Budget 2024 Roundtable Discusses Challenges and Solutions for Employee Training
For companies to fully embrace employee upskilling, they must see tangible benefits from training programs, according to industry leaders at the ST-BT Budget 2024 Roundtable. Employers remain concerned about labor shortages and staff retention, making them hesitant to send employees for training.
Speaking at the panel, Ang Yuit, President of the Association of Small and Medium Enterprises (ASME), emphasized that businesses often struggle to link training programs with direct business outcomes. This issue is particularly pressing for small and medium-sized enterprises (SMEs) with limited staff, as sending even a small percentage of employees for training can significantly impact daily operations.
The discussion, moderated by Straits Times associate editor Vikram Khanna, also addressed concerns that trained employees may leave for better opportunities. Alvin Liew, Senior Economist at UOB, suggested that companies could introduce retention measures, such as requiring employees to stay for a year post-training with improved pay or promotions as incentives.
To increase participation in the SkillsFuture Level-Up Programme, which provides a S$4,000 credit top-up for Singaporeans aged 40 and above, the panel proposed better alignment of courses with industry needs. Minister Indranee Rajah highlighted that many SkillsFuture courses are backed by established institutions, ensuring high-quality training.
The conversation also touched on the broader job market, with discussions on the Job-Skills Integrator (JSIT) initiative, introduced in Budget 2023. This program aims to improve job matching and career development by addressing mismatches in career aspirations, salary expectations, and job opportunities.
Looking ahead, panelists called for greater employer support in training initiatives and further integration of skills into business strategies. Indranee concluded by reiterating the government’s commitment to equipping workers with the necessary skills to navigate a rapidly evolving economy, emphasizing the importance of human capital in Singapore’s continued growth.
