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5% of full time workers in Singapore will lose jobs to automation in the next three years
Automation will account for an average of 29% of all work being done in the next three years.
The Global Future of Work Survey by Willis Towers Watson revealed that workplace automation will double in the next three years. In fact, businesses think that 29% of work in their organisation will be subsumed by automation.The report also revealed that the number of full-time employees in Singapore will decline by 5% to 83% over the next three years. However, the forecasted the decline in full-time works will push the number of non-employee talents such as free agents and contractors.
In terms of skill sets, the advisory firm noted the increasing demand for data mining, financial technology, geospatial technology, digital marketing, cyber intelligence, additive manufacturing, systems engineering, and cloud computing skills.
More than half of employers (57%) said they will be paying higher salaries for employees with certain skill sets. Similarly, another report found that almost half of employers in the country (49%) are planning to raise salaries by 3-6% this year.
“It’s important to note, though, that while we will see an increase in machines and robots in the workplace, they will not replace humans. Instead, the benefits of automation will increase workforce and workplace flexibility, change the way work is performed, and reduce costs,” said Darryl Parrant, talent and rewards leader of Willis Towers Watson in Singapore, in a press release.
The survey was participated by a total of 909 companies, including 507 from the Asia Pacific.
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