PERSONAL AND ORGANIZATIONAL DEVELOPMENT

WORD COUNT : 2499 WORDS

PAGE OF CONTENTS INTRODUCTION PAGE 3 PART 1 PAGE 4 – 8 PART 2 PAGE 9 – 13 CONCLUSION PAGE 14 REFERENCES PAGE 15

INTRODUCTION

With high entry barriers to the Oil & Gas Industry, some people are fighting to maintain their position, while some people are trying to escalate the career ladder. After this exercise of reflective commentary, I will be able to clearly identify my weakness and my strong points.

In the first section, I will be discussing about the employment market of the Oil & Gas Industry in Singapore, and my targeted position of a junior trader – middle distillates. The changes in Singapore labor market will be briefly discussed, and there will be several factors being brought to attention in order to clearly notify what are the changes of the labor market in Singapore in general.

Next, a reflection will be done based on my current career path, and my choice of career advancement. I will be levying on various sources of input, from the seminar activities, assessments, and psychometric tests that has been carried out.

Lastly, I will reflect on the improvements to be made for a smooth and successful career advancement in the future.

PART 1

Singapore is one of the most sought after places to work in Asia. Over the years, Singapore has attracted millions of foreigners into the Singapore labor market. However, it has been significant changes over the past years; today, Singapore is an advanced country with great financial services, an important and strategic port, and a trading hub.

It has been shown that the labor market in Singapore has changed from a manufacturing based environment, to a more service oriented based environment. Tourism in Singapore has greatly increased since the opening of 2 casinos, Marina Bay Sands, and the Integrated Resorts World.

Hospitality in Singapore has been a booming industry. Many neighboring countries prefer to fly in to Singapore to obtain medical services, due to the advanced medical infrastructure available in Singapore. People around the South East Asia region will prefer to fly into Singapore to seek medical treatment, especially the wealthy from Indonesia, Malaysia, Thailand, India, and many other countries.

All these has greatly attract many foreigners to seek employment opportunities in Singapore; and with the low population growth, Singapore have no choice but to allow foreigners to fill up the gaps. Between 1998 and 2010 the number of foreign workers increased by 494,000, accounting for 47 per cent of all new jobs created over the period. The influx of low-skilled foreign workers – from Bangladesh, China, India, Indonesia, Myanmar, Pakistan, the Philippines, Sri Lanka and Thailand – has increased overall labour supply dramatically and depressed domestic wages at the bot- tom of the wage distribution (Weng, 2013).
The diversified labor force in Singapore, with people coming from all over the world requires cross-cultural management skills to manage a multicultural, and multi-racial team. Companies in Singapore are facing a change in management style due to the diversified work force in Singapore. In a department, there are employees from multiple countries, with multiple ethnicity, multiple religions, from multiple cultural backgrounds. This has caused a need for managers to delicately manage the team, as people with different backgrounds will have a different mindset towards certain issues.

With more and more female population joining the workforce, and increasing education levels, there is a substantial amount of female workforce within the labor market. They do not only represent a number in the statistics, but there are more and more female supervisors/managers/leaders.

While it can be seen that the female working population is increasing, and female supervisors/managers/leaders are seen in the corporate world, this has also caused the divorce rate to increase, and causing an unexpected lower birth rate. The working females, although being forced to work due to the high cost of living in Singapore, they are struggling to juggle between family and work. This has caused a toll on their marriage, and in turn increasing the divorce rates, further lowering the birth rate of Singapore.

Due to the tight regulations being imposed on Singapore foreign labor market recently, an increasing number of companies which are labor intensive have moved out of Singapore due to the high costs involved in foreign labors’ levies, and the shortage of labor availability. It is sometimes said that export-led industrialization can succeed only if labor’s real earnings do not rise (Fields, 1994).

