SINGAPORE: A new report from Jobstreet, Decoding Global Talent 2024 Singapore, emphasizes the importance of prioritizing skills over traditional qualifications like degrees or years of experience in hiring practices.
The report advocates for businesses to tap into talent from emerging economies to address labor shortages in aging and shrinking economies, highlighting the high mobility and valuable skill sets these individuals bring.
Jobstreet observed that while a shift away from relying solely on academic credentials—often referred to as the “paper ceiling”—is underway, progress remains slow. Companies are beginning to value candidates’ skills, experience, and potential, but a full transition requires significant changes in hiring and workforce management strategies.
To foster a skills-based workforce, the report suggests that organizations must adopt new methods for evaluating candidates’ competencies. This includes leveraging data that goes beyond formal qualifications, alongside fostering a cultural shift within companies to embrace non-traditional markers of talent.
Additionally, the report highlights the need for strategic upskilling and reskilling programs to prepare employees for evolving workplace demands. Businesses are encouraged to move away from conventional training approaches and ensure that workers have adequate time to pursue necessary learning opportunities.
With these changes, Jobstreet argues, employers can better equip their teams for the future and address global workforce challenges more effectively.
