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A recent survey by DBS found that 26.5% of the 150 small and medium-sized enterprises (SMEs) surveyed in Singapore are currently experiencing labor problems.
In addition, 21.5% face high operational costs, while 21% find it difficult to increase their revenues in the current economic context.
According to a press release, eight out of ten SMEs (80%) expect more business incentives to be unveiled in today's budget announcement (Feb. 18), to help them meet these challenges. challenges.
In terms of labor issues, hiring the right people (43%) and retaining employees (27%) are two of the key challenges faced by the SMEs surveyed. Despite this, four out of five SMEs surveyed said that their employees possessed the requisite skills for the job. At the same time, nine out of ten people now have access to affordable training programs under SkillsFuture.
This allowed SMEs to focus on: growing / maintaining their market share (30%); increase their commercial revenues (29%); and develop their digital business capabilities (23%).
Vocational training has a positive impact on real wages
In line with the theme of affordable training programs mentioned above, a recent study from the Ministry of Commerce and Industry (MTI) found that employees with vocational training receive higher wages in Singapore.
Specifically, people with a Statement of Achievement (SOA) after completing Worker Qualification Modules (WSQ) had an average increase in their actual salary of 0.8%. Year following their training compared to their control group (benchmark).
In addition, those who were fully WSQ qualified had a real wage premium of 5.8% on average the year following their training.
At the same time, SOA and full qualification trainees who were unemployed the year of their training had a better chance of getting a job the following year.
On average, unemployed individuals with an SOA were 3.5 times more likely than their control group to be employed the year after their training, while unemployed qualified trainees were 2.6% more likely.
ALSO READ: Citibank Singapore Launches IBF Certified Qualification Training for Staff
PayPal Fintech program to train more than 1,700 students of polytechnic and ITE schools
With training, apart from government-initiated programs such as the WSQ, many organizations collaborate with higher education institutions in an effort to develop talent.
One such organization is PayPal, which has signed a Memorandum of Understanding with Singapore's five polytechnics and the Institute of Technical Education on Friday, Feb. 15 to collaborate on a FinTech program. This program aims to encourage talent in the field through an applied applied learning experience in the industry.
As part of this program, PayPal will work with institutions to improve their curriculum and equip students with the basics of online payment by gradually integrating proprietary media and case studies into four theory-based modules (Payments 101, PayPal Solutions). , API integration, and test in PayPal Sandbox).
The program will take place over the next three years and will benefit more than 1,700 students enrolled in information and communication technology (ICT) courses.
David Stock, General Manager of PayPal"We want to help equip local talent in knowledge technology industry and to train a workforce ready for the future, able to meet the needs of SMEs wishing to digitize their activities.
"Transforming Singapore's digital transformation requires a concerted effort by all stakeholders in the ecosystem and we are proud to fuel this movement for Singapore's staff and businesses."
Soh Wai Wah, Director and CEO of Singapore Polytechnic, added: "Financial technology is booming in today's economy, and polytechnics and ITEs are committed to maintaining a pool of skilled talent for the sector.
"Through our collaboration with PayPal, we hope to further develop the skills and knowledge of our students in the field through a genuine learning environment, strengthening the fintech ecosystem of Singapore."
READ ALSO: Google Singapore and SMU Partner for Undergraduate Course on Data and Analysis
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