The Benefits of Retraining and Upskilling Employees
In a fast-paced environment that is Singapore, it is absolutely essential to ensure that individuals in the workforce are highly adaptable and skilled for various job scopes. This is where retraining and upskilling employees comes in handy.
Creating a Vibrant Workforce
By upskilling our workforce constantly, Singapore will be able to retain experienced individuals and tap on our existing pool of highly-skilled professionals to address the tight manpower situation especially in certain growth sectors. With employees having multiple skill sets after retraining, Singapore businesses will benefit from the expanded talent pool and displaced employees will be able to be to tap on various career conversion opportunities.
Augmenting Career Pathways for Employees
Retraining and upskilling support employee retention rate as staff will be exposed to a wider range of career paths and opportunities , resulting in increased job satisfaction, self-motivation and productivity . Not to mention, companies will benefit from yielding higher productivity and breeding innovation within your company.
Building a Workforce that Grows with the Organisation
As your company grows and expands rapidly, retraining and upskilling employees will enable your business to move quickly. Instead of hiring new talent, utilise the potential of your existing employees who already understand the company’s culture and practices.
Alternatively, you can also opt to hire mid-career job-seekers who can value-add to their new roles in your company by tapping into their past experiences be it in similar or other diverse sectors.
Employee Retraining Schemes in Singapore
While retraining employees requires time and money, employers should look at it as a form of investment, not cost. Besides, employers can encourage employees to apply for retraining schemes under SkillsFuture SG that are highly subsidised.
These retraining schemes include:
- Enhanced Training support for SMEs
- Senior Worker Early Adopter Grant and Part-time Re-employment Grant
- Professional Conversion Programme
Businesses should take proactive action now in anticipation of future trends. This will give you the flexibility to explore and adopt new ideas that play to your strengths. Find out more about sustainable employment practices at Singapore Business Federation today.