Singapore’s Aging Workforce: A New Approach to Senior Employment
Singapore is facing a significant demographic shift, with a rapidly aging population and a steady decline in the labor force participation rate. To address this challenge, the government is taking a proactive approach by trialing innovative solutions to support senior workers who wish to continue contributing to the workforce.
The Initiative:
32 organizations, including employers, trade groups, and social service agencies, are collaborating to develop and implement solutions tailored for senior workers. This initiative is funded by the Alliance for Action on Empowering Multi-Stage Careers for Mature Workers.
Key Solutions:
– Fractional Work: Seniors with specialized expertise will offer their skills on a part-time basis, providing a cost-effective solution for businesses.
– Traineeships and Internships: Mature professionals will have opportunities to re-enter the workforce through part-time internships and traineeship programs.
– Flexible Work Arrangements: Organizations are designing flexible work schedules and policies to accommodate the needs of senior workers.
Notable Participants:
– Association of Small and Medium Enterprises: Developing a fractional talent model to engage senior professionals in part-time or project-based roles, addressing skilled leadership challenges.
– Homage: A caregiving platform trialing a program to recruit, train, and deploy 275 professionals aged 40 and above as care aides and special education teaching assistants.
– SATS: Creating part-time internships for mature professionals to re-enter the workforce.
– SBS Transit: Exploring a 12-month traineeship program for mid-career candidates, exposing them to bus captain and operations roles.
– Tower Transit: Designing a rostering policy for bus captains aged 63-74, offering a balanced mix of regular and less physically demanding shifts.
– Kampong Kapor Community Services: Implementing a gig work program for social service professionals aged 40 and above, addressing manpower shortages.
– Multinational Corporations:
– Micron Technology: A career re-entry program for caregivers and mid-career/senior workers in advisory roles, with targeted outreach, structured onboarding, and inclusive leadership training.
– HSBC: Normalizing mid-career mobility by supporting mature employees in achieving certifications or transitioning to new roles.
The Need for Mindset Shift:
Dr. Koh emphasizes the importance of a fundamental shift in mindsets to fully harness the strengths of senior workers and support their career aspirations. This initiative aims to create a more inclusive and flexible work environment for seniors, ensuring they can contribute their valuable expertise while maintaining dignity and flexibility.
Addressing the Labor Force Decline:
Singapore’s aging population is a primary factor in the declining labor force participation rate. By implementing these innovative solutions, the government aims to encourage senior workers to remain active in the workforce, ultimately boosting employment and addressing the challenges posed by demographic changes.