If you haven’t heard, over 1000 employers were recently caught for trying to fleece the government of $5.57million by abusing the Wage Credit Scheme (WCS), which aims to help businesses cope with rising wage costs by co-funding yearly wage increments for eligible Singaporean workers.
We must say… these employers are so resourceful!
Coming up with ruses such as hiring phantom workers or inflating workers’ wages, who would have thought? But really, cheating the Government is the wrong way to go about things. They should really be putting their minds towards more constructive ways of improving their bottom lines and upping their profits.
Since this is the season of giving, we thought we’d put ourselves in the shoes of crafty employers and suggest 4 ways in which employers can channel their smarts towards instead of cheating the Government.
1) Use grants the #legit way
Singapore is known for its pro-business policies as well as good infrastructure. Why not make use of it? There are a plethora of grants and support programmes from SPRING Singapore, Ministry of Manpower and Employment and Employability Institute (e2i) etc that businesses can tap on for their business needs.
With the online shopping pie growing steadily every year (Alibaba racks up a record $35billion SGD in Singles’ Day sales), if your business isn’t online, you might want to think of how to bring your business online and leverage social media.
Consumers are a fickle bunch these days, be it services or products, they are always looking for something new. Businesses need to innovate to cater to customers’ changing needs.
3) Getting your workers up to speed
If you’re already exploring business innovation, it certainly makes sense to keep your workers up to speed and trained to take your business to the next level. Again, SkillsFuture is a good place to start, or if your employees are union members, they will have access to the Union Training Assistance Programme (UTAP) which helps defray training costs. A new learning subscription scheme, U Future Leaders Exchange (UFLX) was launched by Secretary-General of the National Trades Union Congress (NTUC) Chan Chun Sing recently. It allows workers unlimited access to bite-sized workshops and networking events so they can upskill at their own pace.
4) Network with like-minded people
Most would acknowledge that networking is an important part in running a business. Regular discussions and networking sessions with people in the same industry helps cross-pollination of ideas and surfacing best practices. Joining networks such as the U SME or U Associates will give one access to business leaders who are interested to grow their own industries as well as partners who understand the Industry Transformation Maps (ITMs) and can help you stay ahead of the curve.
So there, putting your smarts to other constructive ways to ramp up your business for the New Year seems like a much better way to go. You can thank us later! ;)