A fast-evolving startup landscape has drawn a significant number of investors, such as venture capitalists, private equity companies, and ultra-high-net-worth individuals, to Singapore from around the globe.

The island nation’s strategic geographical location, world-class infrastructure, and conducive business environment have contributed to this accomplishment, turning it into one of the most preferred destinations. The government has been actively supporting the local startup ecosystem through various initiatives such as grants, tax incentives, and co-investment schemes.

The growth of the local venture capital (VC) landscape over the past few years has been particularly inspiring. Singapore now has over 1,100 VC funds from Asia, Europe, and the US, supporting startups and young entrepreneurs working in verticals, spanning e-commerce, fintech, biotech, artificial intelligence, Web3, blockchain, climate tech, and sustainability, among many other industries.

This spectacular growth has kindled local students’ interest in the VC investment space. Students are now keen to pursue a career in VC and take direct entry into the VC world. However, navigating the VC landscape and establishing a name for oneself is easier said than done because of the complex nature of the industry. One needs to possess the proper skills, knowledge, and experience to make sound judgments, pick promising startups, and take calculated risks while investing in a startup.

But this does not come easy.

Fortunately, several local universities and colleges in Singapore have come forward with a solution to address this challenge by offering courses and programs focusing on venture capital, entrepreneurship, and innovation. The aim is to equip students with the right skills to succeed in VC. It also aligns well with the nation’s goal of becoming a true startup nation.

Also Read: Startups in Singapore raise US$121M over 12 rounds in Sept: Tracxn report

NUS and SMU leading from the front

Singapore’s universities have long been actively fostering entrepreneurship and innovation among students. They have produced several highly successful student startups, such as Carousell, ShopBack, and PatSnap, and they grew big, raising multi-million dollar investments from regional and global VCs.

Among the universities offering VC and entrepreneurship courses are two premier institutions, the National University of Singapore (NUS) and Singapore Management University (SMU).

The NUS offers an undergraduate course in VC and private equity that covers topics such as deal sourcing, due diligence, and portfolio management. In addition, it has set up the NUS Entrepreneurship Centre and the NUS Overseas Colleges program.

Similarly, the SMU offers the Business Innovations Generator (BIG) programme, which provides students with mentorship, funding, and access to resources to help them develop and launch their start-ups. Besides, its entrepreneurship and VC courses provide opportunities for students to gain hands-on experience through internships and other experiential learning programs.

Apart from these, many other tertiary institutions provide programs, resources and opportunities for students to connect with prominent venture capitalists and entrepreneurs in the island nation. For example, some universities host events and conferences that bring together entrepreneurs, investors, and students.

These meetups allow students to network, learn from industry experts, and gain valuable insights into venture capital. Other than these, there are institutes that help students enter the VC world by providing access to funding and mentorship.

Also Read: Navigating wealth management: The emergence of new family offices in Singapore

Some universities have gone a step ahead by setting up venture funds to support early-stage companies founded by students and alumni. Protégé Ventures and NUS Alumni Ventures are two shining examples.

Launched in 2017, Protégé Ventures is Southeast Asia’s first and Singapore’s only student Venture Capital (VC) fund. A sector-agnostic fund, this SMU-backed fund invests in early-stage tech startups founded by students or recent graduates raising their pre-seed to seed rounds. In addition to helping student entrepreneurs build scalable ventures, it also trains the brightest young minds to be VC-ready.

To date, Protégé Ventures has backed ten startups that have collectively raised over SG$35 (US$2.21) million from notable institutional investors. Protégé Ventures also recently announced the launch of their second fund at the Lee Kuan Yew Global Business Plan Competition in September.

On the other hand, NUS Alumni Ventures – established in 2020 – is Southeast Asia’s first student alumni-run angel investment network. It is a community created by NUS students and alumni that seeks to strengthen the NUS and Southeast Asia startup community by fostering relationships and support amongst students, entrepreneurs and investors.

These two funds provide students with the financial support required to get their businesses off the ground and access to mentorship and guidance from experienced entrepreneurs and investors.
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During the COVID-19 pandemic, the demand for these two funds grew significantly, with a 60% rise in applications.

All these initiatives point to the fact that tertiary institutions play a crucial role in helping students enter the world of VC in Singapore. As it gains momentum and the industry continues to grow and evolve, students should be able to get easy access to the knowledge, skills, and resources required to succeed in this industry.

