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Speech by MOS Teo Ser Luck at the signing ceremony of memorandum of understanding between SHRI and ASME

Speech by MOS Teo Ser Luck at the signing ceremony of memorandum of understanding between SHRI and ASME

Mr Erman Tan
President, Singapore Human Resources Institute (SHRI)
Mr Kurt Wee
President, Association of Small and Medium Enterprises (ASME)
 
Distinguished Guests,
 
Ladies and gentlemen

Good morning.
 
1.               I am very happy to join you today at the signing ceremony of the Memorandum of Understanding between SHRI and ASME.
 
2.              SMEs play an important role in Singapore’s economy, making up 99% of the companies in Singapore, employing seven out of every 10 workers and contributing nearly half of our GDP. Our SMEs form a crucial base supporting the MNCs operating out of Singapore, who sink roots here because we are an attractive Global-Asia hub for their industry leaders. The capabilities of our SMEs provide a solid foundation that helps us compete for new investments.
 
3.              Key to the success of SMEs is talent. We want good people to be attracted to SMEs and develop their careers with you. We think this is important. We will partner SMEs to do this in two ways. First, we are working with industry to identify the good jobs, particularly in growth sectors, that pay well and provide good career advancement for Singaporeans. We are mapping out the core and deep skills and experiences necessary for these jobs, and helping Singaporeans gain the competencies to take on these good jobs. Many of these jobs will come from SMEs.
 
4.              Second, the SME Talent Programme developed by SPRING is meant to help attract good, young talent into your organizations and help you develop and groom them. We want to promote SMEs as an employer of choice, able to offer rewarding and challenging careers for our young graduates from Polys and ITE. The feedback has been encouraging. Since the launch of the programme last year, we have matched about 400 graduates from Polytechnics and ITEs under internships or for full employment to local SMEs in the F&B, retail, services, manufacturing and engineering sectors.

5.              But talent is scarce. To be an employer of choice, SMEs need to position yourselves as organizations with competitive HR practices that value, groom and reward talented people. Good HR practices cut both ways. They not only help you attract and retain talent, but also renders your organisation less vulnerable in a tight labour market, and enhances your business continuity.
 
6.              The operating environment for SMEs today is not easy, with rentals and a manpower crunch. This MoU between SHRI and ASME will come in usefully to help SMEs better manage your human resource. By redesigning some jobs, introducing flexible work arrangements, tapping on older workers who come with a wealth of experience and skills, I believe SMEs will do more than survive. You will thrive.  

7.              On this note, I am glad that SHRI and ASME are coming together to help SMEs strengthen their human resource capabilities. ASME has the capability to reach out to SMEs from the micro to the medium-sized companies who will benefit significantly from the expertise and experience of SHRI in the management of human resources.
 
8.              I thank both parties for coming together to drive this initiative. The Government will lend its full support to helping SMEs strengthen your capabilities as you establish your talent base. Together, let’s work together to build up our people in our SMEs, so that they in turn can help us better capture the opportunities arising in our region.
 
9.              Thank you.
 
 
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