suhaimi ali : future - proofing talent for a dynamic and resilient workforce opening remarks by mr suhaimi ali, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the mydigital and tech roundtable kuala lumpur, 17 january 2023. * * * introduction distinguished guests, ladies and gentlemen. a very good morning and thank you to the organisers of this mydigital and tech roundtable for inviting me to deliver the opening remarks we are here today to discuss issues and ideas to spur digital - ready talent and futureproof the workforce for malaysia. i believe this conversation is timely. as leaders in our fields, i'm sure all of us agree that staying relevant amid a shifting and competitive landscape is a top challenge for today's employees and employers. the pandemic exposed deep - rooted labour market fragilities and structural inequalities. in malaysia, as in other countries, vulnerable segments such as low - income workers, the youth, women, ethnic minorities, informal and fixed - term workers were among the hardest hit by the crisis. some are still finding their footing. more importantly, we are facing several structural shifts that continue to reconfigure our economy, with resulting implications on the future of work. among the key ones that may resonate with us here today are : first, the digital and sustainability revolution. increased adoption of technologies such as ai and iot, coupled with rising urgency on the sustainability agenda will reshape industries. this will demand new skillsets and unlock opportunities, but also create challenges for businesses and employees. second, shifting work preferences. this includes expansion of gig workers, increased remote or flexible working arrangements, and a dynamic workforce with more frequent career switches. we have already witnessed, for example, a rise in digital nomads who travel freely and work remotely. third, an ageing population and the need for diverse participation. malaysia is swiftly ageing, requiring changes in the labour market policies to cater to an older working segment as well as encouraging higher workforce participation among women and other minority groups. at the same time, we need to resolve the issue of relatively higher unemployment rates among youths. and fourth, the growing generational gap in the workforce. up to four different generations now coexist in many workplaces. each have varying perspectives on leadership, learning and workplace culture. we can thus expect a host of opportunities, but also the need the navigate deep -

, for those working or aspiring to work in financial services. we hope this can be a starting point for a holistic future skills framework at the national level to unlock greater benefits and synergies for cross - sector talent mobility ; and continuous efforts are being made to raise the professionalism of the workforce through higher standards of professional programmes and qualifications for various career pathways. these range from risk specialists in banking to loss adjusters for insurance. nonetheless, some job losses may be inevitable due to a shift in the division of labour between humans and machines. 2 / 4 bis - central bankers'speeches therefore, a whole - of - industry approach is crucial : first, we want to ensure appropriate supporting mechanisms are in place ; second, we want to minimise the impact of job displacement on livelihoods ; and third, we want to support an orderly transition of the affected workforce to jobs in other organisations or economic sectors. such support may include, among others, appropriate compensation, reskilling opportunities and outplacement assistance. employing a'good jobs strategy'to unlock the value of human potential my next point focuses on employing a'good jobs strategy'to unlock the value of human potential in our workforce. if there's one thing the pandemic taught us, it's the need for adaptability in overcoming challenges. more so in today's workforce, with the multifaceted issues arising from technology, sustainability, demographics and other structural changes. consequently, talent planning and management must move in tandem with these changes. what do i mean by that? several priorities are fundamental to pave the way for a better, more productive and rewarding future of work : first, leveraging analytics to forecast talent needs and to better measure workforce performance and productivity. by regularly analysing and monitoring employee performance and engagement metrics, organisations can determine the strategic talent acquisition, development and management decisions required. this will prepare the workforce for the challenges they will face going into the future. second, developing a fast, agile and coherent workforce investment strategy. several key elements include identifying workers who are being displaced from their roles, establishing appropriate internal committees to manage the displacement, funding reskilling and upskilling, motivating employee engagement in this process, and tracking the long - term success of such transitions. this should also account for specific needs by segments such as older workers, mothers returning to the workforce and contract employees. third, introducing agile hr and organisational policies to enhance workforce flexibility and productivity