purpose of T-BOX is to provide the full potential of development for each learner, where they explore the 3D printing system and Ultimaker Digital Factory for product development, prototype and architectural models printing, turning their vision into reality.”

 

One especially eye-catching print to come out of T-BOX is a 3D printed model of the installation work exhibited at the recent Design Biennale in London. T-BOX scanned various iconic objects in the cities of Tokyo and London, converting them into 3D data. The 3D models were then printed using Ultimaker 3D printers, shipped to London and assembled for the display.

 

Jürgen von Hollen, CEO at Ultimaker: “It is great to see advanced educational institutions like the University of Tokyo recognize the importance of 3D printing and to bring out the full creative inspiration of its students to prepare them to be as impactful as they can be when they enter the professional world. Our 3D printers, software and digital factory are used across the world in a variety of industries and applications addressing a wide range of business benefits. I applaud the University of Tokyo for its role to help propel 3D printing in becoming a transformational business technology delivering flexibility and sustainable value.”

 

“Brule is grateful for the opportunity and thrilled to support Kengo Kuma and his team in bringing their ideal 3D printing solution to fruition,” said Douglas Krone, Chief Executive Officer at Brule Inc. “We have seen what a positive impact they can have in transforming education and affecting real change in the next generation of architecture.”

 

For more information, please visit the blog

 

TCT Japan 2022(3Dプリンティング&AM技術の総合展)

Ultimaker booth東3 3P-20

 

Authorized distributor: Brule Inc

#Ultimaker