HELP is at hand for retrenched professionals who are toying with the idea of setting up their own business during the recession.
From next month, polytechnics here will be rolling out entrepreneurship courses for professionals, managers, executives and technicians (PMETs).
About 500 training places will be available at these courses, developed jointly Spring Singapore and the Action Community for Entrepreneurship (ACE).
The announcement was made on Friday by Trade and Industry Minister Mr Lim Hng Kiang at the ACE Bluesky Festival.
Planning for these courses began in April when the Enterprise Development Centres, run by business associations reported an increase in the number of PMETs seeking start-up advice.
'Going into business is not that straightforward,' said Mr Sim Choon Siong, deputy director of entrepreneurship development at Spring Singapore.
'A lot of PMETs who are thinking of entrepreneurship may be very good in their job as professionals, but may not be exposed to the business aspects of things. These courses will introduce them to these elements.'
PMETs make up 37 per cent of the 12,760 workers made redundant in the first quarter, and an increasing number are considering entrepreneurship.
Small and medium-sized enterprises (SMEs) constitute 99 per cent of the 160,000 enterprises in Singapore. A third of these business owners are estimated to be PMETs.
Meanwhile, SMEs employ nearly six out of every ten workers - providing about 1.5 million jobs - and contribute to half of Singapore's gross domestic product.
Mr Lim said: 'I am very encouraged that despite the economic downturn, the number of start-ups formed has not dipped over the past few months.
'Perhaps, the weaker job market has even prompted more entrepreneurs to seize the opportunity to set up their own businesses.'
- The Straits Times
Jul 10, 2009
Can't find job even when he reduces pay by 80%
He used to earn a five-figure monthly salary, but no one is willing to hire him now even though he is willing to settle for S$3,000 a month.
Mr Roland Ang, 52, told Shin Min Daily that he used to manage a hedge fund in an investment firm, but lost his job when his company folded last November.
He joined the finance department of a bank after serving national service, and worked his way up from an administrative assistant to department head, but his highest educational qualification stops at secondary school.
He also says that he was headhunted four times in the nineties, and commanded a pay of about $15,000 a month, not including annual bonuses. But he finds it hard, if not impossible to find a job now.
He and his wife have three children aged eight to 16, and they are also taking care of his 90-year-old mother.
Mr Roland Ang has been actively seeking employment, and sends out 20 to 30 job applications a month on average. He says he went for two interviews a month but was always unsuccessful.
He thinks that it is his lack of educational qualifications and age that is deterring employers.
"When they see that I have no university degree, they say they will contact me again but they never do. Even when I indicate that I am willing to lower my salary expectations to only S$3,000, which is the starting pay of a fresh grad.
"They say that I have too much experience. I don't understand, why don't companies want to employ an experienced staff who is willing to work for less pay? Isn't that a good thing? So I think that my age is a factor."
Mr David Ang, Executive Director of the Singapore Human Resources Institute (SHRI) told Shin Min daily that employers should not view age and educational qualifications as critical factors when hiring.
He pointed out that they should give older workers a chance, meet them face to face to find out if their experience and skills are relevant before making a decision.
He also says that he empathises with Mr Ang's plight, but feels that offering to lower his pay does not help as companies generally pay according to the position and whether the applicant is willing to lower his expectations is not a factor in their hiring decision.
He also noted that Mr Ang may not have angled his resume and job applications to suit the requirements of the jobs he applied for.
"Companies receive a lot of job applications, if your resume does not have have any factor that captures the attention of the employer, it will be overlooked, so job seekers should customise each application to the job they are applying for."
He added that older job seekers who have ample experience, should not be discouraged although they may face rejection during the process of looking for a job, because employers who recognise their ability will hire them.
- AsiaOne
Mr Roland Ang, 52, told Shin Min Daily that he used to manage a hedge fund in an investment firm, but lost his job when his company folded last November.
He joined the finance department of a bank after serving national service, and worked his way up from an administrative assistant to department head, but his highest educational qualification stops at secondary school.