With the right guidance and support, the next generation of venture capitalists in Singapore is poised to make a big impact on entrepreneurship and innovation.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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This article was first published on October 26, 2023

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Look up “Interpreneur,” and Google will ask if you meant to search for “entrepreneur.” But, in fact, it’s not a typo. The word “Interpreneur” is a new term that we created based on our research on international expansion and global scaling for our book, Global Class. It’s exactly the type of person your organisation needs to hire and is the catalyst for global success for many companies.

Interpreneurs, as in “inter,” from the word international, and “preneur” evoke the mindset of today’s business innovators. Interpreneurs are defined as, “someone who has the global mindset to interpret culture, the agile mindset to overcome obstacles with creative solutions, and the company mindset to sustain support and buy-in to get things done, taking a vision and bring it to the world.”

Here’s why hiring Interpreneurs are essential.

Benefits of hiring Interpreneurs

Interpreneurs have the ability to translate successful business models to global markets, a key to achieving international scale. They recognise global business opportunities, rally the team around scaling internationally and contribute to the organization’s adopting and maintaining a Global Class mindset. They achieve this by:

• Taking the complex process of scaling and framing it in the positive, communicating the ROI, and getting buy-in while advocating for competing for budget items

• Being extremely effective at listening and learning

• Not limiting their connections within their own borders, a mindset that is well-suited for distributed work

• Becoming drivers of new ideas and innovation by embracing diversity in thought and experience

Also Read: The 5-part agile leadership guide that will make you a better business leader

In short, Interpreneurs are an evolution of the agile innovators of today, who operate within a distributed workplace that is becoming increasingly global.

Where to find Interpreneurs

Interpreneurial skills can be hard to find, namely because the community of these global-minded professionals has been disconnected and scattered across the globe. With the rapid adoption of virtual and distributed work, Interpreneurs will be in demand as companies adopt the Global Class Mindset. This community of business leaders will become more connected.

So, how do you find an Interpreneur to join your team?

When you interview prospective employees, ask them questions that showcase their cultural awareness (or, as we call it, “Cultural EQ”) and the ability to navigate new cultural environments.

You should also look for people that are already within the company and start developing the interpreneurial mindset in their talent pipeline development. As an example, Amazon and Shopify now include international experience as essential in their conversations about the promotion of senior leaders and in building a talent pipeline.

Characteristics of an Interpreneur

An interpreneurial mindset involves having certain attitudes, beliefs, and expectations that create the foundation of who they are and how they lead and interact with others. To further emphasise the importance of these mindsets as the driving component of everything Interpreneurs do, we created this visual.

The combination of the three mindsets is represented as a pyramid.

• Starting at the base: an Agile (Entrepreneurial) Mindset, defined as “resilience and ability to overcome obstacles with creative solutions.”
• Then layered on top: a Company (Intrapreneurial) Mindset, defined as “able to sustain support and buy-in to get things done.”
• Finally, at the apex is the Cultural Mindset, encapsulating and building on a foundation of the other two.

The cultural mindset is a combination of cultural consciousness, cultural curiosity, cultural sensitivity, and Cultural EQ, the latter being when cultural intelligence meets emotional intelligence, granting the ability to understand and empathise with other cultures.

This cultural mindset is the key ingredient Global Class Companies use to scale globally because it includes the ability to develop the understanding and empathy necessary to localise a business for a new market. Combined, these three mindsets are the interpreneurial mindset.

In summary, Interpreneurs take a vision (theirs or someone else’s) and bring it to the world. Now that you understand the importance of Interpreneurs and the qualities they possess, the next step after hiring or identifying them is to empower them by providing the trust, freedom, and resources they need to be successful.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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This article was first published on October 21, 2022

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Time and time again, research has shown that the hiring process is biased and unfair. Factors like unconscious racism, sexism, and ageism, even the weather on the day of the interviews can influence hiring decisions.

Another study on decision-making in the United States showed that different judges presiding over identical cases meted out varied sentences. While the average sentence was seven years, identical cases had a four-year sentence disparity, the difference between a five-year and nine-year sentence.

Therein lies the flaw in human judgement. We are unable to exercise objective decision-making due to the existence of noise and the unwanted variability in professional judgments of the same problem.

