Shrinking the talent gap in SMEs

SINGAPORE'S small and medium enterprises (SMEs) have been hit by recent government moves to tighten the inflow of cheap foreign labour. But they also face the challenge of attracting human capital and retaining managers who can help the company grow.

In successful recruiting, the employer needs to engage potential employees, convey the company's needs and expectations and demonstrate how employees can go far if they do well. SMEs are "lean and mean" in their cost structure.

Beyond fulfilling obvious manpower needs, there is no standard approach for them to develop and manage their workforce. They find it challenging to install a system of knowledge retention and transfer by capturing and sharing applications for creative purposes before employees leave the company. Such a system, however, is crucial in training new employees and getting them up to speed quickly.