The Data Skills report titled - A view from the ground: Closing the Data Skills gap in the COVID-19 era and beyond throws light on the hiring trends and preferences that businesses display, and gives recommendations for closing the skills gaps in order for businesses and workers to remain competitive.
The insights had been picked from industry leaders such as IBM, SoftBank and Qlik, the report also highlights the general perception about data-related competencies of the workforce.
Some key highlights:
- 94 percent of employers and 88 percent of employees think their reliance on data and business intelligence to make business decisions has increased from a year ago.
- 97 percent employers and 93 employees think that it is either very important or important for their employees to understand data well in order for their companies to be successful.
- 1 in 3 employers have expressed that their workforce do not have the necessary data-related skills that are relevant to their business.
- 64 percent employers report that their companies currently do not have training programmes in data literacy for their employees.
- 93 percent of employers believe that improved data competencies will enable their staff to do their job better,
- 90 percent showed keen interest in hiring employees who are data literate.
- 66 percent indicated they would be willing to pay more for someone who is data literate, even for a role that does not require data specialization.
- 89 per cent saying they would face challenges at work if they were not good at understanding data.
- About 87 per cent are concerned their careers will be affected if they are not proficient in understanding data.
NTUC LearningHub works with corporate and individual clients to provide learning solutions in areas such as infocommunications, healthcare, employability and literacy, and business excellence.
The report found professional services, trade and connectivity, and lifestyle topping the list of industry clusters relying on increasing data use to drive business decisions.
Mr Kwek Kok Kwong, chief executive of NTUC LearningHub, said: "As companies are thrust into transformation during this Covid-19 era, employers have actively reassessed the workforce they need in order to navigate the new economy.
"The COVID-19 storm is far from over and all business leaders must work out their strategies in weathering this very turbulent and uncertain period ahead. In this complex business environment, data will help us a lot in supporting our intuition as we make difficult business decisions."
Mr Kwek said: "We hope that through this report, more business leaders will understand how to plug the data skills gap and overcome the possible inertia in encouraging more employees to embrace data.
"We also hope that more workers will gain insight into the overall market demand for data and motivate themselves to pick up these skills."
On the findings, Mr Andrew Campbell, a senior partner at IBM, said: "Singapore's commitment to continuously upskill and increase the data literacy of its workforce will be critical for continued success."
Ms Suganthi Shivkumar, managing director for Asean, India and South Korea at Qlik, said the report shows the roadblocks ahead for businesses in attaining a data literate workforce.
Mr Eric Lim, sales director at SoftBank Robotics Asia-Pacific, noted: "With the COVID-19 situation, data analysis jobs will allow employees to stay gainfully valuable to the company and be able to perform their work remotely."