The pandemic has shaken the world, sunk economies and forced many to reset their businesses. A calamity like no other, it has perhaps influenced all to never take things for granted and spotlighted the importance of always being ready for disruption.
Running a blockchain business with my business partner has been an eventful journey, one which has demanded us to stay nimble and flexible, owing to the nature of the emerging technology, which is growing every passing day. In the face of the pandemic, we are motivated to put more resources in massively pushing blockchain applications to solve real-world problems, especially in the fields of healthcare and supply chain. But not everyone has been in that fortunate position.
Singapore’s labour market has been showing a strain with retrenchments and withdrawn job offers on the rise, as companies including startups look to conserve capital. For fresh graduates, this is a challenging time, as they look to start their careers amidst a pandemic.
Specific industry growth has been hampered, businesses are having to manage cash flow problems, and existing professionals are worried if their jobs are secure.
Though the overall job market looks grim, all is not lost in the face of adversity, and there exist opportunity areas in industries especially e-commerce, with companies still holding their doors wide and apart, for tech talent with specialised skills.
The tech industry players such as Shopee, Foodpanda, and Zalora are looking to hire up to 150 IT experts and programmers amidst the pandemic in Singapore which has seen one whammy after another, as several other employees lose jobs and are put on unpaid leave by companies in the industry. But where is the talent needed?
Also Read: ‘Southeast Asia has the talents to make it a global AI hub’: Skymind Founder Shawn Tan
According to the SEAcosystem.com, the database put together by VC firms, in the current environment, the bulk of the roles that firms are hiring for are related to the specialised field of engineering. 46.2 per cent of the startups are hiring for engineering roles according to this report.
Ironically, in the region though, there has been a huge demand for sophisticated programmers but not enough talent.
GoSchool, a digital programming school based on income share agreement launched recently by OpenNodes (powered by Tribe), Ngee Ann Polytechnic and Indorse intends to help bridge this talent demand and supply gap in the technology space.
At a time when graduates are hunting for jobs, they can use their Skills Future Credits to learn this new skill and pay the remaining amount upon getting a job. Designed for success, the virtual learning programme will kick off with the first batch in June and has onboarded hiring partners such as Shopee, Foodpanda, Zalora amongst others to secure jobs for students.
GoSchool was built through a collaborative endeavour, with the aim of empowering developers to learn and upskill without having to worry about the common issues faced before making the decision to embark on an education – cost and employability. This is even more compelling given the times face.
This is an approach meant to treat students as investments rather than cash cows — a fundamental shift that could finally lift the crippling debt load we routinely push onto students. At the same time, it also ensures that the talent and skill demand of the market are being met.
The concept of “Income Share Agreement’, was first proposed by economist Milton Friedman in the 1950s as a “human capital contract,” and has been heralded by some as a market-based solution to student debt. One of the early proponents of income share agreements was Lambda school based in San Francisco – a buzzy coding boot camp that promised world-class instructors and a top tier curriculum.
But such a model of education is not static and needs to be reared carefully to ensure the desired impact. If there is a time to really push through with this and make a change, it is now. It is evident that for it to be a success, a critical lever is having a strong network of hiring partners and sealing lucrative employment opportunities for the students, amid the tectonic shifts in the market.
Virtual education has arrived. Online learning and education had been taking precedence slowly over traditional classroom setups, primarily due to its ease of accessibility and the quality of teachers it can attract. But internet speeds and connectivity, as well as reliance on set methods, had been dissuading the growth of virtual classrooms. The push induced by COVID-19 is seeing digital learning grow by leaps and bounds, and newer avenues for education access.
We must not forget that fuelling the Asian growth engine requires us to overcome talent challenges that the markets within are facing, especially the tech talent that will be responsible for facilitating the smart nation vision.
It is imperative to watch for the tech demand and supply like a hawk and drive public-private-academia collaboration, to furnish an accessible higher education system that caters to the market as well as keeps student interests at the centre.
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