UOB Survey Found That 90% Of Malaysians See The Need To Reskill And Upskill To Stay Competitive

In an increasingly uncertain job market, nine in 10 Malaysian employees or 90% of those surveyed saw the need to reskill or to upskill to stay relevant in the post-pandemic world, according to the results of the UOB ASEAN Consumer Sentiment Study.

uob survey found that 90% of malaysians see the need to reskill and upskill to stay competitivePhoto via Training Journal

The widespread view comes amid expectations in Malaysia that it will be tough to secure a new job due to the economic recession. 

85% of Malaysian respondents believe that companies will prefer hiring people who can perform multiple functions, while 83% think employers will reduce headcount by stepping up their digitalisation efforts. 

The majority of the respondents, which is 78%, expect companies to use retrenchment 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. 

94% of respondents within this age range also believe that employers will retrench staff to cut costs if needed. The sentiment was echoed by Generation X (aged 40 to 55) and Generation Y (aged 24 to 39) at 77% and 76% respectively.

Mr Lai Tak Ming, Executive Director and Country Head of Human Resources, UOB Malaysia, said that the COVID-19 pandemic has highlighted the importance of continuous learning and development.

uob survey found that 90% of malaysians see the need to reskill and upskill to stay competitivePhoto via Etech Global Services

“This year has rapidly changed the way we work and these changes will continue to influence how organisations are run in a post-pandemic future. It is imperative for companies to have a workforce that is agile and adaptable in order to weather the ever-changing working conditions brought on by uncertainty and disruptions,” Mr. Lai said.

Developing a future-focused workforce through traineeship programmes

As UOB Malaysia continues to nurture a workforce that is future-focused and relevant in the digital age, it also champions several training programmes that provide on-the-job experiences for new graduates and mid-career professionals. 

These programmes create opportunities for participants to develop the necessary skillsets that will help them to succeed in the banking and finance industry.

Through its holistic learning and development programme, ‘Better U’, UOB Malaysia helps its more than 5,000 employees build successful careers in a world constantly redefined by new technologies. 

The programme, which was launched in March this year, centres on five core competencies that are important for the Bank’s employees to remain relevant and future-ready. The 12-week foundation course encourages employees to build a growth mindset, to develop complex problem-solving skills, as well as to acquire skills in the fields of digital innovation, human-centred design, and data storytelling. More than 600 employees have completed the ‘Better U’ programme and the Bank is planning to roll out the second phase in 2021.

uob survey found that 90% of malaysians see the need to reskill and upskill to stay competitivePhoto via HRZone

UOB Malaysia has taken in more than 118 undergraduates in the past three years and placed them in various functions across the Bank to provide them with practical experience through on-the-job training and mentoring sessions. Interns who perform well in this programme are likely to have better chances when they apply for the Bank’s various entry-level young graduate pathways, including the flagship UOB Malaysia MA programme.  

There are many reasons why people choose to learn a new skill, whether it’s for a hobby or work, spending time learning a new skill has far more benefits than simply learning the skill itself.

Investing your time and energy in learning and self-development will not only help you to stay ahead of the curve but maintain your relevance and to ensure your future career success.

By: Aishah Akashah Ahadiat