Question:
Discuss about the Personal and Organisational Development for Labor Market.
The labor market of Singapore is currently facing a shortage of labors in the market. It is thought to be the biggest challenge of Singapore regarding the labor market. The report concentrates on the labor market conditions of the Singapore market. The aim of the report is to concentrate on the problems faced by Singapore regarding the problems of labor. The objective of the report is to analyze the conditions of the labors in the Singapore markets and to find out the reason behind that.
Singapore transformed itself to a capital-intensive nation. Earlier they were capital-intensive nation later they transformed themselves to the labor-intensive nation. The hiring activity in Singapore is modest. The government acts as a linkage between the demands in the labor market through few agencies who deals with the supply of the labors. The hiring activity in Singapore is expected to be moderate. The technological revolution proved to be disruptive in the changing dynamics of business (McKenzie, Theoharides & Yang, 2014). This is compelling the organizations in Singapore to rethink about their hiring strategy. Apart from this the factors like the market volatility, uncertainty, ambiguity and the complexities is making the organizations in Singapore about their hiring strategies. The jobs in the manufacturing sector and the increasing use of the automation technologies resulted in the fall of certain jobs. The new challenge faced by the companies (Leung, 2014).
The best example of this is the twelve month Graduate Training Scheme which is supported by the Economic Development Board in cooperation with an UK-based oilfield service MNC. It is done in order to consolidate the dominance of the same as the top three export refining company of the world in the lucrative oil and gas industry namely Singapore Workforce development agency. Therefore in order to seek employment those industries should be preferred which are supported by the government as it benefits the Graduate Training program. This can be done by doing the initial groundwork in case of infrastructure, labor matching and the increasing industry demand (Gao, Luo & Tang, 2015).
The Graduate Training Program and schemes are offered by many large employers. The program last just a year in maximum case. In many cases it has been seen that it last for even two to three years. This includes a defined time frame and defined structure. This scheme enables the new recruiters to recruit in order to get settled quickly into a professional field. It is able to receive relevant skills development and get hands on experience either working in a specific role within a team or through the working on a number of assignments in different areas of the organization over the duration of the training program. This can happen while an employer has a large graduate intake (Carr, Nosik & Luke, 2016). This training process can be well understood through the accountancy and the financial management services. It helps to improve the skills of finance and the accounts in such training. The individuals who intend to pursue their career in accountancy it is important for him to have knowledge regarding accounts. He should be well acquainted with the calculations regarding the accounts and he should have all knowledge related to such companies. It includes the specialization of certain calculations, the knowledge of which can be attained through the training programs (Cochran & Robohm, 2015).
There has been a growth in the GDP in the market of Singapore. It can be terms as a dramatic increase. The influx of foreigners has created less opportunity in the job fields and the labor market in Singapore for the natives. The scope set by the Ministry of Education for them may not necessarily possess skill sets that or prepare them for the professional qualifications that are coveted by commerce. The best example in such case is a student who has completed his graduation with a diploma or degree in accountancy and a similar foreign tourist with the Association of Chartered Certified Accountants qualifications applying for the role of accountant (Rohde, et al., 2016). However this is a matter of fact that the certain disciplines do offer an exemption on the professional qualifications which can includes the personal experience and the fact that the crux of the hiring triggers which is now extremely high and well-equipped (Teklu, et al., 2014). The actual social and economic outcomes appear to go the way of foreign talent. It has appeared that the economic and social outcomes have been replaced by the opportunities for the lifelong learning which appeared to be a poor replacement. The foreign talent is a concept which is ahead of everything. It is because of the fact that they are capable of meeting the new market needs. Compared to the local natives of Singapore the foreign talents are able to get hold of the market needs. The local are slowly playing the catch-up through their upgrading efforts (Crépon & Van den Berg, 2016).