He also says that he was headhunted four times in the nineties, and commanded a pay of about $15,000 a month, not including annual bonuses. But he finds it hard, if not impossible to find a job now.
He and his wife have three children aged eight to 16, and they are also taking care of his 90-year-old mother.
Mr Roland Ang has been actively seeking employment, and sends out 20 to 30 job applications a month on average. He says he went for two interviews a month but was always unsuccessful.
He thinks that it is his lack of educational qualifications and age that is deterring employers.
"When they see that I have no university degree, they say they will contact me again but they never do. Even when I indicate that I am willing to lower my salary expectations to only S$3,000, which is the starting pay of a fresh grad.
"They say that I have too much experience. I don't understand, why don't companies want to employ an experienced staff who is willing to work for less pay? Isn't that a good thing? So I think that my age is a factor."
Mr David Ang, Executive Director of the Singapore Human Resources Institute (SHRI) told Shin Min daily that employers should not view age and educational qualifications as critical factors when hiring.
He pointed out that they should give older workers a chance, meet them face to face to find out if their experience and skills are relevant before making a decision.
He also says that he empathises with Mr Ang's plight, but feels that offering to lower his pay does not help as companies generally pay according to the position and whether the applicant is willing to lower his expectations is not a factor in their hiring decision.
He also noted that Mr Ang may not have angled his resume and job applications to suit the requirements of the jobs he applied for.
"Companies receive a lot of job applications, if your resume does not have have any factor that captures the attention of the employer, it will be overlooked, so job seekers should customise each application to the job they are applying for."
He added that older job seekers who have ample experience, should not be discouraged although they may face rejection during the process of looking for a job, because employers who recognise their ability will hire them.
- AsiaOne
Upturn in finance sector hiring: Good sign for the economy?
FOR the first time since early 2007, hiring expectations are up - and nowhere is this turnaround more telling than in the banking and finance sector, which was seeing a slew of layoffs just nine months ago or less.
Of all the sectors covered in recruitment firm Hudson's May survey, it reported the biggest leap in hiring expectations: 32 per cent of respondents expect to bump up Q3 recruitment, from Q2's 19 per cent. The proportion planning to cut headcount more than halved.
With the financial sector a major growth engine for Singapore, is this a sign of better times ahead not just for sector professionals - but the economy as well?
In its report card on the financial sector, Hudson noted: "Hiring plans that were delayed from Q4 2008 onwards are now being implemented as the volume of deals appears to be sustainable.
"This indicates a much more positive outlook both for the financial sector and the economy as a whole."
But though 26 per cent of respondents overall forecast higher recruitment, and 48 per cent expect recovery this year or the first half of next year, analysts caution against expecting a hiring spree.
Putting the tentative signs of optimism down more to companies' belief that the worst is over, Forecast Singapore economist Vishnu Varathan said: "The banking industry was not so much affected by how much they were losing, but rather the huge uncertainty over how much the losses were going to be.
"Now that there is less uncertainty, commodity prices, mergers and acquisition have picked up, we're seeing activity returning to the market and targetted hires."
The key word is targeted. Financial services headhunter David Powe, of Strategic Search Partners, told Today: "Few firms are hiring, and if they are, it's not across the board."
The opportunities that banks want to exploit currently are in distressed assets and Asian products, he said: "Clients are after candidates who are 100 per cent close to the fit and it's usually someone with five years of experience."
Nearly half the employers in the banking and financial services industry felt able to negotiate lower starting salaries - the most of all the sectors.
Hudson surveyed 700 executives across key industries. The manufacturing sector, responsible for the majority of jobs shed in the last few quarters, expressed a surprisingly optimistic hiring outlook.
CIMB-GK economist Song Seng Wun said the companies' forecast was consistent with the sector's seasonal patterns.
"Production and business pads up in the second half of the year to meet more orders for Christmas. You'll find this increase in demand whether it is a recession or not," he said.
On the same note, Mr Varathan said we shouldn't necessarily take the forecast at face value. "It's not clear from the data presented whether they are actually expanding operations," he said.
