SINGAPORE (Aug 16): Young people in Southeast Asia are prioritising skills over salary, according to a survey by the World Economic Forum (WEF) and internet platform Sea.
In a survey of 56,000 Asean citizens aged between 15 and 35, some 19% of respondents said the top reason they change jobs was to learn new skills.
This narrowly edged out the number of respondents that indicated getting a higher salary as their top reason for changing jobs.
Interestingly, some 5.7% reported having lost a job because technology had displaced them.
The survey also saw 9.2% of respondents saying their current skills are already outdated, with 52.4% believing that they have to constantly upgrade their skills.
One-fifth of respondents also believe their skills will last another five or 10 years, while another 18.5% believe their current skills will last their lifetime.
Singaporean respondents mirror the Southeast Asia average in the survey, with 9.3% believing their skills are already outdated, 51.9% believing they have to constantly upgrade their skills, 27.6% believing their skills will last another five to 10 years, and 11.2% believing their skills will last their lifetime.
“It is impossible to predict how technology will change the future of work,” says Justin Wood, head of Asia Pacific and member of the Executive Committee at WEF. “The only certainty is that job markets face accelerating disruption, where the lifespan of many skills is shortening.”
Asean youth are also attaching greater importance to soft skills rather than skills in science, technology, engineering and mathematics (STEM).
Creativity and innovation were ranked as the most important, followed by language skills.
“While it is essential that the region continues to invest in developing STEM skills among young people, we can also see that soft skills will have a vital role to play – even in the tech sector,” says Santitarn Sathirathai, group chief economist of Sea.
“In the world where knowledge becomes obsolete more quickly, soft skills such as adaptability, leadership and creativity will be crucial in ensuring young people have the resilience to constantly evolve their skill-sets in step with a changing market,” he adds.
Asean youths also appear to favour working for an entrepreneur, or becoming one themselves. Some 31% of respondents are working in a start-up or identify as an entrepreneur.
Meanwhile, small- and medium-sized enterprises are now facing a recruitment challenge. Only 18% of respondents are working for SMEs today, and only 8% say they want to work in an SME in the future. Respondents cite less training at small companies as a reason.
“Government policy and business practices need to catch up to what is happening on the ground. Advances in technology will continue to impact labour markets into the future, and this requires ongoing education and skills training,” says Saadia Zahidi, managing director and head of the Centre for the New Economy and Society at WEF. “Anything less than a systematic shift in our approach to education and skills risks leaving people behind.”