Where there is noise, there is bias and more than you think

Recently, we had the honour of having Olivier Sibony, co-author of Noise: A Flaw in Human Judgement and Senior Advisor to Qualgro, speak on noise and bias at our Qualgro Symposium

Noise exists because of the existence of various factors. These include cognitive biases, group dynamics, mood, stress, fatigue, and differences in skill and taste between assessors and decision-makers.

Bias is one part of the error equation. The other is what fellow researchers in the field term ‘noise’. Noise is the “unwanted variability in human judgements of the same problem”, and it is just as problematic as bias.

Also Read: Building a diverse and inclusive workplace sidestepping tokenism

Such variability leads to injustices, varied hazards, and multiple kinds of costs. Biases can shape a company or industry’s culture and norms if left unchecked. Other research has found this prevalent in various fields, from military intelligence analysis to actuarial science and virtually every industry imaginable, even one as critical as medicine.

The error equation

According to Sibony, errors can be mathematically calculated. Without getting too technical, this essentially means that the combination of both bias and noise leads to making errors, and the reduction of either has an equal impact on reducing error.

Bias and noise exist virtually everywhere, and technically, the only way to eliminate them both is to remove the use of human judgements. However, this is not tenable for myriad reasons, especially since the human element still matters in many areas concerning people (e.g., a medical diagnosis).

Noise and bias in business

As a result of noise and bias, professionals in critical industries can make important and even outrageous errors. You can see these errors of judgement in areas such as recruitment and human resources, marketing, and even when choosing which companies to invest in.

For example, a popular method of judging candidates and hiring them is based not on objective data but on the gut instinct of the interviewer. Unfortunately, such decisions can lead to bad outcomes and incur extra costs for the business.

The next best thing would be for humans to learn how to reduce errors in their decision-making, especially with cognitive biases.

Decision hygiene factors

How exactly do cognitive biases and noise affect entrepreneurs, and more importantly, how can we reduce decision-making errors within the business landscape?

Sibony references decision hygiene factors, a matrix comprising four noise prevention techniques to help make better judgements and decisions.

• Aggregate

In some specific situations, a diversity of input can be useful in the decision-making process, so long as the inputs are independently derived. aggregating independent inputs and then averaging them out would statistically reduce noise.

• Use relative measures, not absolute

Chances are, when people describe things or situations, they will use the same terminologies despite meaning different things. This can be problematic if two people use the word “great” to describe what sort of potential investment needs to have, but  Person A means 30 per cent while Person B means it is in the seven per cent.

Also Read: Why we cannot talk of diversity without inclusion

Since absolute measures can be ambiguous, it would be better to rank or measure items or situations against others. For example, before deciding to invest in a start-up that, say, sounds great on paper, compare them to other start-ups similar in scale and size for their relative performances.

• Structure your judgements

Break judgements down into separate components or dimensions and use quantitative and objective measures to assess and/or analyse sub-components of the judgement you will be making, and score them against a frame of reference.

For example, you can structure an interview process to have several stages where specific competencies are assessed (such as through scoring) and compared to other candidates similar to them (relative measuring).

You can then aggregate independent inputs and average their score or performance.

• Keep intuition at bay

Humans are generally susceptible to cognitive biases such as selective attention, confirmation bias, and selective recall.

This can make you over-focus on some types of information and overlook other relevant ones, leading to terrifying outcomes. Just ask Brandon Mayfield, who was wrongly detained for the Madrid bombings.

“The key point here is that you don’t want to know what you don’t want to know,” quips Sibony, “knowing too much, even accurate information, can mislead you”.

Manage the information process to make it difficult to form an intuition too early. Although it is tempting to engage in intuitive judgements, early use of intuition only serves to add more noise.

Final thoughts

Indeed, many people think they are very objective and impartial, especially when their professional judgements are solicited. However, as illustrated, erroneous judgements and decisions can lead to disastrous consequences.

As executives, the company and the organisation depend on not just the knowledge and experience but, more importantly, the sound judgement and decision-making skills of executives.

It pays to be cognisant of how we may stumble at different stages and work towards strengthening noise-prevention efforts for the health and success of the organisation.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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This article was first published on September 15, 2022

The post Avoiding costly mistakes: How cognitive biases can affect entrepreneurs appeared first on e27.