It is a matter of fact that having a job is considered to be the most important thing. It is prior to everything. It is the priority of everyman. The greatest demand in the Singapore regarding the labor market is the tackling of the FT competition from which the retirement age has been from 62 to 65 and 67 for the civil servants. It is same in case of the graduate peers. The graduate peers include the native graduates as well as the graduates who have completed their graduation from the foreign universities (Siegel, Pyun & Cheon, 2014). The obtaining of the GEO is in demand. The employees in Singapore are seen by the foreign MNCs as having a good reputation which are based on the competency and the values. This are proved to be advantageous for the graduates that come from around all region (Boz, durdu & li, 2015). It has been studied that the international education hub attracted many foreign students. The only resource of Singapore is the human capital. Therefore, the graduates of Singapore will have to accept the fact that the Foreigners will always be entertained and they will never be eradicated from the opportunities that are provided to them. They play an active role in increasing the economy of Singapore. This will take the nation to an advanced position in the world. The labor market trend in Singapore therefore depends upon the skills of the graduates. The skills include the soft-skills as well as the hard-skills. The hard skills consist of qualifications and the soft skills consist of interpersonal and political skills (Bertrand, et al., 2016).
The society of Singapore is multicultural. It encourages the employers to look for the open minded employees. It is important to have an open minded employees and the most important aspect to survive in the labor market is the educational background and the communication skills. It is important to have a positive attitude and a desire to work. The strong communication skill and the negotiation skill are of extreme importance. Apart from that qualities like honesty and respectfulness are immensely important for a job (Åslund, Hensvik & Skans, 2014).
Conclusion
Therefore, to conclude the report this can be stated based on the above study this can be mentioned that the growth of the employment has been noticed in few sectors like the community sector and the social sector. It also includes the financial and the insurance sector. The condition of the labor declined in the present situation in Singapore. The seasonally adjusted ratio of the job vacancies to the unemployed improved in the present years. However there are many chances for the foreign entries in the region.
A research conducted by the Institute For Adult Learning highlighted the necessity of 42 generic skills that are of exceeding importance for the Singapore employment market. The most important skills are paying attention to the minute details, working in a team and listening carefully so that the problems can be solved easily (Strasburger et al., 2013) Interpersonal related skills are of significant importance for the development of one’s career and one can have a successful career growth of one has these important attributes.
Harbouring positive interpersonal skills is of singular importance for the corporate world in today’s world. Working in different industries can help in sharpening interpersonal skills to the maximum extent. Interpersonal skills can help in avoiding problems in the workplace and foster co-operation among the members of an organization (Parveen, Jaafar & Ainin, 2015). Working in different cultures can make one highly adaptable which is another important quality that is required for the professional world. Willing to take charge of situation and having an open mind are important qualities that a person should have for a successful career. Understanding the rationale of other people is important and this is an important aspect that adds to the value of the organization.
A numerical test was conducted that focused on my abilities and aptitudes as compared that of the other graduates. A 94 percentile score suggested that I had superior skills and aptitudes as compared to the other people in the group. The work personality questionnaire brought out that neither was I overly critical nor I favour myself all the time that was a good indicator of my competency. A balance in relation to my position involving whether I am an introvert or extrovert, easy going or conscientiousness, emotional stability, conventional or openness and self-focussed or focussed on people are the parameters or yardsticks on the basis of which my competency level will be measured. It was found with the help of these tests that a balance exists in my nature in relation to the different aspects that are crucial for my career progression (Scott, 2015). The logical test was conducted in which my percentile was found to be 57%. It was relatively lower as compared to that of the other scopes and there was sufficient scope for improvement in this arena. The Verbal reasoning test tested my ability in English and whether I was knowledgeable regarding the important words that are frequently used in every day conversation. Reasoning skill is also important in case of verbal reasoning and this test hence tests both my familiarity with the English language along with that of my reasoning skill (Moriguchi, 2014).
