Overcoming the SME talent crunch
Singapore is now facing a new challenge: staffing these enterprises with the right talent. Here are some ways to tackle this problem.
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SINGAPORE loves SMEs. The government has extended many incentives to woo entrepreneurs with the likes of incubator infrastructure, capital grants, government-backed loans and tax incentives. And while SMEs - especially in the tech realm - have moved in and set up shop, Singapore is now facing a new challenge: staffing these enterprises with the right talent.
According to a poll conducted by DBS, 26.5 per cent of small businesses cite manpower issues as one of their main pain points, followed by high operational costs (21.5 per cent) and growing business revenue (21 per cent). And those are stats that are immediate - when looking to the near future, there are higher rates of retirement than there are rates of people joining the workforce, which is predicted to lead to a global talent shortage.
Businesses need to start preparing for that eventuality now when they are considering their long-term planning goals and hiring needs. After all, SMEs will not be able to scale without the right people.
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