UOB survey: Upskill or reskill to stay relevant in job market - MIDA | Malaysian Investment Development Authority
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UOB survey: Upskill or reskill to stay relevant in job market

UOB survey: Upskill or reskill to stay relevant in job market

28 Dec 2020

Employees will need to reskill or upskill themselves to stay relevant and competitive in the post-pandemic world, in the face of an increasingly uncertain job market, according to a survey by the United Overseas Bank (UOB).

In a statement today, UOB Malaysia said the widespread view comes amid expectations that it would be tough to secure a new job due to the economic recession.

“Based on the recent UOB Asean Consumer Sentiment Study, 90 per cent or nine out of 10 Malaysian employees see the need to reskill or to upskill.

“Meanwhile, 85 per cent of Malaysian respondents believe that companies will prefer hiring people who can perform multiple functions, and 83 per cent think employers will reduce headcount by stepping up their digitalisation efforts,” it said.

The bank said a majority of the respondents, or 78 per cent of them expect companies to undertake retrenchments to cut costs.

“Among the different age groups surveyed, concerns around job security are felt most strongly by generation Z — those between the ages of 18 and 23,” it said.

UOB Malaysia executive director and country head of Human Resources Lai Tak Ming said it is imperative for companies to have agile and adaptable workforce to weather the ever-changing working conditions due to uncertainties and disruptions.

On that note, the bank said it has championed several training programmes that provide on-the job experiences for new graduates and mid-career professionals, giving them the opportunity to develop the necessary skills to help them succeed in the banking and finance industry.

The bank had also created opportunities for graduates and university students to acquire skills and knowledge through UOB Malaysia Management Associate (MA) Programme and UOB Malaysia Smart Bankers Internship Programme as they embark on new careers in banking and finance.

Source: Bernama