Companies that support staff through SkillsFuture see rise in labour productivity

COMPANIES that support their employees' training through the SkillsFuture programme saw their revenue increase for up to three years after training, said Minister of State Gan Siow Huang on Thursday.

This is according to a study by the Ministry of Trade and Industry and SkillsFuture Singapore (SSG) on the returns to companies that sponsored their local workers for SSG-supported training between 2010 and 2018.

Ms Gan, whose portfolio is in education and manpower, said the study found that for every 10 per cent of the local workforce that companies supported for training, the company's revenue was about 0.7 per cent higher on average each year for up to three years after training.

The labour productivity of companies was also 2.2 per cent higher on average per year for two years, she added, noting the study provides evidence that investment in workforce training leads to positive business outcomes.

Speaking during the SkillsFuture Month Forum 2021 supported by The Business Times, Ms Gan said: "Clearly, it is a win-win proposition for companies to invest in developing their employees."

This year, more than 90 community, education and industry partners are participating in SkillsFuture Month 2021, which is expected to reach out to more than 50,000 learners.

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Noting that disruptions from the Covid-19 pandemic have made it imperative for the workforce to upskill and reskill themselves, Ms Gan said SkillsFuture is a critical enabler in this effort.

The next bound of SkillsFuture has a strong focus on the enterprise pillar, and one important aspect of this pillar is the push for better and more workplace learning, she said.

As at March 31 this year, about 650 companies have implemented workplace learning programmes and trained 3,700 employees under SSG's National Centre of Excellence initiative.

This year's SkillsFuture Month features events to cater to Singaporeans of different ages.

Working adults can participate in an SSG X WSG Jobs and Skills Fair jointly organised by SSG and Workforce Singapore (WSG), which will showcase a range of reskilling, upskilling and employment opportunities available.

SFM@SIT, an event organised in partnership with the Singapore Institute of Technology and supported by tertiary institutes in Singapore, will feature industry leaders who will share their insights on learning opportunities to be future-ready.

Students can look forward to the SkillsFuture Work-Study Fair organised by the Institute of Technical Education that will showcase work-study opportunities for fresh and recent graduates.

For the general public, the five Community Development Councils (CDCs) will jointly organise this year's SkillsFuture@CDC for residents. This will be a virtual event comprising a series of online programmes covering employability skills and lifelong learning topics.