What’s Wrong With Our PMETs?
The Ministry of Manpower’s (MOM) Q3 Labour Market Report released recently noted an improving local labour market in the quarter.
While there were 3,400 retrenchments in the third quarter of 2017, fewer employees were laid off compared to Q2 2017 (3,640) and the same quarter a year ago (4,220). This decline was attributed to manufacturing (from 840 to 730) and services (2,330 to 2,180). In contrast, layoffs rose in construction (470 to 490).
Unfortunately, the bulk (70%) of retrenched residents were professionals, managers, executives and technicians (PMETs), higher than their composition of the workforce.
As Singapore’s economy is transiting from the traditional to New economy using technology, especially in FinTech, Med Tech and DeepTech sectors, our PMETs have suddenly discovered their skillset are no longer very relevant in this New Economy.
If we are still living in yester years, thinking the happenings around us do not affect us, think twice !
Don’t be a Frog being cooked Alive in slowly boiling water!
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