Launched by Dr. Koh Poh Koon, the Senior Minister of State for Trade and Industry in Singapore, the Skills Framework for Wholesale Trade chalks out a guide for employers and employees about new skills’ demands for the sector that is undergoing major changes.
The framework defines 76 technical skills in the areas of research and data analytics, risk management, digital marketing, regulatory compliance and e-commerce. There are also about 42 job roles or career tracks for professionals in this field. These career paths are based on how new tech such as blockchain, AI and big data analytics are set to shape the future of wholesale trade as well.
Reskilling and upskilling of the workforce is crucial in the given scenario of changing requirements and transforming goals of businesses. The advent of digital marketplaces and global B2B e-commerce has led to a greater demand for long-lasting trade processes and changes in international needs and standards.
HR leaders, educators and training providers can refer to the framework in order to adapt and design a curriculum for employees and employers that would help meet the skilling needs of the entire sector.
About 18 companies will participate to kickstart the reach of Skills Framework. These include Agrocorp International and Star 360 Holdings, who will use the framework in the HR practices in order to enhance talent development. Businesses plan to train their employees on the basis of their strengths and requirements and map out a clear career growth path for employees as new competencies come into the picture. Training employees and upgrading their skills is the aim of the companies within the Wholesale Trade Leaders Circle. The Circle is a network of leaders in the sector who plan to work in tandem with the government of Singapore to reskill the workers in the sector.
Boosting the skillset of an existing workforce is imperative across all sectors. However, every field has its own set of requirements and emerging technological needs. That’s why talent leaders, managers and experts in the niche markets are investing heavily in learning and development of talent and creating the workforce for what the future of wholesale trading would look like.