Manufacturing companies were most conservative about prospects for an economic recovery, with 25 per cent unsure when it will happen. Just 11 per cent think it will be this year, compared to 15 per cent of respondents from consumer, media and advertising.
Meanwhile, 42 per cent of respondents in the IT and technology sector anticipate recovery in the first half of next year, more than in any sector; while 77 per cent of healthcare and life sciences sector think the upturn will come sometime during next year.
Mr Varathan puts these varying forecasts down to each sector using different yardsticks.
"Manufacturing would want to see something more convincing like an upward trend in global demand before they stick their neck out," he said.
- TODAY newspaper
Of all the sectors covered in recruitment firm Hudson's May survey, it reported the biggest leap in hiring expectations: 32 per cent of respondents expect to bump up Q3 recruitment, from Q2's 19 per cent. The proportion planning to cut headcount more than halved.
With the financial sector a major growth engine for Singapore, is this a sign of better times ahead not just for sector professionals - but the economy as well?
In its report card on the financial sector, Hudson noted: "Hiring plans that were delayed from Q4 2008 onwards are now being implemented as the volume of deals appears to be sustainable.
"This indicates a much more positive outlook both for the financial sector and the economy as a whole."
But though 26 per cent of respondents overall forecast higher recruitment, and 48 per cent expect recovery this year or the first half of next year, analysts caution against expecting a hiring spree.
Putting the tentative signs of optimism down more to companies' belief that the worst is over, Forecast Singapore economist Vishnu Varathan said: "The banking industry was not so much affected by how much they were losing, but rather the huge uncertainty over how much the losses were going to be.
"Now that there is less uncertainty, commodity prices, mergers and acquisition have picked up, we're seeing activity returning to the market and targetted hires."
The key word is targeted. Financial services headhunter David Powe, of Strategic Search Partners, told Today: "Few firms are hiring, and if they are, it's not across the board."
The opportunities that banks want to exploit currently are in distressed assets and Asian products, he said: "Clients are after candidates who are 100 per cent close to the fit and it's usually someone with five years of experience."
Nearly half the employers in the banking and financial services industry felt able to negotiate lower starting salaries - the most of all the sectors.
Hudson surveyed 700 executives across key industries. The manufacturing sector, responsible for the majority of jobs shed in the last few quarters, expressed a surprisingly optimistic hiring outlook.
CIMB-GK economist Song Seng Wun said the companies' forecast was consistent with the sector's seasonal patterns.
"Production and business pads up in the second half of the year to meet more orders for Christmas. You'll find this increase in demand whether it is a recession or not," he said.
On the same note, Mr Varathan said we shouldn't necessarily take the forecast at face value. "It's not clear from the data presented whether they are actually expanding operations," he said.
Manufacturing companies were most conservative about prospects for an economic recovery, with 25 per cent unsure when it will happen. Just 11 per cent think it will be this year, compared to 15 per cent of respondents from consumer, media and advertising.
Meanwhile, 42 per cent of respondents in the IT and technology sector anticipate recovery in the first half of next year, more than in any sector; while 77 per cent of healthcare and life sciences sector think the upturn will come sometime during next year.
Mr Varathan puts these varying forecasts down to each sector using different yardsticks.
"Manufacturing would want to see something more convincing like an upward trend in global demand before they stick their neck out," he said.
- TODAY newspaper
Spring Singapore to subsidise entrepreneurship courses for PMETs
SINGAPORE: Professionals, managers, executives and technicians (PMETS) aspiring to start their own businesses and looking for tips to do so can look forward to subsidised courses next month on entrepreneurship.
Spring Singapore will subsidise up to 70 per cent of the course fees and has set aside S$500,000 for the scheme, which will be conducted at participating polytechnics until next May.
The courses, which will run between two and 12 weeks, are available on both part-time and full-time basis and include company visits and sharing sessions with established entrepreneurs.
PMETs will need to have at least a diploma to enrol for these courses.
- TODAY newspaper
Spring Singapore will subsidise up to 70 per cent of the course fees and has set aside S$500,000 for the scheme, which will be conducted at participating polytechnics until next May.
