Enterprise Skillsfuture – When Mrs. Iffah Rakina decided to leave her studies last year, she carefully looked at the records of the institutions she applied to. The process was a far cry from his previous job search, when he was more concerned with things like salary and career advancement. “Although it was still important, I realized that after a few years of work, I wanted to work in an organization that was prepared for the future,” says the marketing expert.
“And not only mentally, but also in the way they work. I wanted to be a part of an organization that is integrated in all digital aspects, from customer service in technology to time calculation processes and even requests for leave,” he said. The 38-year-old joined Archetype, a marketing agency where, to his delight, digital-first was more than just a buzzword; it was a way of life.
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Ms. Iffah is not alone in her search for a future-ready employer. This type of employer is also popular among Gen Z, who will enter the workforce in the coming years. A survey of these young people, who are now between 16 and 23 years old, revealed that almost four out of five of them want to work in the field of art. The same study also found that nine out of ten people said that an employer’s attitude primarily influenced their choice of job among similar job offers.
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Considering their value, many organizations want to hire young workers. But how can they change themselves to suit younger workers without alienating older workers?
Understandably, there is some resistance, especially since there are huge costs involved in digital media. The costs of transitioning from a paper-intensive installation to a modern cloud-based system can increase, especially given the ongoing global economic downturn caused by the conflict in Ukraine and the pandemic.
But studies show they’re worth the money. According to LinkedIn’s 2017 Global HR Trends report, for every dollar spent on digitization, a company’s HR system generates an average return of $9.13. Simple upgrades include digitizing spreadsheets and reports, which are typically the most paper-intensive tasks in any organization. Another way to solve it is to prepare written reports in accordance with the requirements of the Ministry of Labor. Such improvements in HR and other administrative functions give employees flexibility, mobility, and help improve employee retention.
Implementing these types of solutions won’t cost an arm and a leg for employers thanks to the SkillsFuture Enterprise Credit (SFEC). This encourages employers of all sizes to engage in business and employee turnover. It can be compared to the SkillsFuture Loan program given to individuals, except that it supports businesses in their development.
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“I want to be a part of an organization where I can do anything from USING A TEXT ASSISTANT TO KEEPING TIME AND EVEN WRITING FOR SMOKING.”
Eligible employers receive a one-time loan of $10,000 to cover up to 90 percent of the out-of-pocket costs of programs that support business transformation programs and workforce transformation programs. Of the $10,000 credit for an eligible employer, $3,000 is reserved for employee turnover initiatives. There is no cap on the amount used for the relocation of workers.
SFEC was expanded in the last budget to include more employers. Eligible new employers will be notified in April 2022. As previous grant recipients know, the best part of the program is that no separate SFEC application is required; Loans are automatically deducted for SFEC-supported programs for which they apply.
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During Budget 2022, Finance Minister Lawrence Wong announced that the SkillsFuture Enterprise Credit (SFEC) program will be extended to more companies, including small and medium-sized enterprises, with lower eligibility criteria.
This program, aimed at employers, matches SkillsFuture loans offered by the government to individuals.
While SkillsFuture credits are given to individuals, the government also offers SkillsFuture Enterprise Credit (SFEC) to businesses. This is intended to encourage employers to invest in the transformation of 1) the business and 2) its employees.
Eligible employers receive a $10,000 credit to cover up to 90 percent of their out-of-pocket costs for eligible subsidized program costs. This will be on top of the support level of existing programs, which can be quite high.
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For example, an employer applies for a Productivity Solutions Grant (PSG) to improve certain business processes. The cost of the equipment is up to 20,000 dollars.
Under the Product Solution Grant from April 1, 2022, the employer can already receive up to 70% of the corresponding payment. This means that an employer can claim up to $14,000 if they spend $20,000 on qualifying income. That leaves $6,000 as an out-of-pocket expense.
This is where the SkillsFuture Enterprise Loan (SFEC) comes in, covering up to 90% of your out-of-pocket expenses. This means that employers can take $5,400 (90% of $6) and keep their final cost at $1,600.
This SkillsFuture Enterprise Loan (SFEC) has replaced the previous Productivity Solutions Grant (SkillsFuture Training Subsidy) (PSG (SFTS)) from 29 February 2020. You can use your SkillsFuture Enterprise loan to get two main parts.
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During the business transformation phase, companies can use SkillsFuture Enterprise loans of up to $7,000. What this means is to pay at least $3,000 for employee turnover.
Enterprise Singapore (ESG), Singapore Tourism Board (STB), Building and Construction Authority (BCA), National Environment Agency (NEA), Infocomm Media Development Authority (IMDA) and Monetary Authority of Singapore (MAS)
To encourage employers to train and develop their workforce, up to $3,000 (and a maximum of $10,000) of SkillsFuture Enterprise Credits must be used for workforce transformation programs.
4. Work restructuring (e.g. i4.0 Human Capital Initiative for the manufacturing sector, Service Industry Transformation Program for the service sector)
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There is no need to apply for SkillsFuture Enterprise Loans (SFEC). Eligible employers must be notified in writing by Enterprise Singapore (ESG).
During Budget 2022, eligibility criteria for the Skills Development Levy from 1 January 2022 to 31 December 2022 have been removed. This allows small businesses to participate in SFEC.
If you are eligible during one of the relevant periods, you do not need to continue to apply for the qualification. No further compliance checks will be conducted.
Employers can start applying for subsidy programs from April 1, 2020 to June 30, 2023. Companies will receive payments from April 1, 2021. Final applications must be submitted by June 30, 2025.
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