Graduate Employment and Labor Market in Singapore

Question: Write a reflective essay on "Graduate Employment and Labor Market in Singapore". Answer: The graduate labor market in Singapore has exhibited a drastic change in the recent past. With the increase in the number of graduates as well as the disparity in the number of the jobs available has led to a transformational change in the process of employment. In most cases, the graduates expect to get a job immediately they complete their education; however, this is not always the case for most of the graduates since the labor market is skewed . The scenario in Singapore has been predicted to exhibit a change in the rate at which employment opportunities will be created by the government and the private sector. The shift from intellectual to technical skills has seen most of the graduates taking a lot of time to secure an employment. There is the need for a strategic approach to the unemployment rates building up in the country because of several factors such as the shift to the lean workforce and technological leveraging within organizations to increase productivity and quality. This excerpt examines the current position of the labor market in Singapore as well as giving a highlight of the means of securing job opportunities. The number of graduates seeking employment is Singapore by the year 2014 rose to about 65% according to the rate of labor participation. The service sector registered a significant increase in the job opportunities in the recent years but a notable decrease has characterized the industry within the quarters of 2014 (Government of Singapore, 2014). The graduate employment trends in Singapore can be attributed to the nature of the profession the learning institutions are focusing. The service sector was one of the lucrative sections of the economy with a high number of job opportunities; however, the change witnessed in 2014 showed that the unemployment of residents between 25 and 60 years of age rose significantly over the three years. If the rate of the graduate underemployment continues, then Singapore economy will witness an education impact on the economic performance due to skewed training. According to the Government of Singapore, the participation training, which incorporates t he graduate education programs, increased to a high value of 36% in 2014 even though employees are enthusiastic to pay premiums (Government of Singapore, 2014). The rate of professional degree training also witnessed growth as compared to diploma and secondary qualifications. The cumulative analysis of the training intervention showed that the country has more skills that the available job opportunities creating the need for an awakening in the job sectors. It is important to note that the tight labor market transformation and expansions in higher education also affected the foreign workforce annual figures that dropped from 80,000 to 26,000 between the year 2010 and 2011. The actions taken by the local and international investors in Singapore affected the skill combinations for maximum productivity (Kalra et al., 2015). Many organizations have shifted to automated manufacturing and processing procedures because of the global advancement in technology. The stiff competition from the government corporations and the foreign market dominance has led to a change in the mechanisms used to enhance quality. The levels of experience and expertise required from graduates have been escalated to the high standard that does not match most of the graduate skills available in the market. The fascinating scenario in Singapore labor market is the shift to local hiring that leads to significant underemployment rates (Kalra et al., 2015). Graduates have been hired to work on small payments or carrying out duties, not in line with their high qualifications. The labor market effect is complicated since it is not easy to segregate the effect emanating from the concepts of graduate employment, the acquired skills, and the requirements of the available jobs. Whichever the case, strategic approaches need to be adopted by the curriculum implementers and the hiring organizations. Nevertheless, the Ministry of Manpower in Singapore has estimated the rate at which the effect of part-time workers affects the labor market. The little pay encourages more people to extend their working hours to increase their pay. Such a scenario leads to decrease in the organizational duties that tend to nullify the need to hire more employees. The national report by the government noted that the level of unemployment may stabilize, but the guarantee of being immune from possible uncontrolled unemployment does not exist (Daniel, 2016). The exit of the baby boomers in the labor market in Singapore may alter the level of the graduate employment since there is no certainty of high valued jobs being offered to the young professionals (Cunningham, 2016). The reality of the labor market is yet to be exhausted since there is not comprehensive approach set forth to measure the level of unemployment by factoring all economic and academic aspects (Koskela and Stenbacka, 2009; Clancy and Ker , 2010). However, the top degree programs remain to be Law, Business, Medicine, and Information Technology. The professional competencies with low ranking have been noted to be Art and Design, Psychology, Media Studies, and Music (Daniel, 2016). On average, a freshly hired graduate