With unemployment in Singapore at a 2.5 year low (of around 2.2%), the demand for skilled talent has never been greater in the island nation. Since 2012, the Singaporean Government has progressively increased the opportunity for older workers to remain in the workforce, with the retirement age set at 65 and re-employment age at 70 by 2030.
The release of the Structured Career Planning Guidebook is another step towards supporting employers to build a better understanding of the motivations and expectations of their mature workers. The new guidebook contains implementation frameworks and toolkits for employers, enabling them to build policies and an environment where mature workers are valued. Additionally, the guidebook contains a structured interview approach for managers to conduct 1:1 discussion with workers as they progress through the work life cycle.
The Singapore National Employers Federation has highlighted that older workers worry that their skills may not keep pace with changes in business needs and technology, and look to their employer to provide guidance on how to best equip themselves for a sustainable career. However, many employers do not have a systematic approach to addressing the needs of older workers, with the new handbook seeking to address this gap.
Outlook for Employers: The guidebook is a valuable resource not only for companies located in Singapore, but throughout Asia. The framework provides a solid foundation for developing practical policies, communicating the company’s values and position on the retention of older workers, as well as useful templates for conducting career planning discussions with employees.