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The Importance of Upskilling and Reskilling for Organisations in Singapore

In today’s rapidly evolving digital landscape, organisations in Singapore face a critical decision: upskill and reskill their existing workforce or continually hire new talent. The Tech Skills Advancement (TSA) programs, a collaboration between Tribe and Ngee Ann Polytechnic, offer an effective solution for companies to future-proof their operations by equipping employees with cutting-edge tech skills in areas like Generative AI, Data Analytics, and Software Engineering.

Why Reskill Your Workforce?

Cost Efficiency

Hiring new employees can be a lengthy and expensive process. It involves recruitment, onboarding, and initial training, all of which can drain resources. In contrast, upskilling and reskilling existing employees through tailored programs can be more cost-effective. Often subsidised by up to 90%, these programs help companies invest in their current workforce without the added overhead of hiring and training new staff from scratch.

Employee Retention

Investing in employees’ development fosters loyalty and job satisfaction. Employees who see their company investing in their growth are more likely to stay, reducing turnover rates. This continuity is invaluable as long-term employees deeply understand the company’s culture and processes, which is not easily replaceable.

Enhanced Productivity

Employees equipped with the latest tech skills can drive innovation and enhance productivity. For instance, training in Data Analytics allows employees to leverage vast data sets for informed decision-making, uncovering opportunities for growth and optimisation. Similarly, skills in Generative AI can streamline processes and unlock new creative potentials.

Agility and Adaptability

The tech landscape is ever-changing. By continuously upskilling and reskilling, organisations ensure their workforce remains agile and adaptable to new technologies and market demands. This agility is crucial for staying competitive in a fast-paced digital economy.

Customized Training

Every company and industry has different needs and pain points, making tailored training crucial. It is helpful to have tailored training when programs are put into context and application-focused. TSA programs offer the flexibility to tailor training to specific organisational needs. Companies can customise the training to address their unique challenges and objectives, whether it’s a short-term intensive course or a comprehensive Career Conversion Program (CCP). For example, a CCP for a Data Analyst might include a combination of on-the-job training and structured facilitated training, ensuring employees gain practical, job-ready skills.

Success Stories and Support

Many leading organisations have already benefited from these programs. Companies like OCBC, Visa, and Foodpanda have undergone these corporate training programs to support their upskilling and reskilling needs, ensuring their teams remain at the forefront of technological advancements.

Moreover, the financial support available through these programs makes them accessible to a wide range of businesses. For instance, qualified companies can receive up to 90% salary support for mature employees (aged 40 and above) undergoing training, capped at SGD 7,500 monthly. This significant subsidy eases the financial burden on companies, allowing them to focus on growth and innovation.

Conclusion

For Singaporean organisations, the choice to upskill and reskill their workforce is not just a strategic advantage; it is necessary in today’s digital age. By investing in programs like Tech Skills Advancement’s Corporate Training programs, companies can build a future-ready workforce capable of driving innovation, enhancing productivity, and maintaining a competitive edge. The benefits of upskilling and reskilling far outweigh the costs of hiring new employees, making it a wise investment for any forward-thinking organisation.

Future-proof Your Workforce with Us

Get in touch with our team to learn more about how we can help you and your company to customise corporate training programs to meet your needs.