World Economy

Workers in Asia Pacific See Digital Economy as Threat

Workers in Asia Pacific See Digital Economy as ThreatWorkers in Asia Pacific See Digital Economy as Threat

Almost half (47%) of employees in Asia Pacific, or 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 South Korea (62%) felt most at risk, followed by employees in Hong Kong (57%) and Singapore (50%). New Zealand (31%) and Australia (39%) felt the least at threat, reported.

The study also found that 43% 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%.

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

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% of its GDP (excluding Japan) being digitalized by 2021.

The respondents surveyed included representation from startups, established enterprises, various sized companies, across different genders and a mix of 50% millennials, 40% generation X’ers and 10% baby boomers.

Respondents were primarily professionals (36%), clerical workers (31%), service and sales workers (10%) and legislators and senior officials (7%). 

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