Ramping up the Professional Services Industry

Businesses and workers in architecture and engineering services, consulting, accounting, legal and advertising will be getting a boost with the launch of the Professional Services Industry Transformation Map (ITM).

The ITM charts a roadmap to develop the industry to become a global leader in high-value, specialist services, which is driven by innovation and partnerships. The ITM is projected to cover the sector’s growth over the next five to 10 years.

Key initiatives part of the ITM also aim to equip the local workforce with specialised skillsets in high-growth areas such as data science, analytics and artificial intelligence. Through the ITM, the industry is projected to generate 5,500 new Professional, Managers, Executives and Technicians jobs every year till 2020. (See below for a detailed infographic)

The Professional Services ITM was launched by Senior Minister of State for Law and Finance Indranee Rajah on 24 January 2018 during the official opening of English company Dentsu Aegis Network’s Asia Pacific headquarters located in Tanjong Pagar.

Ms Indranee said: “The Professional Services sector is a growing industry with tremendous potential for job creation. Singapore has the right conditions for companies to innovate world-class business solutions and forge cross-disciplinary partnerships.

“The ITM is an integrated plan that will enable our firms to scale, innovate and increase their productivity, while preparing Singaporeans to take on exciting new jobs such as digital product developers, data modellers and risk advisory professionals.”

Relevant Skills and Partnerships

NTUC Assistant Secretary-General Patrick Tay said: “The job landscape is evolving rapidly with technology and new business models, and it is critical that our workforce remains agile and able to adapt to these changes. We will work with employers to identify emerging industry trends and prepare our working people to access these new opportunities.”

Four new Professional Conversion Programmes (PCPs) for programmatic advertising, internal audit, user experience (UX) and user interface (UI), and building information modelling are under development. These will add on to the 10 PCPs currently relevant to the Professional Services industry.

As partnerships are critical to the growth and transformation of the industry, the Government will also be working closely with key partners such as industry associations, professional bodies and unions. This is so that the partners can be the multipliers in driving the transformation of their respective sub-sectors and equipping the workforce to be future-ready.

Source: Singapore Economic Development Board. For a higher resolution of the infographic, click here.

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