Technology is key to uplift wholesale trade sector and transition workers to higher-value roles, but skills gap remains

• More than nine in ten wholesale trade leaders agree (31% strongly agree, 64% somewhat agree) that emerging sector trends such as increasing digitalisation (52%), and emphasis on sustainability in whole trade processes (43%) will potentially lead to the creation of new job roles and the redesign of existing ones.
• Nearly all wholesale trade leaders believe that technology is important (48% very important, 48% somewhat important) for strengthening the resilience of wholesale trade operations, and agree (28% strongly agree, 70% somewhat agree) that technology adoption in the sector will lead to employees transitioning to higher-value job roles. Among the most coveted job roles include logistics coordinator (49%), operations executives (32%), IT specialists (29%) and data analysts (29%).
• Although almost all wholesale trade leaders reveal that their organisation have adopted technology in its operations to a certain extent (8% large extent, 48% moderate extent, 43% small extent), challenges remain, which include the costs of implementing new technologies (67%), job restructuring (51%) and employees' skills gap (47%).
• However, only less than half of business leaders report that they often (10% very often, 34% quite often) send employees for training, citing disruption to day-to-day operations (66%), employees' unreceptiveness towards attending (59%), and lack of budget for learning and development (52%) as the key barriers.

SINGAPORE, Aug. 1, 2024 /PRNewswire/ -- In light of emerging trends in the wholesale trade sector, including increasing digitalisation (52%) and an emphasis on sustainability in wholesale trade processes (43%), more than nine in ten wholesale trade leaders agree (31% strongly agree, 64% somewhat agree) that new job roles will be created while existing ones will be redesigned.

Almost all wholesale trade leaders agree (28% strongly agree, 70% somewhat agree) that technology adoption will lead employees to transition to higher-value job roles. Among the most coveted job roles include logistics coordinator (49%), operations executives (32%), IT specialists (29%) and data analysts (29%).

However, while almost all leaders reveal that their organisation have adopted technology in its operations to a certain extent (8% large extent, 48% moderate extent, 43% small extent), challenges remain such as the costs of implementing new technologies (67%), updating and maintaining technologies (62%), integration with existing systems (59%), job restructuring (51%) and employees' skills gap (47%).

Furthermore, only less than half of business leaders report that they often (10% very often, 34% quite often) send employees for training, citing disruption to day-to-day operations (66%), employees' unreceptiveness towards attending (59%), lack of budget for learning and development (52%) as the key barriers.

These are some of the key findings from NTUC LearningHub's recently launched Industry Insights Report 2024 on Wholesale Trade, which explores the current landscape of the wholesale trade sector, focusing on how technological advancements, sustainability, and supply chain disruptions are reshaping the sector. Based on a survey of 157 wholesale trade leaders, and interviews with industry experts, the report also investigates sentiments towards hiring, training, in-demand skills, and professional certifications.

Nearly nine in ten wholesale trade leaders consider industry-recognised certifications important (42% very important, 46% somewhat important) when hiring employees for the sector, where they consider skills like inventory management (57%), adaptability and change management (54%), effective order fulfilment (54%), technology adoption in supply chain (50%), and vendor management (49%) as vital for employees to possess.

According to business leaders, the top technologies currently adopted in the wholesale trade sector include Internet of Things (86%), warehouse management systems (72%), supply chain management software (62%), customer relationship management software (55%), and digital marketplace/ e-commerce integration (42%).

Besides technology, most wholesale trade leaders also believe that sustainability initiatives contribute to enhancing the resilience of wholesale trade supply chains to a certain extent (14% large extent, 41% moderate extent, 38% small extent) with the most widely adopted sustainability practices in the sector including waste management (61%), energy efficiency (60%), sustainable logistics (44%), sustainable procurement (25%), and sustainability reporting (22%).

Commenting on the report findings, Tay Ee Learn, NTUC LearningHub's Chief Sector Skills Officer, says, "The Covid-19 pandemic underscores the critical role of supply chain management in ensuring businesses are resilient and nimble enough to weather unprecedented events. Given that wholesale trade is the largest service sector in Singapore, employers need to prioritise the upskilling and reskilling of their workforce, to transform and build new competencies in view of emerging trends in the sector. Stackable credentials pathways, such as those offered by NTUC LearningHub, can empower workers with market-ready skills that can also lead to industry-recognised professional qualifications. These skills not only equip employees with the foundational knowledge required for new roles, but also enhance their career longevity. With a highly skilled workforce, employers can in turn transform their businesses and maintain their company's competitiveness".

To download the Industry Insights Report 2024 on Wholesale Trade, please visit https://www.ntuclearninghub.com/media/research-reports/2024/Wholesale-Trade. To find out more about the courses, training, and grants, please contact NTUC LearningHub at www.ntuclearninghub.com.

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About NTUC LearningHub

NTUC LearningHub is the leading Continuing Education and Training provider in Singapore which aims to transform the lifelong employability of working people. Since our corporatisation in 2004, we have been working with employers and individual learners to provide learning solutions in areas such as Infocomm Technology, Generative AI & Cloud, Healthcare, Retail & Food Services, Employability & Literacy, Business Excellence, Workplace Safety & Health, Security, Human Resources & Coaching and Foreign Workers Training.

To date, NTUC LearningHub has helped over 29,000 organisations and achieved more than 2.6 million training places across more than 2,900 courses with a pool of about 900 certified trainers. As a Total Learning Solutions provider to organisations, we also forge partnerships to offer a wide range of relevant end-to-end training. Besides in-person training, we also offer instructor-led virtual live classes (VLCs) and asynchronous online learning. The NTUC LearningHub Learning eXperience Platform (LXP) — a one-stop online learning mobile application — offers timely, bite-sized and quality content for learners to upskill anytime and anywhere. Beyond learning, LXP also serves as a platform for jobs and skills development for both workers and companies.

For more information, visit www.ntuclearninghub.com.

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SOURCE NTUC LearningHub