5,500 new Professional, Managers, Executives and Technicians (PMET) jobs in the professional services industry will be added each year from 2015 to 2020.
Indranee Rajah, Senior Minister of State, Ministry of Law & Ministry of Finance and Co-Chair for the Future Economy Council (FEC) Modern Services Sub-Committee, announced the initiative at launch of the Professional Services Industry Transformation Map (ITM) yesterday, Jan 24, 2018.
The ITM identified specific high-growth areas, such as data science, analytics, and artificial intelligence. These are the key digital capabilities that companies in advertising, consulting and engineering services are looking to build, according to a government press release.
The high-growth areas have spawned many new jobs which did not exist until the last few years. Existing professionals and new entrants can expect comprehensive support from the ITM.
Through the ITM, the sector is projected to post an average growth rate of 4.6 percent from 2015 to reach a value-add of S$31 billion by 2020.
“The growth will be driven by digitalization and specialized solutions,” said Ms Indranee. “To build innovation capabilities, firms and individuals must embrace new models of collaborative working, continual investment in proprietary technologies, and delivering services and solutions through different business models.”
Essentially, she emphasised, companies have to disrupt themselves before they get disrupted.
In view of the strong Smart Nation push and digital disruptions, there are also significant opportunities for strategy and operations consulting as clients embark on digital transformation projects with urgency.