Having employees with the right experience and skills is pivotal to a company’s success. However, according to a survey by the Singapore Business Federation, 53% of SMEs indicated a lack of skilled talent as one of their biggest obstacles. In today’s rapidly evolving landscape, it is crucial for SMEs to not only attract the right talent but also invest in upskilling their existing employees, particularly in areas such as artificial intelligence (AI), automation, and other emerging technologies.
As Singapore navigates an increasingly interconnected global economy, the nation's competitiveness is closely tied to the transformation of its Small and Medium Enterprises (SMEs). During the National Day Rally, Prime Minister Lawrence Wong emphasized the importance of innovation and upskilling of the workforce for Singapore to thrive. By adopting the People-Process-Technology framework, SMEs can better position themselves to navigate business and technological challenges effectively.
People: Enhancing skills and capabilities