As a marketing executive in a skincare company, I take a lot of care to describe the products in such a manner that would lure the public to try out the new product. The external appearance of the products has to be fashioned in such a manner that would compel the consumers to try out the product. The customers should be illuminated about the positive aspects of the product so that they will try out the product thus adding to the revenue of the company. With my superior communication skills and convincing ability, I have managed to create a good reputation within the skincare company (Ward, 2016).
The Myers-Briggs Type Indicator has clearly laid bare that I have an ESTP Personality Type and that I am a trouble shooter which suggests that I will be able to grow in such an organisation that is active and personal. The psychometric tests proved my capability in the area of my language skills and my general intelligence and showed that an industry that is evolving at a rapid pace will prove to be good to prove my skill sets and capability (Kaplan & Haenlein, 2016). The dynamic industry in relation to marketing is growing and with the right amount of focus and determination, I will be able to surge ahead in my career. An environment that is dynamic and a culture of practicality would suit me to a great extent and enable me to showcase my skill sets and prove my capability.
Social media is flourishing in the modern age. Most of the people use social media in the modern age that serves a lot of purposes. The busy schedule of the modern age does not leave one with sufficient amount of time to go to a physical store to buy clothes. People take recourse to websites which is extremely convenient because of their busy schedule (Kane, 2015). Social media serves as a great platform to showcase the unique products of a brand. This sector will grow tremendously and there is enough scope for the long term sustainability of this sector. A career in this arena will help one to be a part of a rapidly growing industry. Proficiency in relation to learning the skills of social media marketing is integral for this profession. I want to find myself in the position of Social Media Marketing Executive at Charles and Keith Singapore Limited. That is a leading agency in the area of fashion and it operates more than 600 stores worldwide. It is a pioneer in the field of lifestyle brand that changes the recent trends into that of accessible fashion. Sales experience is essential for this position as it involves attracting the consumers with the help of persuasive skills. I am already working as a marketing executive in a skincare company and the knowledge and skills that I have accumulated in the course of my professional life would be put to best use in the position of social media marketing executive. I am a keen follower of fashion trends and like to surf the internet for the latest styles. I was always a follower of renowned fashion websites and I like to follow the recent trends that have entered the fashion industry.
My experience in the position of marketing executive has enabled me to learn a lot of marketing strategies. Working closely with that of the internal stakeholders has helped me to gain essential knowledge in regard to advertising techniques and on the methods of selling a product (Rosemann & vom Brocke, 2015). Optimizing the social media channels is important so that the follower base can increase and it can drive traffic to the travel website. By the creation of an attractive campaign, the attention of the public can be drawn so that they will take recourse to the website to book their hotels and plan their travel destination (Mandviwalla & Watson, 2014). I learnt how to effectively communicate within a group and the art of co-ordination that is crucial for this profession in my career as marketing executive. Execute the ad campaigns on Facebook and Instagram is an integral part of the job profile of Social Media Marketing.
Supporting and facilitating the development and right implementation of the marketing administrative activities is crucial for this profession. Being able to meet the target of the revenue and analysing the needs of the clients are important aspects that are crucial for the position of Social Media Marketing Executive (Goetsch & Davis, 2014). I can very easily identify creative solutions and have a great deal of problem solving skills that can prove to be effective for this administrative position. I will know how to handle my clients and how to attract them with the help of innovative offers and services over the platform of social media. While going about a business, one will experience glitches and it is necessary to pacify the clients by taking recourse to adequate strategies (Nahavandi, 2016). I have to learn the art of optimising the revenue gains with the help of creative deals. This is an important area I have to work on to grow in my profession and for reaching my career goal. Rationalizing the product catalog, restructuring of rate cards and rethinking the sales incentives are important strategies that should be learnt in the arena of optimization of advertising revenue strategy (Kerzner, 2013). These kinds of tasks involve the co-ordination of efforts of different stakeholder groups and building consensus is integral for the implementation of a successful social media campaign strategy.
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