Technology has become such an integral part of the way organisations operate, and because of this, the tech industry faces a huge skills shortage. So much, so that big pay packets are offered to those with the most in-demand tech skills – usually men.

Additionally, high female representation in hard-hit industries like healthcare, hospitality, retail and tourism, the role of women as caregivers and the compounding effect of the gender pay gap have meant that women have borne the brunt of the global pandemic.

A study conducted by Boston Consulting Group and Singapore’s Infocomm Media Development Authority indicates the tech sector is making progress in diversity, but advances must continue to accelerate as women make up 28 per cent of the sector workforce worldwide. South-East Asia (SEA) is leading the change where women account for 32 per cent of tech talent in this sector.

While 32 per cent might seem significant, in reality, only a small percentage of SEA tech startups have female Founders or Co-Founders. It’s the same in the US, women make up 17-20 per cent of CIOs in large companies and 27 per cent of IT managerial roles.

The tech talent crisis

Research has shown that women place a higher value on careers that involve helping and working with other people, collaboration and problem-solving. This perhaps explains why women are drawn to tech, engineering, and STEM careers and the higher salaries these roles pay.

Studies indicate that there is a growing awareness that action must be taken on gender diversity within technology companies. While women’s participation in science, technology, engineering, and mathematics (STEM) education has been increasing, the gender gap remains high, meaning suitably skilled women technology workers are not entering the sector.

Also Read: Gina Romero’s quest of unchaining women through AI and digital tasks

This skills shortage is particularly noticeable in the field of cybersecurity, where cyber-attacks and threats are becoming more frequent and detrimental. According to the (ISC)² Cybersecurity Global Workforce Study 2021, there are 2.7 million unfilled cybersecurity positions worldwide. The (ISC)² also estimates that three-quarters of cybersecurity professionals are still men.

Considering a cyberattack could potentially disable the economy and critical infrastructure of a city, state or entire country, this is one sector that requires an injection of talent to defend networks and improve cyber resilience. Cybercrime is expected to cost the world US$10.5 trillion annually by 2025. Threat actors and hackers know the sector is globally understaffed and underprepared.

What can organisations do?

By encouraging and increasing the number of women we recruit into technology and cybersecurity fields, we can harness the power of a more diversified workforce in this industry to help combat mounting cybercrime.

Cybersecurity is akin to medicine with generalists and specialists. Until now, the field of cybersecurity has focussed more on the technical side with roles requiring specialist technical expertise.

Organisations should be looking to attract or retain more women in tech (in this case, specifically cyber), which pays higher salaries and will, in turn, reduce the gender pay gap.

Also Read: Women of Web3: Top women contributors tell us all we need to know about Web3

Research proves diverse teams perform better. Individuals from different ages, backgrounds and genders provide different perspectives, which ultimately drive innovative solutions. Cybercriminals also have a wide variety of backgrounds and experiences, the wider variety of people with broad experience working in this space, the better our chances of improving our cybersecurity posture.

Look for women with transferrable skills outside the IT department

What’s missing is the expertise that can be found outside the IT department. Expertise such as organisational change management, learning and development, business intelligence, stakeholder management, communication, situational awareness, emotional intelligence and business partnerships, to name a few.

Pay women fairly and promote women

Before looking outside for talent to complement the existing IT department, companies should be looking within. The abovementioned skills can be found among employees already working in areas such as Human Resources, Communications, and Marketing.

Provide women with training and clear career paths

Many women already working in STEM face distinct barriers to succeeding in the field, including a lack of mentorship, role models and training. There is bias in the workplace, with only 24 per cent of women working in cybersecurity. There is also a huge gap in women in leadership positions within cybersecurity. On more than one occasion, I have seen women who are as capable as their male peers (sometimes with more experience than them) be overlooked for leadership roles.

Businesses have a role to play in ensuring that as well as being paid equally, women are equally represented in leadership positions, are supported in their work lives, and there are fair policies, flexibility and parental leave.

Partner with educational institutions to mentor women early in their careers

There needs to be a concerted effort to make technology and cybersecurity professions more enticing to young women and girls to help address the gender balance.

STEM must become more available to girls early in their school curriculum, and cybersecurity needs to become more accessible. The latter requires more understanding and opportunity at a grassroots level to not only level the gender playing field but to address a rapidly growing skills gap.

