Workers with advanced digital skills boost annual GDP by $62.4b: research
Seven in 10 organisations with such employees launched new products in the last two years.
Having workers with advanced digital skills, including cloud architecture or software development, does not only benefit the enterprises they belong to but the whole of Singapore, according to research by Amazon Web Services (AWS).
Based on the research, workers with advanced digital skills contribute $62.4b to Singapore's gross domestic product (GDP).
“This is attributed to the 123% higher salaries that these workers earn compared to those with a similar education who do not use digital skills at work,” AWS said.
Within organisations, advanced digitally-skilled workers contribute to higher business growth and innovation.
According to AWS, 77% of organisations in Singapore that employ workers with advanced digital skills introduced a new, innovative product in the last two years.
Whilst many organisations (88%) have available positions for workers with advanced digital skills, only a few find the talent they need.
According to AWS, 82% of organisations struggle to find the people to fill the available positions.
“A possible barrier is that 33% of Singaporean organisations prefer a bachelor’s degree, even for entry-level IT staff. However, many are starting to recognise that accepting industry certifications can ease their hiring challenges. Seventy-seven (77) per cent of employers say digital certifications or training courses are acceptable substitutes for a bachelor’s degree,” said AWS.
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