The courses, which will run between two and 12 weeks, are available on both part-time and full-time basis and include company visits and sharing sessions with established entrepreneurs.
PMETs will need to have at least a diploma to enrol for these courses.
- TODAY newspaper
Jul 5, 2009
Fresh grads rush in for jobs, banks may oblige
Thousands of fresh graduates continue to make a beeline for jobs in the financial industry, unfazed it seems by its less than sterling reputation and reports of retrenchment.
Some banks have been overwhelmed by the thousands of job applications from hopeful graduates - although they have openings only for less than 10 per cent.
Citibank said that to date it has received 50 per cent more job applications or as many as 4,500 from fresh graduates. In previous years, it received 2,500 to 3,000 applications from fresh graduates hoping to land a job under its management associate (MA) programme which takes in 20-30 people.
In May, Citibank said that it will be hiring 200 fresh graduates under its own MA programme as well as under the Monetary Authority of Singapore (MAS) scheme.
The MAS scheme subsidises graduates' allowances over the next one to two years to encourage financial institutions to take them in.
MAS said in March that it will set aside $15 million for the initiative.
Lee Yan Hong, Citi Singapore human resource director, said that the recruitment process is still ongoing and progressing well.
The new hires will fill positions under three talent recruitment initiatives, namely the management associate, banking associate and banking trainee programmes, she said.
The latter two were new programmes specially created to be aligned with the MAS scheme.
Standard Chartered Bank said that the number of applications from fresh graduates this year has doubled.
It typically receives several thousands of applications a year for its prestigious banking associate programme.
D M Arulraj, regional head of human resources (SEA), Standard Chartered Bank said that the banks has hired about 180 graduates so far this year.
For its one-year banking associate programme tailored for high potential fresh graduates who are placed into job specific roles, the bank has taken in 38 graduates.
'This programme offers a structured career path for the graduates and they go through skills and product training necessary for their role to help them develop their careers,' said Mr Arulraj.
In addition, about 70 fresh graduates will be joining the bank next Monday under the MAS scheme. This batch will go through a one-month structured training with the focus on providing them with a fundamental knowledge of the bank's products and the financial industry, he said.
Stanchart also hired an additional 50 graduates in the first half of 2009, most of whom are in sales, he said.
DBS Bank to date has got about 1,200 applications from fresh graduates for jobs under the MAS scheme, for which it has 80 positions, said Edna Koh, a bank spokeswoman.
'DBS supports what MAS wants to achieve through this initiative,' said Ms Koh.
Positions are offered across the departments, including consumer banking, technology & operations, investment banking and wealth management.
'We are offering around 80 positions and we have hired approximately half the number already,' she said.
'In addition, we will continue to hire fresh graduates for our management associate programme this year. The size of the intake has not been finalised, but in the past, DBS typically recruits about 50 graduates for this programme each year.'
OCBC Bank said that it is taking in fresh graduates under the MAS scheme.
- The Business Times
Some banks have been overwhelmed by the thousands of job applications from hopeful graduates - although they have openings only for less than 10 per cent.
Citibank said that to date it has received 50 per cent more job applications or as many as 4,500 from fresh graduates. In previous years, it received 2,500 to 3,000 applications from fresh graduates hoping to land a job under its management associate (MA) programme which takes in 20-30 people.
In May, Citibank said that it will be hiring 200 fresh graduates under its own MA programme as well as under the Monetary Authority of Singapore (MAS) scheme.
The MAS scheme subsidises graduates' allowances over the next one to two years to encourage financial institutions to take them in.
MAS said in March that it will set aside $15 million for the initiative.
Lee Yan Hong, Citi Singapore human resource director, said that the recruitment process is still ongoing and progressing well.
The new hires will fill positions under three talent recruitment initiatives, namely the management associate, banking associate and banking trainee programmes, she said.
The latter two were new programmes specially created to be aligned with the MAS scheme.
Standard Chartered Bank said that the number of applications from fresh graduates this year has doubled.
It typically receives several thousands of applications a year for its prestigious banking associate programme.