Singapore’s GDP is backed by several main industries, which includes the finance sector, ports and shipping sector, and the oil and gas sector. According to Singapore Economy Development Board’s (EDB) Energy Factsheet 2011, Singapore is the third largest oil and oil products trading hub, behind New York and London, and accounted for USD375 billion in year 2007. In recent years, the increase in regional and multilateral free trade agreements has sparked greater interest in the impact of trade on the labor markets of developing countries (Toh & Hui, 2012), this will further enhance Singapore’s position as a strategic location within the ASEAN countries, as well as in Asia.
Demographically, Singapore has one of the fastest-ageing domestic popu- lations in the world (Hui, 2013). The aged population in Singapore has increased from a mere 3.8 percent in 1957 to 9.1 percent in 1990, reaching 10 percent by 1995. Up to 2010, the aged would comprise 15 percent and escalate during 2010-2020 to 23 percent (Kalirajan & Shantakumar, 1998). With the greatly increasing aging population in Singapore due to a large presence of baby boomers, Singapore is facing a lack of population, resulting in a serious decline in the labor market. Due to this, the Singapore government will need to allow more and more foreigners to take up the job vacancy.
Further to the increasing numbers of foreign workers in Singapore, there are an increasing social problems and safety issues been seen around in Singapore. Prostitution although is legal in certain areas of Singapore, however, due to the lucrative returns; foreign workers take advantage of the Singapore government’s initiative to increase the work force, while obtaining a work permit in Singapore, these people engage in prostitution to gain more monetary returns.

The increasing numbers of foreign workers has in turn caused an increased unemployment rate for the locals due to high competition. Foreign workers are more willing to work at a lower salary scale as compared to a local employee. As discussed in Weng’s paper (2013), it is statistically found that two local part-time workers are considered to be equivalent to one full-time worker. To qualify as a part-time worker, an employee must be paid above a specified threshold; this threshold salary was raised from S$650 to S$850 per month by the Ministry of Manpower, with effect from July 2011, to discourage employers from recruiting local workers on token salaries in order to be able to employ more foreign workers.

Singapore hosts many presences of international trading firms, mainly the commodities market, and also the financial institutions. Singapore has became a key strategic location for many shipping companies, as Singapore port is one of the busiest port in the world, and a route that vessels must pass-by en-routing Europe to USA to Japan to China. Within the marine lubricants and bunker fuel industry, Singapore is being used as a benchmark for the international pricing, especially the Asia market segment.

PART 2

My Career Goals

Being constantly in the business development role, currently I have been in the oil and gas industry for close to two years. Throughout my working experiences, I have acquired the skills sets to advance to my next career goal.

Being in the oil and gas industry as a business development executive, I am required to acquire technical knowledge to compliment my standing within an organization. As indicated in the psychometric test as a ‘surveyor’, I am suited to be in fast paced environment, applying practical and a hands-on approach on problem solving, and applying technical expertise knowledge.

My intended career goal allows me to fully apply the critical thinking skills, and indulge in the fast paced and ever changing environment of trading. I will also be able to continuously learn in the various aspects involved in trading, including but not limited to trading techniques, leveraging on the market and currency exchange, and logistics supply.

The nature of trading is not so much focused on people, rather than each transaction made, fast paced and action packed, requires speed and spontaneous reactions, and to achieve short or immediate goals. However, it is also indicated in the psychometric test that I may make impulsive decisions, but will be able to perform under extreme pressure or when required.

Currently I am only holding a Diploma in Marketing, and am not qualified to participate in any junior trader programs offered by the leading trading houses or oil majors such as Trafigura, Glenecore, Shell, ExxonMobil, and others. I believe upon my graduation from this Degree in Business with International Management, I would be able to obtain a chance to participate in various programs as a junior trader. On top of that, the working experience I have would give me a competitive advantage over the other fresh graduates.

Being a successful trader, skill sets of trading is important; to make money and successful trade transactions, to cut losses when needed, be decisive in critical moments. These skill sets, which I believe I am able to achieve in the future, coupled by my personality, will ensure a promising career path. I believe the sustainability of being a successful trader within the industry will be good.

My current employment in Hin Leong Trading (Pte.) Ltd., one of the biggest in dependent oil trader in Asia, has provided me with a good platform to acquire the knowledge and experiences as a trader. I have been given the exposure and chance to carry out small transactions, and the management team has recognized my outstanding performance.

In order to work towards my intended career goal, I will need to improve on my analytical, statistics, and judgmental skills. I will also need to obtain a first class degree in order to participate in the graduate training as a junior trader. My classmates also suggest that I need to improve on certain aspects such as time management skills, and impulsiveness. However, the traits I portray, as a confident, outspoken, decisive, and responsible person has been deemed suitable for the intended career path I have chosen.

Alternatively, I would further progress within my current job, and advance to be a Business Development Manager. Being in the business development role allows me to be involved in a wide profile of business opportunities that the organization I’m working for could offer. The personal traits I posses also makes me suitable for this alternative career progression path.

