6 In-Demand Skills Business Owners are Looking for in Singapore

in-demand skills

With the changing economic and job landscape, experts share important skills employers need to consider when hiring new talent for their companies in the coming months. The evolution in the demands can be attributed to four key trends in the country:

  • Development of care economy that prioritises one’s physical and mental health
  • Digital transformation due to the rise of technology and innovation
  • The continued relevance of traditional jobs in a modern setting
  • Online education as a result of the increasing necessity to upskill

Because of these factors, many industries have shifted their focus when developing their talent strategies. Hiring employees with only technical skills will not be sufficient for many business owners who have just finished with company incorporation.

Instead, they need to find applicants who can become valuable assets to their companies. These potential employees, therefore, need to possess skills in the following areas:

Data Analysis

This is the process of collecting and analysing a wide variety of data to extrapolate valuable insights. With the rise of technology and the availability of business software, collecting data has become much easier and more convenient. This helps cut downtime and effort when gathering the necessary information. However, once all the data has been collected, the potential employee will do much of the heavy lifting when analysing and interpreting the information.

With the many tools available, they can present their analysis in different forms, either through charts, tables, or infographics. As such, data analysis can be used for every business aspect, from operations to marketing and accounting. Because of this, this particular skill is becoming increasingly in-demand in today’s economic climate.

Wealth Management

In the corporate world, another important skill business owners need to look for when hiring employees is wealth management.

Due to the uncertainties brought about by the pandemic, managing finances has become a major concern. Where to allocate funds and how to spend them strategically are just some questions entrepreneurs ask when managing their business.

With the help of a wealth manager, business owners can realise what they want to achieve in the near future and how their current finances can help them in that endeavour. In doing so, wealth managers can create a one-, five-, or ten-year plan to ensure that businesses achieve their goals while protecting their financial positions.

Although this particular skill is seen mostly in financial institutions, other business types can also benefit greatly from this skill.

Marketing

As digital transformation encourages businesses to shift online, they will need all the help they can get to create noise and remain competitive in the digital sphere. As a result, marketing–more specifically digital marketing–has become an essential part of doing business in today’s time.

As businesses continue to serve their customers digitally, they will need to know how to navigate the online world in the most effective way possible by utilising social media and other online platforms. This is where marketing experts come into play.

Hiring applicants with a digital marketing background can therefore help companies thrive and gain maximum profit. With the right marketing strategies in place, they can better engage with and serve their customers.

Market Research

One part of digital marketing is market research. This particular skill refers to understanding the market’s needs and developing products that meet those needs. As such, this type of skill is essential for businesses that are just starting and those planning to expand their services.

Market research as a skill involves attention to detail, critical thinking, and analysis. In terms of developing new products and services, this skill requires creativity and innovation. Finding applicants who have these principles will greatly benefit the business before incorporating a company in Singapore.

Technological Skills

Because Singapore plans to become a smart nation, technology plays a major role in every business engagement. As such, technological skills like adobe photoshop, cryptography, javascript, and web development are becoming increasingly in-demand.

Coding languages and blockchain technology are gradually being integrated into daily business operations. For this reason, Singaporean businesses need experts in the field to help them navigate this complex landscape.

Although IT has always been integral, new technologies are constantly being developed. Hence, businesses need to find individuals who are well-versed in technology, flexible, and adaptable to the changing times.

Customer Relationship Management

As influenced by the growing care economy in the country, building strong customer relationships is crucial for the survival of every business. Hiring employees with good communication skills, empathy, organisation, and persuasiveness are key to offering the best customer management.

Conclusion

Despite the recent setback in economic activity, developing new skills and talents continue to play an important role in Singapore growth. For this reason, aspiring entrepreneurs can build new businesses, providing services for growth in these demands.

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