With the rise of e-commerce, ride-hailing and online gaming in South-east Asia, the region’s Internet economy could swell to US$300 billion (about S$415 billion) by 2025, three times its current annual size. This is based on a report by Temasek, Google and Bain & Company released on Thursday (Oct 3). According to the report, these are the four main sectors in the Internet economy in the region: The US$38 billion e-commerce industry – online retail, digital marketplaces, online groceries The US$12.7 billion ride-hailing industry – transportation, ride-sharing platforms and food delivery services The US$14.2 billion online media industry – subscription video and music streaming services, online gaming and advertising The US$34 billion online travel industry – vacation rentals, flight and hotel booking services However, a severe talent shortage threatens to stunt the growth of the thriving internet economy. With South East Asia facing a major skills gap in the face of unprecedented growth, particularly in the internet and IT sectors, HR is becoming an increasingly important function for companies. To be successful in the future, “They (HR professionals) should take a more data-driven approach to talent management” according to Alain Dehaze, chief executive officer of Adecco Group. “People skills as services have become increasingly important. The shortage of talent is a situation and organisations need to do careful talent planning. The challenge is that the HR function will become increasingly important to companies for their overall success. Talent is a real differentiator. Companies will need to manage their human capital as well as their financial capital.. They should take a more data-driven approach to talent management”. In addition to the importance of HR, Dehaze also highlighted the need for a push towards continuous learning. “Vocational education and training is critical – but we know that this will take some time to become popular. Schools also need to teach how to be comfortable with change, how to be resilient since the future world of work will require us to constantly reinvent our careers. They require imparting skills on how to make sense of all the information, how to identify what is important and what is not, ie, critical-thinking and decision-making”. As South East Asia’s fast-growing economy continues to shift towards the digital age, employees would benefit from additional educational opportunities that emphasize critical thinking and equip them with skills and knowledge that can be applied in multiple contexts across industries. Prepare yourself for the future of work with our accredited MBA programmes, postgraduate diploma courses, and professional diploma courses. Get in touch with our academic advisors today at info@sdim.com.sg or visit our website at www.sdim.education. Sources: https://www.todayonline.com/singapore/se-asias-internet-economy-set-treble-us300-billion-2025-spore-punching-above-weight-report https://www.nationthailand.com/Economy/30356985