Even though there is a very high entry barrier into the oil and gas industry, furthermore into the trading sector, I believe in time to come, I will be able to successfully achieve my career goals.

My Personality Test Analysis

As per the psychometric test done, it is indicated in the Dynamics Type Indicator that I am more towards a Surveyor style. It is stated that this style is one of the most objective, immediate and practical of all types.

I mostly agree with the test results, as the descriptions are very much similar to my personality. The job choice I would prefer is a job that has constant variety and opportunities to learn new things that are practical and useful. In my opinion, in the business development role, I am able to encounter constant variety of issues faced with each customer and each proposal. Further to my career advancement as a junior trader, the nature of a trader encompasses constant changes in the daily job activities, and the opportunity to learn new techniques.

Apart from this, I am a person who prefers for a job scope to have short-term immediate solution, speed, spontaneity, usefulness, and taking risks instead of safe solutions. This is a very classic trait of a business development personnel, and also a trader. I believe my personal traits greatly suit the career goals I am planning to achieve, furthermore able to achieve the type of business activities recommended for a ‘Surveyor’ as stated in the psychometric dynamic type indicator test.

The contribution a ‘Surveyor’ can provide to an organization would be constructive. With a ‘can do’ attitude, an eye for details, and applying tactics rather than strategy, this group of people is tactical to achieve organizations’ business objectives. Personally, with my current position of business development executive, I am heavily involved to portray a ‘can do’ attitude, and be tactical in order to achieve business objectives, and maintain an eye for detail while negotiating contract agreements for the customers.

Within a team, I have been seen as a leader, a manager, who is able to manage and lead a team; also, able to make decisions when needed. As mentioned in the psychometric dynamic type indicator test, the mentioned traits of what people see me as are similar. In my current job, I have been seen the same manner, and at times of crisis, I am able to make decisions, lead the team, and not be bounded by hierarchical limitations in order to get the problem solved.

However, it is also indicated that I will need to be more sensitive towards peoples’ feelings and needs; as at times the directness and frankness will be hurtful to others. Furthermore, I am considered rather distant within the team, due to not sharing personal thoughts or personal issues. By improving on these issues, I believe I will be close to the team, boost team work, and will be able to advance the career ladder even further.

CONCLUSION

In view of the above findings about myself, I personally believe they are much room for improvement in order for further growth in terms of career, personality, maturity, and many other aspects in life. According to the feedback received during seminar sessions, my classmates have also mentioned that they feel distant from me. I understand that I might portray a cold attitude towards people, especially people whom I’m not close with.

Enrolling into this degree program offered by Northumbria University is also one of the improvements I personally took initiative to pursue, as I understand the importance of a certification required in order for me to climb the career ladder and achieve my career goals. This is also a self-improvement plan for myself. At the same time, I am planning to enroll in language courses to pick up a new language, such as Japanese or French.

As for my career advancement plans, I believe when I have obtained my degree in year 2015, along with my work experience accumulated, I will be able to obtain my desired career as a Junior Trader. However, as a back up plan, I am also looking to climb up the career ladder in my current company as a Business Development Manager. I strongly believe with the personal traits I portray, I have the qualities and am ready to advance to a managerial post despite my young age.

References

Toh, R. and Tat, H. W. (2012), TRADE LIBERALIZATION, LABOR DEMAND SHIFTS AND EARNINGS INEQUALITY IN SINGAPORE. Review of Urban & Regional Development Studies, 24: 65–82. doi: 10.1111/j.1467-940X.2012.00189.x

Gary S. Fields, (2004), Changing Labor Market Conditions and Economic, Development in Hong Kong, the Republic of Korea, Singapore, and Taiwan, China
World Bank Econ Rev (1994) 8(3): 395-414 doi:10.1093/wber/8.3.395

Jean S.K. Lee, Jasmine C.L. Pow, (1999) "Human resource policies for women – a study in Singapore", Journal of Management Development, Vol. 18 Iss: 4, pp.326 – 341

K.P. Kalirajan, G. Shantakumar, (1998) "Ageing labour force in a labour shortage economy: the case of Singapore", International Journal of Social Economics, Vol. 25 Iss: 2/3/4, pp.486 – 503

Hui, W. T. (2013), Economic growth and inequality in Singapore: The case for a minimum wage. International Labour Review, 152: 107–123. doi: 10.1111/j.1564-913X.2013.00171.x