This will be a short article. We are into Phase 2 and hopefully if everyone can practice some self-restraint we will resume life in a new normal. I believe that the world is shifting and COVID-19 simply made a lot of these changes more pronounced.

For starters, artificial intelligence (AI) and robots have been embraced more and more. This means that a lot of jobs that can be easily replicated would be redundant and a recession could be a convenient excuse to start the ball rolling. Also, working from home for 2-3 months have taught many employers a thing or two about productivity. There might have been assumptions that certain jobs required office presence and circuit breaker might have debunked certain false assumptions. This also means that overseas talents no longer may be limited to Visa and work passes restrictions. The staff need not even be in Singapore. Likewise, Singaporeans may also benefit from similar takeaways overseas and take their talents to the best employers.

Which leaves me with this topic, how do we stay relevant in this post COVID-19 world? What skills do we need to develop? In this article, I'll give my two cents based on my observations and reflections during this 2.5 months break.

1. Critical Thinking Skills

The technology of today has enabled AI and robots to replace skills that is homogenous. I foresee that companies can truly cut long term cost by investing in robots and technology in roles which are mundane and monotonous. On the flip side, there will be a greater demand for staff to bring up value and productivity in areas where the robots cannot do. That is in the area of brain power, namely - critical thinking skills. Companies will be looking for employees who can make the most sense of data points collected by these robots and also employees who can optimally deploy resources and solve problems.

How to develop critical thinking skills?

This is a question that frustrated me for a significant period because without unlocking this puzzle, it appears like those with poorer thinking faculties are doomed. In my opinion, the answer lies in a combination of 2 components, exposure and willingness to learn. Frankly, I think those who have troubles with critical thinking ended up in this situation because they have habitually evaluated information at face value for too long. For mundane tasks, people get away with being able to execute the tasks mechanically without understanding why they do it. Needless to say, higher level tasks will expose such blase work attitude in an instant.

A quick and efficient way to train critical thinking faculties is to develop a conscious effort to ask questions. Problem solving to begin with is all about finding answers to questions. The more questions you ask whenever you take up a new challenge or learn a new skill, the more understanding you get about the topic and thus have more data points to facilitate better decision making capabilities.

In most environments when a skill is being taught, a common behavior is that at least 50% of the class keeps quiet. It's almost like rote learning. This is very bad for developing critical thinking capabilities, because many times people in a classroom have subjective interpretation of the same piece of information and a lack of clarification leads to false assumptions. When this happens, think of the unintended consequences the learner inflicted on him or herself. A flawed understanding leads to false assumptions which will then facilitate bad decision making. If you prove less capable than the AI, then maybe investing in an AI might be more rewarding than paying salaries, staff benefits and dealing with psychological well being of an employee.

Dare to ask questions.

2. A Curious Mindset

In a way, this looks like a subset of the first point which is to develop critical thinking capabilities. I'd say they are inter-connected. A sense of natural curiosity is important to personal growth. If you are not interested to find out more about most things you are exposed to, you will naturally develop a very superficial assessment of situations. It is mainly because of this 'bo chap' attitude that has resulted in people wasting a lot of time forgetting life lessons and events that happen around them.

What exactly do I mean? As we live our lives, we are exposed to a variety of events and people on a daily basis. When one is naturally curious, every experience becomes interesting hence the curious person will probe for more information. As we absorb more information that we are interested to know, we can retain information better. On the other hand, when we are disinterested in what's happening around us, even if we have the opportunity of exposure, we will forget because we aren't making the effort to pay attention in the first place.

Why is this so important?

To develop the ability to problem solve faster and effectively, exposure to a wide range of experiences and knowledge is key. This is why many self improvement books advocate modelling after someone who has succeeded in the area you wish to pursue. This advice is given on the basis that depending on your own experiences and exposure takes a much longer time to learn as you first need to acquire the experiences and exposures. Learning from a role model condenses the time the successful person took into a short read thus helping you skip the process of making all the mistakes required to learn. Effective learning is always built on the cornerstone of curiosity and if one can develop the discipline to be interested in everything they are exposed to, they will be able to absorb more information and thereby have more data points to build more intellectual neuro connections as the brain takes in new information in future.

In a world where technology advancement is getting faster and faster, we no longer have the luxury to live in our little bubble and be contented to mind our own business. The less we know, the sooner we become irrelevant.

3. Place emphasis on growth & value creation over money

In a post COVID-19 world where technology advancement is moving at rapid fire speed, the new normal will be a world where value creation and personal growth takes centre stage. Don't be mistaken, I'm not saying that money is no longer important. I am saying that the world has shifted from traditional brick and mortar businesses to one heavy on digitization. The new way of life not only impacts business practices, it also affects our day to day life such as paperless payment systems.

Many industries have to learn new ways of doing things to remain relevant and competitive. For instance, blockchain technology might one day prove to be a more secured form of checks than auditors. DIY platforms may become the go-to place for simple straight forward insurance plans and advisors who do not keep up their competency and shift their business models to advisory-based might struggle to find clients. Essentially, my point is to emphasize the shift in how people get rewarded in the new age economy. In the past, due to imperfect information, a person can be average in their role and still land a fairly good job with good pay. As new communication and social networking platforms emerge, employers have an easier life auditing an employee's capabilities before even calling them for the interview. Now, with information easily accessible everywhere, the future is about creating value for free, prove your credibility and attract employers and consumers to pay you to solve their problems.

If everyone gives away value for free, who needs to pay for stuff?

I foresee that the post COVID-19 world will benefit people who can solve unique problems. Yes information is widely available and because information is no longer a secret, it's foolish to think withholding your 'secret' techniques will give you an edge above others. On the other hand, AI has so far been unable to appropriately replicate the ability to interpret information and apply the knowledge to unique problems. This is why there's great value in problem solving skills. If one hopes to rise in the ranks of their corporate ladder, one of the fastest way is to prove themselves to be a good problem solver in the firm. If you can prove your value, the money will follow. On the other hand, if you only have your sights on where pays the best and neglect considerations like personal development and skills, you might have a higher starting pay and financial growth at the beginning but eventually you run the risk of being phased out.

If you would like the opportunity to develop these skills and have a career chat with me, please drop me a message.

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Disclaimer: The content created are based on my personal opinions and may not be representative to everyone or any organisation. If you have any doubts or queries pertaining to insurance or investment, please seek professional advice from a trusted adviser in an official setting. You may also reach out to me if you do not have a present adviser using the message box under 'Let's Talk'.