Principals of the Institutes of Higher Learning;

 

Partners from the Trade Associations & Chambers;

 

Students;

 

Distinguished Guests;

 

Ladies and Gentlemen;

 

Good afternoon.

1. It is my great pleasure to join all of you today at the launch of the SME Talent Programme or STP for short.

2. The SME sector is a significant pillar of our economy. There are some 170,000 enterprises in Singapore. 99% of these are SMEs¹, and they employ about 70% of the workforce². Most of us have friends and relatives who are working in an SME and who may have advanced their careers from there. Many of us are also familiar with our home-grown SMEs such as Charles & Keith, Breadtalk and Ya Kun, who are proudly flying Singapore’s flag across the world.

3. However, the business environment is becoming more competitive, both locally as well as abroad. Our SMEs have to compete within more challenging market conditions and are vying with global competitors as well. In order to do well, they need to have the right type of employees. They need to attract dynamic, driven and capable talents, who can help them evolve into the next generation of Singapore-grown global icons.

4. Our graduates from the polytechnics and Institute of Technical Education (or ITE) offer this talent pool that our SMEs need. They form an important part of our local workforce and are highly sought after by employers for their practical skills, know-how and ideas. Based on the Graduate Employment Surveys by the polytechnics and ITE in 2012, on average, 9 out of 10 graduates have been employed within six months upon graduation or completion of their National Service. This is good news for all.

5. But why should students like you consider joining an SME, when there may be other opportunities available?

6. For one, it will allow you to make a real and major difference in your work. This will be so not only within the company, but in the entire industry as well. Being smaller than MNCs (multinational corporations) does not necessarily mean lesser growth opportunities. On the contrary, SMEs are typically more nimble in adapting to changes, quick to seize business opportunities and are less constrained by complex reporting and decision-making structures. As a result, they respond faster to changes in the environment and can become game changers for their industry. With a lean management structure, employees get the chance to work across different functions and gain a wider experience in business operations.

7. Working in an SME will also provide you with the opportunity to be exposed to different functions and job roles, so that you gain a wider spectrum of skill sets and capabilities. Being in a dynamic working environment that is grounded on practical experience is a highly enriching and valuable experience for fresh recruits. For those aspiring to become entrepreneurs and eventually start their own businesses, you will also pick up a tip or two on how to operate a business.

8. In terms of career growth, SMEs also offer many different opportunities. With many SMEs on track to expanding into overseas markets with new product offerings, they will require capable and motivated people to execute these business strategies for them. Talents who are committed and perform well are often given opportunities to be part of the pioneering teams working on such major projects. Some of you might find this more rewarding than performing functional roles in larger organisations. In short, what a career in a good SME will offer you is a dynamic, exciting and empowering job that will give you new and different challenges every other day.

9. It is clear that forward-looking SMEs have much to offer to our local graduates. This is where the STP comes in, to match our local talents with such SMEs. The STP is a new initiative that aims to attract polytechnic and ITE students to join SMEs. Through STP, aspiring local talents like yourself can look forward to a sponsorship and allowance while studying, a sign-on bonus upon graduation and a job-in-the-bag immediately after school. The SMEs that are participating in the STP are also committed to providing proper training and offering a meaningful career development path for you.

10. With the launch of the SME Talent Programme, I hope you and your counterparts are all encouraged to consider joining SMEs upon graduation. I am happy to learn from SPRING that to date, more than 200 students have expressed interest in STP and more than 100 applications have been received.

11. Over the next five years, SPRING will work with the Trade Associations and Chambers as well as the Institutes of Higher Learning to match 3,000 polytechnic and ITE students with SMEs. Trade Associations and Chambers are most attuned to the needs of their respective sectors, and are thus in the best position to help SMEs with their talent requirements. To date, the six participating are :