One thing we can do as women in the industry is to mentor young women early in their careers, which makes access to the industry more inclusive and far less daunting. This is necessary not only to make women feel like the technology industry is a good fit for them but to give them more confidence when it comes to salary and role negotiations.

Women are increasingly finding their footing in the technology sector, but there remain legacy issues that should be dealt with today to eliminate gender from every conversation.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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This article was first published on October 4, 2022

The post Why it’s time to hit ‘refresh’ when it comes to addressing the gender diversity gap in the IT sector appeared first on e27.

With the ongoing news of global tech startups laying off thousands of employees, such as Stripe last week, markets are recalibrating what makes an organisation valuable. At NewCampus, we’ve studied, partnered and worked with companies over the past eight years. We are continually observing how mature their talent management strategies are.

My two cents? The best-developed talent management strategies are often companies that are going through a horrible economy or bad business cycle. With maximum attrition and an economic recession crashing into each other, companies can have trouble assessing how they can balance their talent needs.

HR leaders need to balance the competing realities of the Great Resignation and an economic slowdown, which could necessitate furloughs and cost-saving measures, that would impact employees. Rather than hiring before the demand, leaders looking for future employment must balance current needs against the talent available, while trying to avoid overcorrection in an environment in which a talent shortfall continues to threaten operations.

Also Read: Why a recession is a good time to start hiring globally

As such, they keep hiring focused on critical skills and jobs. Today’s job seekers know that companies are struggling to hire and retain employees, believe that they have a chance to show off their qualifications, and they expect more dedication than ever before in terms of personal well-being and career advancement.

Different strokes for different industries

Leaders looking for the future are understanding and taking into account the ways that the downturn will affect their industries, customers, and employees, including implications for sales, manufacturing, distribution, and hiring.

Crypto and fintech companies scaled quickly in the bull market; now it seems education and health care are thriving in the bear. Every company and organisation is different and should react with a variety of strategies to a recession.

If the general economic decline is impacting your customers, it is important that you know about it early on so that you can adjust your company’s operations in different directions. Consider the downturn of your company as an opportunity to focus on your core competencies, reinforce your talent programmes, uncover weaknesses, and reimagine your business.

The good news is there are strategies, tested and proven, that can help an organisation cope with the economic realities of the recession, maintain its employer brand, and respond to the skilled workforce shortage.

Those employers who had one before the downturn struck would be much better placed to tackle the challenges of managing talent. The future of talent management will depend on being able to be more tactical about downsizing and be more selective about hiring.

With the looming downturn, the technology talent market could go from crazy to rolling, but this is no time to retreat from best practices firms have built up to build more adaptable organisations to the demands of the business.

Downturn mindset

To maintain their talent strategies intact in the face of economic slowdowns (or even perceived ones), hiring organisations need the right technologies.

In times of economic upheaval, effective recruitment and retention strategies will make companies much more attractive to candidates than their competitors and will ensure they have the necessary human capital to sustain a high-performance level during future upheavals and recessions.

Companies will want to have optimised, fair, transparent hiring processes that instil trust in candidates and accurately forecast future performance. Indeed, although it is increasingly difficult to recruit quality employees, demand continues to grow, and this is particularly true in the tech sector.

More importantly, companies are now in a position to recruit those engineers and computer science professionals that have been laid off by the technology industry because they are starting to seek stable job opportunities.

While it is true we are still in a labour shortage, we are starting to see large-scale layoffs across tech sectors. While we are seeing some companies experiencing layoffs and hiring freezes, this does not necessarily mean the talent shortage is going to go away right away.

In fact, it is not like startups, and tech companies are going to completely stop hiring in this period. They will have to be extra careful about hiring the right candidates for the right roles.

More importantly, startups and technology companies will not throw money and unlimited benefits at candidates, nor can they afford to retain poor candidates whose mediocrity goes undetected during times of economic success.

Back to fundamentals

Leading tech organisations will instead be putting high-skilled technical talent to work, with an emphasis on creating differentiated value for customers and shareholders. What is critical here is that companies must not be less invested in developing their critical core talent.

Such tools would allow companies to recruit the best technical talent on predetermined timelines or for particular projects, meaning companies could affordably ramp up, then back down, when needed in times of economic uncertainty.

