Singapore most prepared among Asian countries against workplace ageing & automation; region lags behind overall
Author: The Straits Times, Published on: 24 September 2019
"Asia least prepared against ageing, automation threats as Singapore leads in region: Study", 18 September 2019
Of the 20 major economies worldwide, Asian countries are among the least prepared to combat the threats of societal aging and workplace automation. This is according to a new study from Mercer and Marsh & McLennan Insights....
While Singapore ranked the highest out of the four Asian nations included in the index, it still placed in the bottom half of the list at No. 13.
...[T]he report found that difference in the average risk of automation between old and young workers is the largest in Singapore, indicating the "acute vulnerability of older workers to automation".
..."Globally, governments and organisations are experiencing a time of significant disruption. Technological advancements are increasingly putting low-skilled routine jobs at risk of automation – jobs that older workers aged 50 and over are often employed in. At the same time, populations around the world are ageing, with elderly populations growing and working-age populations shrinking," the report said.
Ms Peta Latimer, Mercer CEO for Singapore, noted that this could represent an opportunity for firms to capitalise on a new source of labour.
...She added that some measures could include freelance and flexible approaches to working.
Mercer's CEO for Asia, Ms Renee McGowan, added that individuals as well as government and corporate structures in Asia have a shared responsibility towards being more prepared for the rapid societal ageing and technological advancements, that are particularly apparent within Asia.
...This may be achieved by creating career path assessments around their employees' financial decision making, physical health and future career opportunities, as well as targeted skills-gap training, regardless of age, Mercer said.