The traditional promise that a university degree guarantees job security and high-paying employment is increasingly out of reach for many graduates. Rising tuition costs, coupled with a high rate of underemployment, have forced a reassessment of the value of higher education. As degree inflation makes college credentials more common yet less valuable in the job market, both employers and job seekers are shifting their focus. Consequently, practical skills, vocational training, and alternative career pathways are gaining prominence over traditional four-year academic degrees.
- A college degree no longer guarantees immediate entry into a high-paying or stable career pathway.
- Underemployment affects a significant portion of recent graduates, who often take jobs that do not require a university education.
- Degree inflation has led employers to require college degrees for entry-level roles that historically did not demand them.
- The rising cost of tuition and subsequent student debt have altered the financial viability of pursuing higher education.
- Many industries are transitioning to skills-based hiring models, prioritizing practical competencies and certifications over formal diplomas.
- Vocational schools, technical training, and apprenticeships are increasingly recognized as cost-effective alternatives to traditional university paths.
Based in Singapore, CNA (Channel News Asia) covers global developments with an Asian perspective, with correspondents based in major cities across Asia, including Kuala Lumpur, Jakarta, Bangkok, Tokyo, Seoul and Beijing, as well as in New York, Washington D.C. and London.
Official website: https://www.channelnewsasia.com/
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Those socks need to be given pink slips
Degree so many foriegners one. Need you meh😂😂😂😂. Next door malaysia. China. India. A lot lor😂😂😂😂🎉🎉🎉🎉. PAP mah.
We used to experience this every few years. It's called the economic or business cycle. But it's you Gen Z and the late Millennials (I'm an early millennial, born in 1982) who don't know because Singapore did not suffer much post GFC because we became a financial hub. When the US printed lots of money with QE, Singapore got reflated too
It's interesting to hear a retrenched tech professional share his experience, because for some years now the tech professionals have been absorbing and learning from non tech professionals believing that tech can be more efficient and do a better job. Journalists speak of retrenchment as if it is the same for all jobs and sectors. In truth, there are several groups as an example people who are retrenched after years of holding middle or senior positions with excellent pay and payouts versus those who are poorly paid and retenched without sufficient benefits to sustain for the next few months or a month. We should not look at each retenched case the same. If the old does not want to retire and move out after amassing good income and wealth then with a smaller job availability what opportunities are we creating for the younger generation. It is a concern if the younger generation are not giving opportunities for jobs and to learn to grow and be a leader because they are the next generation that has to lead the generation after theirs. This give and take has to happen and it's not possible in an economy with limited resources for everyone to want to take the pie they want and be able to eat it. We also rely so much on government to lead and solve this employment problem – in Singapore we are so blessed to have a proactive government – but in truth policy makers and regulators are usually last to know about the change and developments in the private sector and by the time rule and policies are put in place the world may have changed already.
Singapore 🇸🇬 workers are competing with China 🇨🇳 Chinese 🇨🇳 and Malaysian 🇲🇾 workers that will work harder with higher pay 💰! Sigh 😮💨
But all the jobs still wants degree holders
Companies are always looking for ways to reduce costs. If AI can do the job faster and cheaper, companies will naturally hire fewer people for those tasks.
21:08 Main Point
Switch quickly to trades and blue collar work.
For some they were high income earners for many years holding high managerial positions so probably they have good savings to go through the difficult times with good financial prudence
However, the reality is many of us don't have much savings and with a family to support and some also need to contribute to their adjacent family being responsible, they were in very tough situations ..
Who could understand, these don't really help ….much to people like us but is a good feeling to hear people encouraging others positively because they are in good position but that positive mindset might not be sustainable if situations don't improve
Recruitment company sometimes are the one who advise Companies on the cutting process ..is quite dark and hypocritical actually ! All the nice talking by the HR consultant or expert quite unbelievable !!!!
Anyway all the best 🙏🙏🙏🙏🙏🙏
I see more and more news that people are going into criminal careers.