Importance of Training and Development for SME Sector Growth
Training and development programmes are highly essential in improving employee performance. If the government of a nation desires to improve the productivity of the small and medium enterprises (SME), workforce development should be a focal point. Human assets prove to be the most significant resources in the economic development of the country. While Singapore has qualified, highly competent individuals and entrepreneurs, providing support is still necessary to help advance their respective careers. The Singapore government assumes the responsibility to identify potential entrepreneurs which have the ability to Incorporate A Company In Singapore and grow it into a business that is beneficial to the economy.
In this regard, the government has initiated many schemes and programmes to nurture its workforce and increase the quality of economic output. Creating a healthy business environment which offers numerous opportunities for individuals to grow and succeed. The government announced that the Budget of 2013 -2014 aims to improve the economic condition of Singapore. The budget allocated maximum expenditure for the development of the workforce and SME sector. Government agencies are also tapped to work towards a better and improved SME sector.
Upgrading of skills of employees. The Government of Singapore aims to upgrade the skills and knowledge of employees through the Continuing Education and Training (CET) programme. CET is a control mechanism for the SMEs that are unable to encourage their employees to go for training and development programs. Surveys show that SME sector employees do not promote training and development programs for employees.
Government Support. After brainstorming sessions and consultations with Singapore Retailers’ Associations, Singapore Manufacturers’ Associations, and other industry associations, it was clear that SMEs have identified training and development as a critical necessity for the development of the SME sector. The SME sector expressed demands for more government support in the enhancement of training and development programmes seeking to improve employee skills.
Enhanced Training Support. The Singapore government proposed the scheme of Enhanced Training Support for SMEs that would nurture the skills of the employees and increase the quality of output. It is also important to provide an excellent work culture for the employees so that they achieve success in the career and progress for a sustainable growth.
Workforce Development Agency (WDA). The Singapore WDA is a dedicated government organisation that extends funding support to SMEs that provide training to their employees. It encourages companies to provide more opportunities for employees to receive training to develop their skills and knowledge. The WDA invests in CET centres to expand the training courses that provide expert training to employees and improve the overall quality of the workforce of Singapore.
These training programs are useful in Singapore’s economic development and contribute to the growing employment rate of the country. The Singapore government encourages young talents to grab job opportunities or better yet, Incorporate Company In Singapore.
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