Two new SMB schemes to support digitalisation

Are you looking for subsidised training programmes to upskill your workforce on essential digital tools, technologies and practices? Look into these new schemes from BCG and SkillsFuture.

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Two new SMB schemes to support digitalisation

Key takeaways

  • To achieve digitalisation, SMBs need to provide their employees with sufficient upskilling opportunities
  • Two new schemes, Rapid and Immersive Skill Enhancement (RISE) and RISE 2.0, can be used by SMBs and employees to learn essential digital skills
  • SMBs can get up to 90% subsidy for RISE and individuals can expect up to 95% off for RISE 2.0 depending on individual circumstances.

Two new SMB schemes to support digitalisation

31 October 2022 | SMB, Digitalisation | 5 min read

There is no doubting the value of digitalisation in businesses today. A number of businesses including SMBs have seen improvements in productivity and revenue with the adoption of digital solutions and practices, not to mention new opportunities to go global. The UOB SME Outlook Study 2021 revealed that two in five SMBs which implemented digitalisation initiatives experienced stronger revenue growth, productivity and efficiency gains ranging between 22% and 49%.

But to achieve digitalisation in your business, you have to ensure that your workforce is ready to take up new challenges. This means providing employees with upskilling opportunities to meet the demands of working with digital solutions, something that can often be challenging for SMBs. 

There is a clear need for business transformation and workforce transformation to go hand in hand. The good news is that more schemes are becoming available for SMBs to train their staff.

Two such new schemes that have recently become available are the Rapid and Immersive Skill Enhancement (RISE) and RISE 2.0, from the global firm Boston Consulting Group (BCG) and SkillsFuture Singapore. Participants of this programme can get up to 90% subsidy. 

7 in 10 SMBs in Singapore say they require more support in upskilling their staff, according to a report by NTUC LearningHub

Rapid and Immersive Skill Enhancement (RISE)

The Rapid and Immersive Skill Enhancement (RISE) is a programme that caters to SMBs looking to digitalise their businesses.

This programme is a result of a joint study conducted by BCG and the Infocomm Media Development Authority (IMDA). The study found that more than 60% of SMBs in Singapore are “digital starters”, meaning they have yet to adopt digital technologies collectively under IMDA’s measure. 

Unlike traditional university courses and corporate trainings, RISE takes an application-based approach to learning. This includes a 16-week training programme with project-based teachings guided by industry practitioners.

The topics include:

  • Omnichannel Sales & Marketing: How to increase business revenue by applying cutting-edge digital sales and marketing tools
  • Digital Innovation & Growth: Identify concrete digital opportunities and how to design quality products
  • Business and Data Analytics: Make data-based management decisions that unlock new growth opportunities

There is no limit on the number of employees that can sign up and the course fee will be subsidised by 90% as long as your company has more than 30% local shareholding.

60% of SMBs in Singapore have yet to adopt digital technologies, according to a joint study by IMDA and BCG.

RISE 2.0 – upskilling programme for individuals

RISE 2.0 is a programme for individuals who want to improve their digital skills and advance in their careers. It is an expansion of last year’s RISE 1.0, which was part of the SGUnited Mid-Career Pathways initiative rolled out by the government to respond to COVID-19’s impact on the economy and jobs. RISE 1.0 had itself been well-received, with 70% of its 1,700 participants landing jobs upon completion.

RISE 2.0 participants can choose between two tracks depending on their current work commitments and weekly availability. They can take RISE 2.0 as a 10-week full-time or an 18-week part-time programme. 

SMBs can encourage their employees to take part in this programme even while still employed, as it benefits both the individuals and the business. As more SMBs struggle to retain talent who resign due to lack of training, career progression and growth opportunities, programmes like RISE 2.0 can help address some of these causes.

RISE 2.0 is designed to enhance employability by building high-demand business and digital skills. 

There are three disciplines covered under this programme:

  • Digital Sales & Marketing: This discipline involves training on how to accelerate business performance across the entire sales funnel
  • Business & Data Analytics: This equips learners with the best-in-class tools and approaches used in digital businesses
  • Digital Transformation & Change Management: This teaches learners how to lead digital transformation strategies and approaches

In addition to learning these digital skills, RISE 2.0 participants will also be able to take part in a digital hackathon where they apply the skills to real-life company problems and propose digital solutions to organisations. As of September 2022, there are 125 learners enrolled in RISE 2.0, which aims to eventually take in 700 people.

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