Rethinking Employment for Singapore Graduates: Beyond the Numbers
Kimbun discusses the latest employment statistics for private and autonomous university graduates in Singapore, moving beyond simple figures to explore their implications for preparing young people for the workforce. The discussion focuses on the supply side of the employment equation, examining the number and quality of graduates entering the job market, and questioning current policies.
The Reality of Employment Rates
One statistic that often raises concerns is the fact that only 46.4% of private university graduates secure full-time permanent jobs immediately after graduation. While seemingly alarming, this figure doesn't represent the entire picture. Kimbun argues that including contract and part-time roles raises the real employment rate to 74.8%, a significant improvement. This highlights the importance of considering diverse employment pathways.
Multiple Pathways to Success
Drawing inspiration from PM Lawrence Wong's emphasis on multiple pathways, Kimbun suggests that the nature of the first job, whether permanent or full-time, is less critical than the direction it provides. Success is no longer solely defined by securing a permanent position immediately after graduation.
A Real-World Analogy: Becoming a Physical Oil Trader
To illustrate this point, Kimbun uses the example of aspiring to become a physical oil trader. Typically, individuals don't start in their dream role. Instead, they progress through roles such as trading operator, trading analyst, and market risks before becoming a junior trader. This structured pathway, sometimes formalized as a Trader Development Program (TDP), demonstrates the value of incremental career progression.
Building Your Own TDP
Even without a formal TDP, individuals can create their own career path by taking on contract roles and gradually moving towards their desired position. For example, starting as an LPG trading operator and eventually transitioning to a senior trader role in a major oil company. This approach emphasizes adaptability and strategic thinking.
Overcoming Psychological Barriers
Kimbun believes that a major obstacle preventing individuals from pursuing these alternative pathways is the psychological belief that failing to secure a permanent job initially signifies failure. Former Education Minister Mr. Ong Ye Kung also addressed this mindset, emphasizing the need to move away from the outdated notion that academic paths and university degrees are the only routes to success. Overcoming this mindset is crucial for embracing diverse career opportunities.
Addressing Salary Expectations
The median starting salary for autonomous university graduates is around $4,500, while private institute graduates report around $3,500. While outliers exist, it's essential to focus on being in the right field, considering both industry and function. Choosing a lower-paying job in a promising field can be more beneficial in the long run.
Prioritizing Experience Over Immediate High Salary
Kimbun illustrates this with the example of two graduates aiming to become CFOs. One accepts a lower-paying financial analyst position, while the other waits for a higher-paying offer. The graduate who takes the job gains experience and earns comparable money, highlighting the value of prioritizing experience over immediate salary.
Rethinking Policy: Quantity vs. Quality
Singapore manages graduate numbers using a cohort participation rate (CPR). While increasing the CPR is important, focusing on quality is equally crucial. A 4-year education alone may not be sufficient, particularly in fields requiring strong soft skills.
The Importance of Soft Skills and Experiential Learning
While technical knowledge is important, soft skills such as communication, stakeholder management, and consensus-building are vital for success. These skills are often best learned through experience, especially given the capabilities of AI tools to handle technical tasks.
The Role of Universities and Industry Partnerships
Universities are adapting by incorporating adjunct faculty and experiential learning programs like SMU's SMUX. These programs involve real-world business challenges supervised by both professors and industry partners, providing students with practical know-how.
A National Experiential Learning Platform
Kimbun proposes the creation of a national experiential learning platform where companies, especially SMEs, can submit challenges for universities to turn into modules. Incentives such as grants and tax breaks could encourage participation and create a virtuous cycle of student learning and business growth.
Conclusion: Embrace the Journey
Kimbun concludes by encouraging individuals to stop obsessing over landing a permanent job and to view their first job as a stepping stone in their career journey. Policymakers are moving in the right direction by promoting multiple pathways, lifelong learning, and industry collaborations. Further progress can be achieved through collective ideas, feedback, and real-world experiences.