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Economic Development And Peculiar Observations

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Question:

Discuss about the Economic Development and Peculiar Observations.
 
 

Answer:

Introduction  

This WSQ framework is a national credentialing system and it helps in the training, assessment and development of the key competencies which companies try to find in their employees. These are based on the national standard developed by WDA (Singapore Workforce Development Agency). This paper will highlight how WSQ framework addresses the challenges which are brought out by VUCA environment. VUCA helps in retaining a clear vision against the judgments which are made with appropriate responses and flexibility (Toh, 2017).

The Singapore Workforce Skills Qualifiaction(WSQ) system is a long-term education and training scheme which is designed for the matured workers and it complements with the prescribed education process of the students. This training programme is available to all workers and it does not involve any academic qualifications. Some key components of WSQ framework are the competency map, qualifications framework, curriculum ,competency standards, training and assessment guide (Reeves & Reeves, 2015). The qualifications which are required for WSQ represents the various achievements which are necessary for the learning outcomes and this are generally identified as the set of competencies for different levels in the workplace. These qualifications cover multiple competency units and there are generally certain levels of WSQ qualifications. There are more than 30 Singapore WSQ and they are categorized mainly into two broad aspects i.e. industry and occupational skills and foundation skills. The courses are delivered through WDA Approved Training Organizations (ATO) or Continuing Education and Training Centers (CET) centers (Bennett & Lemoine, 2014).

The concept of VUCA was introduced in the early 90s and it was characterized by volatility, complexity, uncertainty and ambiguity. The concept of VUCA took off after the financial crisis of 2008 and 2009.  The various concepts of VUCA described the business environment. Due to volatility, there may be certain increase in the four dimensions i.e. type, speed, volume and scale. Moreover, as a result of uncertainty it becomes difficult to predict the future (Chawla & Lenka, 2017). Due to complexity, there may be widespread confusion and there is no clear connection between the cause and effect and thus it affects the organizations. In case of ambiguity, there will be lack of precision and the multiple meanings of the various terms will lead to confusion in the business environment.  It becomes difficult to predict the future as the options are increasing exponentially and it is becomes difficult to predict the options. VUCA environment also focuses on what is possible rather than what is likely to occur in the future (Bennett & Lemoine, 2014).

 

The WSQ assesses, develops, trains and recognizes individuals on the basis of certain key competencies that the organizations or the companies look in the potential employees. This is designed to be more practical, affordable and accessible for the individuals to take the responsibility of their own advancements and careers. WSQ is regarded as a powerful business tool which is designed for the employees so as to maintain a skilled workforce (Ee & Chang, 2015). It also enhances the advances and the competitive edge in business. WSQ also meets certain challenges of VUCA by following the national competency frameworks for the people and the management body. It also gives greater access to certain forms of modular competencies which are based on training and thus it leads to well recognized HR qualifications and certificates (Sung et al., 2013). WSQ is designed to benchmark the capabilities of corporate leadership and it provides a roadmap for the development and training of leadership (Evans, 2015). WSQ through the assistance of VUCA allows the individual to gain formal recognition of the various competencies within the recognized framework.  The manpower cost can also be reduced if there is flexibility in the work options (Sarkar & Sarkar, 2016). Certain practices can be adopted by the management and thus it will be beneficial for the employees. The employees do not valued or engaged if the labor market is given much more importance. Thus, it can be said that the competencies which are required in performing the various functions in the organization will reflect the deliverables and activities which are important for the organization to achieve so that they fulfill the goals. This also creates professionalism of the industries to progress the global competitiveness and also different avenues for the workers to enter different industries (Gaba & Mishra, 2016).

Conclusion

Thus, it can be said that WSQ framework is designed for benchmarking the corporate leadership capabilities and it provides a roadmap for the leaders. It also enables the leaders and the managers to keep the information up-to- the- mark with the trends and processes through peer and structure learning. Therefore, formal recognition of the various competencies is important within the recognized framework.

 

References

Bennett, N., & Lemoine, G. J. (2014). What a difference a word makes: Understanding threats to performance in a VUCA world. Business Horizons, 57(3), 311-317.

Bennett, N., & Lemoine, J. (2014). What VUCA really means for you.

Chawla, S., & Lenka, U. (2017). Leadership for a VUCA Landscape: Transforming Indian Higher Educational Institutes into Learning Organizations for Success.

Ee, J., & Chang, A. (Eds.). (2015). Preparing youths for the workplace. World Scientific.

Evans, K. (2015). 2-DEVELOPING THE CREATIVE POTENTIAL OF THE WORKFORCE: RETHINKING THE PART THAT WORK-BASED LEARNING CAN PLAY. Towards a new understanding of workplace learning: the context of.

Gaba, A. K., & Mishra, S. (2016). Skill Development through MOOC for Inclusive and Sustainable Development: A Review of Policies in the Asian Commonwealth Countries.

Reeves, T. C., & Reeves, P. M. (2015). Educational Technology Research in a VUCA World. Educational Technology, 55(2), 26-30.

Sarkar, A., & Sarkar, A. (2016). We live in a VUCA World: the importance of responsible leadership. Development and Learning in Organizations: An International Journal, 30(3), 9-12.

Sung, J., Ng, M. C. M., Loke, F., & Ramos, C. (2013). The nature of employability skills: empirical evidence from Singapore. International Journal of Training and Development, 17(3), 176-193.

Toh, M. H. (2017). Singaporean economic development and peculiar observations on saving, labour share, productivity and current account surplus. Institutions and Economies, 101-130.

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