Also Read: Hiring made easy: How to survive the talent war against tech behemoths? 

These tools include complex assessments of employees, guidelines requiring hiring managers to look in-house before going outwards in search of talent, and opportunities to perform retraining/upskilling specific to the position.

Again, leading employers are showing us the way toward these new kinds of mindsets, embedding a series of key strategies at the heart of their talent management functions. Increasingly, top companies around the globe, the ones who have managed to retain strong employer brands irrespective of economic conditions, have begun demonstrating an entirely different, future-oriented strategy to manage the economic downturn.

Final thoughts

One thing’s for sure; while talent strategy is a perennial theme, deliberate, strong human resources initiatives are frequently pushed to the back burner during times of economic upheaval. In HR, uncertainty seems to be one of the biggest challenges sapping our judgements in the area of talent management: recruiting, succession, etc.

Having a plan tied to the needs of your business, revising that plan, and working from a plan is the best way HR leaders can make sure that they are recruiting, using, and retaining top talent that will help them weather economic storms.

Leaders, HR, line managers, and talent managers must lead their people leaders with eyes toward the future, ensuring they have the skillsets the organisation needs tomorrow, protecting the intellectual capital, keeping its key talent, and developing them to meet the aspirational needs as soon as the economic downturn ends.

While protecting your organisation from the unknown is essential, you must also fill the ranks of your staff with bright minds who will sustain your business during the economic instability.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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This article was first published on November 14, 2022

The post Managing talent in an economic downturn appeared first on e27.

As the older generations start to age out of the market, whole new sets of workers are starting to enter. These new, younger workers have different expectations, different wants, and different desires for a job.

Today, workers 18-24 change jobs an average of 5.7 times. This is a dramatic difference from the two to three changes those of the older generations would make.

When it comes to differences, that’s just one of many. Another very large change is the growing popularity of remote work. The COVID-19 pandemic and the lockdown that followed brought remote work into popularity out of necessity. Although years later, people still show a massive preference for it. 32 per cent of knowledge workers have gone as far as to quit their job because it wasn’t remote. 

61 per cent would go as far as to switch jobs if they were offered a remote alternative. Overwhelmingly workers today prefer flexible, digital work. It’s not surprising either, and remote work leads to more family time, more savings, and less hassle. In response, jobs are moving in this direction. Although that is just one way in which employers are changing to adapt to the new workforce.

Changes in culture

Many of the other most prominent changes involve changes in culture. While older generations enjoy strong competition and moving up the chain, that is no longer the case. Modern workers tend to have a much stronger preference for cooperation and affirmation. A workplace with strongly bonded teams and a lack of hierarchy are becoming more popular.

Also Read: How OppTy aims to save time and change the recruitment game forever

Another cultural shift is the move towards the wellness of employees. Sitting down and grinding away for ten hours in gruelling conditions isn’t as accepted as it used to be. Instead, workplaces designed for comfort, with realistic breaks and even perks, are much more popular. 

Remote work at its peak

Moving away from culture, small businesses are gaining popularity after their downfall. This comes as a side effect of the growth in remote work. Removing the costs of big business while operating digitally gives smaller businesses a chance to really specialise and flourish. 

Remote work at large promotes more original and diverse ideas. The possibility of hiring people across different states, regions, or even countries brings new perspectives. People are now valued for their originality instead of being punished for it. These are all just a few of the trends that are taking place in higher-wage knowledge-based industries.

Job-market roundup

This is important to mention. While these changes can be really positive and prominent, they’re not happening on every level. In fact, they’re not even happening in the fastest-growing job markets. Out of the 10 fastest-growing job markets, six make less than US$32,000 a year. These are jobs like waiters, fast food employees, packagers, and menial lower-skilled labour. 

Jobs like these are not really seeing many of these cultural changes. The industry is too brutal and unforgiving to allow it. Even when looking at the four jobs that do make more than US$32,000, not all would see these changes. Nurses, for example, are in a similarly high-stress, unforgiving industry.

Luckily the other three jobs, software developers, general and operations managers, and market research analysts, do benefit from these changes. This is generally positive, but the question arises, if most people aren’t benefiting, what can be done? Luckily there are some universals. 

