Singapore firms find talent retention and reskilling schemes most relevant

Most businesses in Singapore find that government schemes that help companies hire, train, and retain employees are the most relevant to them, alongside those that help them digitalise and adopt technology.

Almost 70% of companies, mostly small and medium-sized enterprises (SMEs), have applied for government schemes, according to a recent survey by the Singapore Chinese Chamber of Commerce and Industry (SCCCI).

These include the Productivity Solutions Grant, which helps companies to adopt information technology solutions and equipment to enhance their business processes. However, firms still face challenges, such as a lack of knowledge of schemes that were most appropriate for them, and having to navigate complex applications.

READ: Singapore plans to upgrade workforce reskilling programmes

These companies found that the top benefits of digitalisation were operational efficiency, greater productivity, and wider market access, and faced challenges cost-wise and in terms of the expertise required to drive and implement their digital journeys. SMEs also cited facing rising costs in hiring, having trouble recruiting local staff with suitable skill sets and difficulty in hiring foreign workers.

The survey received responses from over 1,000 people who were senior representatives of local businesses across various sectors, 91% of whom came from SMEs.