Singapore tops list of APAC countries in new study on talent adaptability
New research by professional services network PwC, reveals that the inability for people to retrain for new skills or switch industries is costing Singapore $280 million in lost productivity.
It also leads to businesses wasting huge sums on avoidable recruitment costs.
For the 11 markets analysed in the research, commissioned by LinkedIn, the total could be as much as $188 billion in both lost productivity as well as avoidable recruitment costs.
The study, Adapt to Survive, for the first time analyses millions of interactions from LinkedIn's network of 277 million professionals, of which more than one million are in Singapore, and information on 2,600 employers from PwC's database.
Each market is assigned a Talent Adaptability Score based on five key behavioral factors, such as the average number of times professionals in that market switch industries, the average number of different positions held in a professional's career, and the average number of internal promotions in that market.
And Singapore ranks joint 4th with a a score of 75 - on par with the United States.
Netherlands ranks first with a score of 85.
But Singapore ranks first in the Asia Pacific, ahead of countries such as Australia, India and China.
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