in Singapore earns between 3,500 and 5,000 US Dollars and the figure might be significantly small depending on the profession. However, graduates should note that several avenues could be used to seek for employment opportunities. A graduate should be conversant with the area of expertise and conducted a personal preliminary research about the related competencies and the emerging issues related to the acquired profession (Gibbs, 2007). It is important to work with the updated information as well as existing trends before looking for a job opportunity (Hager and Holland, 2006). The process of seeking a job opportunity starts with updating the resume that will show the essential qualifications regarding the profession of the graduate (Jacobs, 2013; Fowler, 2011). Young people can access jobs by building their networks through social interaction. The people we engage with on daily basis are attached to an organization or working something out to generate income. Touching a base with such people through open discussion may assist in securing a job opportunity (Jacobs, 2013). Linking up with alumni of from the s ame institution of learning who took the same profession is important because it helps in getting access to possible internship placements and employment opportunities. Dillon and Media (2016) have noted several ways to enhance the job hunting process for graduates. The duo pointed out that the newspapers and journal offer information regarding an existing job position for different professional qualification. Taking time to go through the pages can assist as the graduate to secure a place. Several employment agencies specialize in job seeking and advertise the opportunities to the public. The organizations offer recruitment and training services (Dillon and Media, 2016). It is essential for graduates to register their resume with such agencies and make follow up and regular applications for the available positions on the respective websites. Although visiting organizations to seek for a job has been considered as an old method, using such an approach is important because it gives the opportunity for the graduate to present the reasons why they should be considered (Keynes and Krugman, 2007). Speculative letters have assisted many graduates to secur e employment since the administrators regularly file most of the applications without referrals (Dillon and Media, 2016; Fowler, 2011). Besides, voluntary and internship positions have assisted graduates in Singapore to secure employment in the end. Whether unpaid or paid, graduates should seek opportunities, which will enable them to prove their unique skills. Abilities such as time management, team leadership, organizational skills, and planning cannot just be stated to be endorsed but must be proved through practice. Volunteering can assist graduates to show their competence and eventually win the appeal of the organization (Dillon and Media, 2016; Fowler, 2011). Internships are valuable because they support the young professionals to build experiences as well as offering avenues to familiarize with organizational structures and procedures. Social media platforms are also essential in interacting and acquiring information regarding the opportunities in different companies (Dillon and Media, 2016; Fowler, 2011). Following the pages and social handles of organizations on the internet or regular check on their offici al websites will keep graduates updates on the possible employment openings available. In conclusion, the labor market in Singapore has exhibited transformational changes regarding the previous stable patterns due to the economic changes. The shift to automation of the processes through technology advancement has reduced the number of possible job opportunities. The private and public sector should set measures to create a sustainable environment safe for graduates, other job seekers, and the hiring organizations. The possibility of an open rate of unemployment may affect the countrys economic position by increasing government expenditure and lowering the GDP. Moreover, graduates should consider sharpening their professional skills and employ multiple measures to secure employment. Through internships, the graduates can build relevant experience for the job market by familiarizing themselves with the procedures of the organization. Besides, voluntary positions are avenues for graduates to prove their competence. Taking measures such as engaging the social media, employ ment agencies, and networking with familiar people can assist a graduate to land a work opening. References Clancy, G. and Ker, D. (2010) Labour force survey unemployment and benefits durations, Economic Labour Market Review, 4(4), pp. 2031. doi: 10.1057/elmr.2010.48 Cunningham, J. (2016) Genres of underemployment: A Dialogical analysis of college graduate underemployment, Qualitative Research in Education, 5(1), p. 1. doi: 10.17583/qre.2015.1393 Daniel, K. (2016) Graduate employment survey 2015 (published 2016). Dillon, S. and Media, D. (2016) 10 ways to find a job. Gibb, A. (2007) Get that job!: The complete, thorough, hands-on guide to the whole recruitment and selection process - for graduates and ambitious executives in early career. Government of Singapore (2014) Labour Force: Singapore Labour Market. Available at: Dordrecht, Netherlands: Springer-Verlag New York Jacobs, D. L. (2013) The Six best ways to find your next job.