A majority of Singapore business leaders are likely to address their talent shortages by redeploying the workforce through internal transfers, according to the 2023 Future Jobs and Skills Report by NTUC Learning Hub.

More than three quarters, or 78%, said they’d use this method, according to the report which also found that 81% of business leaders find it difficult to fill job roles due to a talent shortage. That’s up from 78% in 2021, and 72% in 2020. The report did not show 2022 figures.

“The rise of Industry 4.0 alongside the digital, care and green economies is reshaping industries and resulting in intense competition for top talent,” said Sean Lim, chief human resources officer at NTUC LearningHub, in a press release. When employers redeploy their existing workforce, however, they may be able to take advantage of government funding programs that can help them “reskill or upskill their existing employees to take on new and/or redesigned job roles.”

The survey also showed that 77% of employees are open to exploring new job roles within their organisations. An overwhelming 91% of employees express a strong desire for increased support from their company to help them upgrade their skills.

Furthermore, the survey indicates that over three in four business leaders (18% very likely, 55% somewhat likely) plan to increase their organization's training budget.

“By fostering a culture of continuous learning, companies can ensure their workforce remains agile, capable and prepared for the challenges and opportunities of tomorrow,” Lim said.

NTUC LearningHub, a provider of continuing education and training, conducted the survey, which included 650 working professionals, encompassing employees and business leaders in Singapore.