3 in 5 SMEs do not maximize inclusive HR practices: survey

Here's what the sector has been missing.

In a release, the Tripartite Alliance for Fair Employment Practices (TAFEP) shared the results from a survey of more than 500 SMEs on the readiness and ability of SMEs in Singapore to cope with an increasingly diverse workforce.

The results showed that many SMEs already have some diversity in the workplace, with four in five having employees above age 40, three in ten having employees above age 60, and one in two SMEs having more than 40% of their employees being female.

However, three out of five SMEs have also yet to appreciate the relevance or importance of adopting inclusive employment practices for their organisations.

There are thus opportunities for many SMEs to benefit from better recognising and utilising fair and inclusive employment practices to attract, retain and motivate a diverse workforce for their business needs.

Mr Chan Chong Beng, President of ASME said, “We are anticipating workforce growth to slow down in the coming decade and given the current manpower crunch, we would like to encourage more SMEs to look into improving their HR practices as well as ensuring and adhering to fair employment practices.

This, in the long run, will help SMEs to retain staff and talents, and potentially makes it easier for them to recruit.”