Change

Question: Drawing on at least 3 forces of change transforming the world of work.

Discuss how it will affect your chosen career and adjustments you will have to
make to cope with the effect of the changes.

Answer:
The beginning of 21st century brought about many forces of change and some of
them that will affect my chosen career will globalisation and technological
change, lifelong learning and universality of education.

Globalisation: The globalisation of the world economy has created

unprecedented opportunities not only for organisations and companies but also
for individuals. Career and job opportunity are not only limited to the local
marketplace but also globally. Similarly, we are increasingly finding work being
outsourced.
Relating to my career, this meant that I will be facing increasing competition
from other countries as foreign talent will be attracted to the high pay in
Singapore. Hence, I will need to differentiate myself from these foreign talents.
One instance that I am able to do this will be to leverage on my local ethnicity
roots and appeal to them that being Singaporean; I am actually more familiar
with local accounting and auditing standards.

Technological Change: The increase in speed of technology and technological

changes and information-communication-technology (ICT) revolution has
speeded transaction and enabled real-time transaction. This has lowered the cost
of communication, travel and movement of goods and services, culminating in
the ‘death of distance’. Thus, this has help to create unprecedented job
opportunities in both the lower and management level of the labour market.

Relating to my career, this will actually affect my career as increasingly more

jobs will be moving to these low cost countries. Thus, there is two ways to
circumvent this problem. One of them is by increasing my level of knowledge and
shifting to a more knowledge based job that can help to mitigate the effects of
these labour shift which are mainly for labour intensive jobs. Another suggestion
is for me to build my network of contacts that can facilitate in my job hunting in
future. The latter can actually be implemented when I am in school as these
undergraduates are likely to be the future leaders and managers and are hence,
useful contacts.

Lifelong Learning: The rapid pace of change has meant that there is an
imperative need to engage in lifelong learning. With the knowledge base not only
expanding but also rising, it is vital for professionals and managers to constantly
update and upgrade themselves to prevent morphing into unemployables of
tomorrow. This also signifies that most people knowledge will become obsolete
by the middle of their career.
Relating to my career, the increasing demands placed on individuals to engage in
lifelong learning cannot be ignored. This will likely have several impacts. One of
them is that it will place extra strain on my resources, which are likely to be
already stretched thin in today’s demanding workplace. There is an increased
possibility of facing stress if I am unable to cope with the demands. Thus, I will
need to manage my time and energy well to actually mitigate the possible stress.
Furthermore, I will also need to stay current and ahead of the competition to
prevent being ‘obsolete’. This can be achieved by actively attending accounting
trade shows; seminars and reading on accounting journals and publication that
will keep me abreast of the latest development. This will also help to build my
expert power and value add to my career.

Universality of Education: Universality of Education thru the advent of distance

learning has generated opportunities for tertiary level education across
boundaries. Thus, this will result in many holding university degree and most
people starting from equal footing, intensifying today’s already competitive
employment landscape.
Relating to my career, the increasing competition will mean that it is no longer
sufficient that one acquire technical skills needed for the job. In my context,
solely relying on ACCA accreditations and other accounting qualification to get
me employee might be pure naivety. Thus, I plan to differentiate myself from the
competition by developing ‘soft’ skills such as teamwork and inter-personal
skills that employers are likely to place equal emphasis on. One way to show
prospective employers that I possessed these qualities will be to participate in
more team-based projects and competitions.
Moreover, I might also need to acquire skills for entrepreneurship and small
business management that will help to convince employers that I am able to take
on management position and thus will be able to value add to the organisation
beyond the short-term future. I can demonstrate my leadership by taking up
leadership position within and outside of the university.

Other Adjustments
-Increasing need for effective personal time and work management among
individuals of their personal finances especially an ability to squirrel away
savings for the proverbial rainy day and periods of unemployment.
- Need to develop an ability to cope with uncertainty and ambiguity; initiate,
manage and cope with change.