SMEs clinch $45m fund to counter rampant job-hopping

Even small businesses can be employers of choice.

SPRING Singapore has launched a $45m fund to help small and medium enterprises (SMEs) strengthen their learning and development capabilities and build up their branding as employers of choice with attractive career development and growth opportunities.

The fund will allow SMEs to develop the skills of their employees, deliver quality internships and eventually participate in the SkillsFuture Earn and Learn Programme.

SkillsFuture Mentors will be matched with eligible SMEs to help them shore up their learning and development capabilities.

The SkillsFuture Mentors will be matched to eligible SMEs over a nine-month period to develop and implement the mentorship plan. The first batch of Mentors has been selected by a panel comprising representatives from SPRING Singapore, Institutes of Higher Learning and the industry.

"Many SMEs face talent attraction and retention challenges due to a lack of experience and resources to put in place robust training plans and career progression pathways for employees. The SkillsFuture Mentors will help SMEs enhance their learning and development practices to build a quality workforce that supports business growth. SPRING will work with the IHLs and industry to ensure quality mentors are being matched to the SMEs,” said Chew Mok Lee, Assistant Chief Executive of SPRING Singapore.

SPRING aims to build up a pool of 400 mentors to support 2,000 SMEs over the next three years, and will provide 100% funding support to SMEs for the first three years.