Budget 2015: The Importance Of Developing Our People

The Budget 2015 highlights the importance of – among other things – developing our people. With the new SkillsFuture scheme, companies can save on their monetary resources when their employees choose to participate in training programmes.

Earlier this week, Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam, delivered Singapore’s Budget statement for 2015. Touching on the themes of enterprise, infrastructure, development and inclusiveness, the schemes he introduced aim to spur innovation and foster deeper social connections.
 
A large part of the budget which resonates deeply with us is the government’s push for continued learning through the SkillsFuture scheme. Young Singaporeans are able to reap the benefits of the scheme starting from their time in school and be given professional educational counselling, internship opportunities and career exposure.
 
Earn and Learn
 
The SkillsFuture Earn and Learn initiative will see polytechnic and ITE graduates being matched to suitable employers. As they undergo on-the-job training and mentorship opportunities with their employers, they will also be able to study concurrently for industry-recognised qualifications. To encourage the adoption of this programme, employers will also receive a grant of up to $15,000 for each trainee they take in.
 
According to our recent JobsCentral Learning Survey 2014, majority of students in polytechnics (74%) and ITEs (78%) have signalled their interest to pursue further education. The Earn and Learn programme thus gives graduates the best of both worlds – pursue higher education and hit the ground running in their careers.
 
Skills Development
 
For working professionals, skills development is essential in improving employability and productivity. According to a Ministry of Manpower Labour Force 2014 report, employees agreed that they are able to be more productive (51%) and develop new job skills (48%) after receiving training and furthering their studies.
 
With the SkillsFuture Scheme, employees aged 25 and above will be given a SkillsFuture Credit to pay for work-related training courses. The Government’s new initiative does not only benefit the young – Singaporeans aged 40 and above will enjoy a subsidy of at least 90 per cent when they pursue MOE- or WDA-supported courses.
 
Evidently, employees of all ages are encouraged to pursue courses that interest or are of practical benefit to them. Companies can also save on their monetary resources when their employees so choose to participate in relevant training programmes.
 
Supporting Lifelong Learning
 
Singapore has always extolled the virtues of education and lifelong learning, and SkillsFuture bolsters these virtues. Also an advocate of lifelong learning, CareerBuilder Singapore encourages continued advancement in addition to helping companies achieve effective employee placement. 
 
CareerBuilder Singapore’s JobsCentral Learning is a platform to explore continued advancement – further education courses and corporate training sessions – opportunities as well as professional development resources. It is a product of partnerships between JobsCentral Learning and recognised educational institutions.
 
Apart from making use of JobsCentral Learning to search for appropriate courses for their employees, employers also tap on BrightMinds, a dedicated recruitment portal for them to reach out to fresh graduates and entry-level jobseekers. By pairing intelligent candidate-matching technology with extensive on-campus engagement opportunities, BrightMinds connects employers to capable and talented individuals via virtual and real-world mediums.
 
For the Good of All
 
With the SkillsFuture programme, all working professionals have more incentive to upgrade themselves and, towards that end, tap on resources similar to JobsCentral Learning and BrightMinds.
 
As Singapore’s economy moves towards the next frontier of innovation cemented by deep skills and industry expertise, companies should pay heed to their employees’ development. The SkillsFuture scheme introduced at Budget 2015 makes opportunities for all Singaporeans so much easier to attain and delight in.