TAKEAWAYS
Many Singaporeans are worried about being retrenched. The government recognises this, and has introduced a SkillsFuture Jobseeker Support Scheme to support the involuntarily unemployed.
As artificial intelligence (AI) adoption accelerates, job displacements may increase as companies focus on business restructuring and automation.
For retrenched individuals, the impact can be destabilising. When one is retrenched, the knee-jerk reaction is to immediately secure another job. The urgency is understandable – losing a job feels like losing a piece of one’s identity. For family breadwinners, this need is amplified by financial responsibilities.
Although unwelcome, retrenchment may present an opportunity for people to find a career that fulfils them.
Those who are employed may be in a job that does not fulfil them. Employees in Singapore are the unhappiest workforce in Southeast Asia, with nearly one in five indicating they were unhappy at work, according to a July 2024 report by Jobstreet and Jobsdb by SEEK.
Finding a fulfilling career requires careful deliberation and intention-setting. This is difficult when one is employed. When employed, we’re often in survival mode. Caught in the grind of urgent tasks, we have little time to pause and ask, “What do I truly want?”
Retrenchment may offer the downtime for deliberate decision-making. High-performing individuals emphasise the importance of mental space in making strategic decisions. For example, Bill Gates famously takes a “think week” each year to step away from daily demands and focus on the big picture.
Instead of rushing into “what’s next” mode, those who have lost their jobs may want to take some time to recharge and reset, whether it’s rediscovering hobbies, spending quality time with loved ones, or simply taking a rest. Before tackling big decisions like deciding on your career goal, focus on recharging and refilling your cup.
A global Gallup study found that individuals who used their strengths at work were six times more likely to be engaged at work, and three times more likely to report excellent quality of life.
My client, a former accountant, felt drained and unfulfilled despite being competent in his role. A deep dive revealed his energy came from big-picture thinking and entrepreneurial ideas – strengths his role didn’t give him the opportunity to utilise. With this knowledge, he started a side hustle offering business and finance consulting to startups. He has since turned this into a fulfilling business.
To uncover your strengths, ask yourself, “What do you learn easily?”; “What feels like play?”; “When were you recognised or complimented?”; “What tasks leave you energised?” You can also take a strengths assessment. Profiling tools like CliftonStrengths or VIA Strengths assessments provide structured insights and helpful data points.
Often, we’re too close to our strengths to see them clearly; it’s like trying to read the label from inside the jar. So it helps to consult your friends, colleagues, or family with questions like, “What do you see as my greatest strengths?”; “What unique gifts do I bring?”; “When do you see me most energised?”
As life changes, so do our values. What mattered most early in our career may not hold the same weight now. Retrenchment offers a chance to reflect on our values.
After working with me to clarify his values, a hospital operations manager realised his passion lies in teaching. With this understanding, he secured a new role as an adjunct professor. His career trajectory shows that by understanding your values, you can evaluate opportunities that align with the life and career you want to build.
Your strengths and values give you clarity on what to look for in your next role. Together, they form a career compass to guide your decisions and strategise your job search.
From my conversations with hiring managers in technology multinational corporations (MNCs), a pattern has emerged – the influx of job applications polished with AI tools – resulting in CVs that look perfect on paper. An Asia-Pacific director in a tech company once shared with me his frustration, “Many CVs seem like a great fit at first, but when we ask situational questions, candidates struggle to articulate their value.”
Hiring managers can see through polished resumes when candidates falter in deeper conversations. This highlights the importance of knowing your strengths and being able to communicate them confidently and genuinely.
To stand out, show up authentically. Craft your own career stories of challenges you’ve overcome, successes you’ve delivered, and the unique value you bring. Connect to the goals of the company you are interviewing at, by articulating how your experience aligns with the company’s needs. When you can articulate your worth, you differentiate yourself in ways no AI can replicate.
Although retrenchments are rife, new jobs are being created. According to the Ministry of Manpower’s Q4 2024 labour market report, the number of employed residents – referring to Singapore citizens and permanent residents – grew by 8,800 in 2024, reversing the decline of 4,600 over the previous year.
This shows that the challenge in securing a job does not lie in the scarcity of jobs; rather, it lies in the ability to pivot to where the opportunities are, and to adapt to market realities.
Retrenchment can be an opportunity to rewrite your career story. What will your next chapter say?
Goh Shu Yi is Founder and Principal Consultant, The Strengths Co.
© 2024 Institute of Singapore Chartered Accountants
