KUALA LUMPUR: The government will expand its Future Skills Framework (FSF) initiative to encompass 10 additional sectors in September, following the successful launch of the first FSF for the financial sector.
Human Resource Minister Steven Sim said the sectors are information communication and technology (ICT), food and services, pharmaceutical, manufacturing, aerospace, electrical and electronics (E&E), wholesale trade and retail, chemical, medical devices, energy and power as well as global business services.
"The framework report is set to be completed by the end of September this year and is expected to provide guidance for over 4.5 million workers in these 10 sectors.
"The addition of the financial sector will make it 11 sectors so far, involving a total of 4.67 million workers," he said at the launch of the first FSF for the financial sector here today.
According to Sim, the selection of these sectors is closely related to their contribution to the national economy, with seven of them accounting for 79 per cent of the gross domestic product (GDP).
He said the FSF for these sectors will adopt a similar methodological approach with added weightages on the impact of artificial intelligence (AI), digitalisation and green economy.
"(The ministry) will leverage our future skills talent councils, which comprise sectoral experts and current professionals in each field.
"After the FSF report is released, the ministry will create an interactive public portal to allow businesses, workers, students, policymakers, and anyone else to refer to this framework, which will be updated regularly," he said.
The Asian Institute of Chartered Bankers (AICB), in collaboration with the Islamic Banking and Finance Institute Malaysia (IBFIM) and The Malaysian Insurance Institute (MII) today launched the first FSF to future-proof the Malaysian financial sector's workforce over the next three years by promoting skills mastery and continuous learning.
The FSF will facilitate workforce transformation, aligning with Bank Negara Malaysia's Financial Sector Blueprint 2022–2026, which emphasises the importance of nurturing future-fit talents to increase the financial sector's competitiveness.
The FSF identifies 159 relevant job roles and 157 skills that will be in demand for the next three years, potential career development pathways and access to nearly 1,000 capacity building programmes.
Among others, it highlights the growing demand for skills in the areas of frontier technologies, sustainability and Shariah.
AICB chairman Tan Sri Azman Hashim said to maximise value, measuring the success of the FSF will be vital.
Azman said this will involve assessing its implementation progress, and evaluating factors, including resource allocation and productivity gains.
"In pushing boundaries, I envision the FSF becoming the leading reference for financial skills development in Asia, with Malaysia emerging as a regional hub for skills.
"Herein lies potential for the development of standardised learning programmes and knowledge exchange platforms within the region," he said.
Bank Negara governor Datuk Abdul Rasheed Ghaffour said the FSF is an important agenda to future-proof the sector's workforce and ensure that it plays a pivotal role in driving economic growth.
"I look forward to seeing the industry embark on this journey of implementing the FSF.
"I am confident that your collective ownership of the FSF to ensure its continuing relevance and effectiveness, as well as applying the findings would strengthen your respective talent strategies and competencies across the board," added Abdul Rasheed.