It seems like the Labour Members of Parliament in NTUC have a certain knack for coining terms and phrases in their writing.
Late last week Labour MP Zainal Sapari added his own words to Business and Management guru Peter Drucker’s advice on outsourcing.
Just two days ago, NTUC Assistant Secretary General Patrick Tay released his first blogpost about the challenges in the Financial sector. And he turned wordsmith by coing up with his own catchphrase not once, not twice, but three times as a parting advice for PMEs in the financial sector.
“Please stay Ready, Resilient and Relevant”
With the increasing number of layoffs in the financial industry Mr Tay said it is no surprise that many are expecting more dark clouds ahead.
He said the cause of all these could be attributed to “rapid expansion, high cost of manpower and rent, product consolidation which lead to the closure of major product lines and a fledgling global economy”.
Hence he said regardless of what will happen this year, Singaporean PMEs in this sector need to prepare themselves as he anticipates that the road ahead may be rocky for some.
2. Embrace second-skilling, deep-skilling, re-skilling, up-skilling and multi-skilling
“PMEs must continue to up-skill or take up a second skill, so as to future-proof themselves.”
As the industry continues to weather out the its challenges, Tay also advised that PMEs in the sector need to prepare themselves and pre-empt the difficulties ahead.
But he also had some advice for employers. He urged them to play a proactive role in making sure employees are less affected by retrenchments.
“For example, employers can send its workers for programmes to ensure they are future-ready.”
3. Learn, Work, Learn, Work, Learn, Work and Retire
“While the mantra of old says “Learn, Work and Retire”, the mantra of today should be “Learn, Work, Learn, Work, Learn, Work and Retire”.”
Indeed, to tide through the challenges of today, it is incumbent upon workers to go beyond just “learn, work and retire”. Change as we know it, is happening faster than we think it is. Hence, the need for “learn, work, learn, work, learn, work and retire”.
PMEs will need to adopt a nimble and agile mindset in order to survive the economy of tomorrow.
A Financial Sector Tripartite Committee (FSTC) was launched just yesterday (17 February) with this aim in mind: to prepare workers in the financial sector to respond to changing needs and skills required.
To do this, the FSTC will partner NTUC’s e2i to pilot a programme to motivate the workers in the sector upgrade their skills.