Also Read: How Recruitery plans to help people who affected by tech layoff

Universally more creative, well-rounded, emotionally competent employees are desired. The job market is moving towards a more wellness-based, cooperative place, just more slowly for some. Technology is looking to be the great unifier in this respect, slowly creating more opportunities for creative work. Although inevitably, some people will be left behind.

This puts those looking to enter the job market today in an interesting place. The set of skills required and expectations can vary wildly depending on what field one enters.

Final thoughts

What should new workers be trained for? More soft skills to be well-rounded, or more direct skills to be able to simply get a job?

Unfortunately, there is no clear answer to the question. What is clear is that things are changing and that regardless of what industry one occupies, one should be prepared. This doesn’t mean completely changing one’s expectations. It doesn’t mean fundamentally trying to revamp one’s resume and skillset. It just means keeping an eye on what changes are occurring and making sure not to swim against the flow.

There are countless ways in which the world is changing today, but few are as important as the job market.  Unemployment globally fluctuates, it never tends to get too high or too low. What does dramatically shift in work culture and having a job mean? The factory workers of the 1800s had an experience incomparable to workers today. Workers in the year 2080 may be able to say the same thing.

 The difference is there is the power to know about the shifts and to adapt. Knowledge is power, and everyone has the chance to be knowledgeable. This is the number one power of the job market today. 

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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This article was first published on December 30, 2022

The post The future of job market: Dramatic changes and cultural shifts appeared first on e27.

Have you ever thought of using AI tools like ChatGPT to help you score interviews and secure a job?

If you haven’t, it’s not too late! With these eight tips, you can get ahead of other job seekers by streamlining your job search and preparing with confidence.

Refine your resume and cover letter

Use ChatGPT to review and improve your resume and cover letter by focusing on relevant keywords and tailoring them to each job description.

Prompts:

• Help me tailor my resume for a [specific job title] at [company name], focusing on [skills].
• Rewrite my cover letter for a [specific job], making it more compelling and relevant to [specific field].

Prepare for interviews

ChatGPT can simulate mock interviews and help you practice answering common interview questions or industry-specific ones.

Prompts:

• What are the most common interview questions for a [specific job title] in [industry], and how should I answer them?
• Can you simulate an interview for a [specific job title] role, asking both technical and behavioural questions?

Research companies

Get a detailed overview of the company, including its culture, values, and recent news, to tailor your application or prepare for interviews.

Prompts:

• What are the core values and recent developments at [company name]? How can I align my application to fit their culture?
• Can you summarise any recent news or major projects at [company name] that I should be aware of before my interview?

Discover new job opportunities

ChatGPT can suggest job boards, industry-specific platforms, or networking tips to uncover hidden job opportunities.

Prompts:

• Can you recommend niche job boards or websites where I can find opportunities for [specific job title] in [industry]?
• What are some emerging companies in the [specific industry] hiring for [specific role] that I should explore?

Also Read: Is ChatGPT taking over financial management?

Negotiate salary and benefits

ChatGPT can help you develop a strong strategy to negotiate salary and benefits based on industry benchmarks.

Prompts:

• What is the typical salary range for a [specific job title] with [X years] of experience in [location]?
• How can I negotiate for better benefits in a [specific industry] role after receiving a job offer?

Craft personalised follow-up emails

After an interview or meeting, use ChatGPT to draft a professional and engaging follow-up email.

Prompts:

• Can you help me draft a professional follow-up email to thank the interviewers at [company name]?
• Write a follow-up email for me to check the status of my job application at [company name].

Expand networking skills

Get advice on how to network effectively, including how to approach professionals on LinkedIn or during industry events.

Prompts:

• What’s a good LinkedIn message template to introduce myself to a recruiter for a [specific role]?
• How should I reach out to industry professionals to ask for an informational interview about [specific job or industry]?

Find the right keywords for applications

ChatGPT can analyse job descriptions and extract the most important keywords that you should include in your application materials.

Prompts:

• Can you analyse this job description and highlight the most important skills and keywords for a [specific job title]?
• What keywords should I use in my resume to align with the job posting for a [specific job title] at [company name]?

These strategies and prompts can greatly enhance your job search, helping you stand out and be more prepared at every step.

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Image credit: Canva Pro

This article was first published on November 15, 2024

The post 8 tips to maximise your job search using ChatGPT appeared first on e27.