In a bid to help SMEs (small and medium sized enterprises), the Workforce Development Agency (WDA) and Human Capital Singapore (HCS) have this week launched the 360 Productivity Framework. The framework has been designed for local enterprises to understand and utilise productivity from every angle, in order to up their ante amidst a tight labour market.
The framework consists of three components – an Annual Productivity event, a series of four Productivity Masterclasses and eight Productivity Practice Sessions (PPS). Some 700 SMEs stand to benefit from the scheme.
The Annual Productivity event aims to help SMEs understand productivity in all of its forms and applications. This includes understanding how it has evolved, how it should be measured, how to improve it, what to do with the gains and how to apply non-market strategies to navigate geopolitical challenges.
The Masterclass Series will bring renowned thought leaders to share their ideas on related productivity themes. The PPS will bring like-minded people managers and leaders to share and learn productivity initiatives.
Many SMEs understand the benefits of productivity and how it can help scale up the business. However, moving up the value chain requires not only time and energy, but careful planning and the local SMEs are in good stead to benefit from this initiative and hope to see it take flight.