ASIA PACIFIC DIGITAL ECONOMY SEEN AS A ‘THREAT’

Economy July 13, 2018 01:00

By The Nation

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Almost half (47 per cent) of employees in Asia Pacific (APAC) see the rising digital economy as a threat to their jobs, according to a new report by Workday, a leader in enterprise cloud applications for finance and human resources.



 In a study conducted by Workday and global market intelligence firm, IDC, titled ‘The Drive for the Digitally-enabled Workforce’, it was revealed that employees in Korea (62 per cent) felt most at risk, followed by employees in Hong Kong (57 per cent) and Singapore (50 per cent). New Zealand (31 per cent) and Australia (39 per cent) felt the least at threat.

 The study was based on a survey with over 1,400 employees in eight countries across the region: Australia, Hong Kong, Japan, New Zealand, Malaysia, Singapore and Thailand. It comes as there is an overwhelming trend towards digitalization in Asia Pacific, with at least 60 per cent of its GDP (excluding Japan) being digitalised by 2021.

 The study also found that 43 per cent of employees in APAC plan to switch jobs within the next year. The country with the highest forecast employee turnover in the next year is Singapore at 46 per cent.

 “Digitalisation brings both threats and opportunities. Businesses across the region need to accelerate reskilling initiatives and engage employees proactively to prepare them for the digital challenges ahead,” said David Hope, President, Workday Asia Pacific.