D M Arulraj, regional head of human resources (SEA), Standard Chartered Bank said that the banks has hired about 180 graduates so far this year.
For its one-year banking associate programme tailored for high potential fresh graduates who are placed into job specific roles, the bank has taken in 38 graduates.
'This programme offers a structured career path for the graduates and they go through skills and product training necessary for their role to help them develop their careers,' said Mr Arulraj.
In addition, about 70 fresh graduates will be joining the bank next Monday under the MAS scheme. This batch will go through a one-month structured training with the focus on providing them with a fundamental knowledge of the bank's products and the financial industry, he said.
Stanchart also hired an additional 50 graduates in the first half of 2009, most of whom are in sales, he said.
DBS Bank to date has got about 1,200 applications from fresh graduates for jobs under the MAS scheme, for which it has 80 positions, said Edna Koh, a bank spokeswoman.
'DBS supports what MAS wants to achieve through this initiative,' said Ms Koh.
Positions are offered across the departments, including consumer banking, technology & operations, investment banking and wealth management.
'We are offering around 80 positions and we have hired approximately half the number already,' she said.
'In addition, we will continue to hire fresh graduates for our management associate programme this year. The size of the intake has not been finalised, but in the past, DBS typically recruits about 50 graduates for this programme each year.'
OCBC Bank said that it is taking in fresh graduates under the MAS scheme.
- The Business Times
Jul 4, 2009
Chronic jobless doubles
TRY as they may, they just cannot seem to land a job.
The latest job market figures for the January to March period, released by the Ministry of Manpower (MOM) on June 15, showed that there are now 16,600 long-term unemployed people in Singapore.
By definition, these people have been jobless for 25 weeks or more.
A year ago, the corresponding figure was less than half - 7,500.
In the first five months of this year, the CareerLink Plus Centre has seen 542 long-term unemployed and low-wage workers approaching it for help, compared to 1,293 cases for the whole of last year. The centre is a joint project between the Workforce Development Agency and self-help groups like the Chinese Development Assistance Council, the Singapore Indian Development Association, the Eurasian Association and the Association for Muslim Professionals. It is spearheaded by Mendaki.
Labour MP Halimah Yacob said: 'The economic crisis is not the only factor although it makes it harder for the unemployed to find jobs.
'The issue is one of structural unemployment too as many also do not have the skills to do the jobs that are available.'
Madam Halimah, an MP for Jurong GRC, has seen more of the chronic jobless in her constituency seeking help since the downturn.
Help is given with regard to technical and computer skills, and softer skills like preparing resumes and presenting themselves well at job interviews.
This chronic jobless group mainly comprises mature workers aged above 40, housewives in their 40s and 50s who want to go back to work, and people with physical disabilities, medical conditions or past criminal records.
- The Straits Times
The latest job market figures for the January to March period, released by the Ministry of Manpower (MOM) on June 15, showed that there are now 16,600 long-term unemployed people in Singapore.
By definition, these people have been jobless for 25 weeks or more.
A year ago, the corresponding figure was less than half - 7,500.
In the first five months of this year, the CareerLink Plus Centre has seen 542 long-term unemployed and low-wage workers approaching it for help, compared to 1,293 cases for the whole of last year. The centre is a joint project between the Workforce Development Agency and self-help groups like the Chinese Development Assistance Council, the Singapore Indian Development Association, the Eurasian Association and the Association for Muslim Professionals. It is spearheaded by Mendaki.
Labour MP Halimah Yacob said: 'The economic crisis is not the only factor although it makes it harder for the unemployed to find jobs.
'The issue is one of structural unemployment too as many also do not have the skills to do the jobs that are available.'
Madam Halimah, an MP for Jurong GRC, has seen more of the chronic jobless in her constituency seeking help since the downturn.
Help is given with regard to technical and computer skills, and softer skills like preparing resumes and presenting themselves well at job interviews.
This chronic jobless group mainly comprises mature workers aged above 40, housewives in their 40s and 50s who want to go back to work, and people with physical disabilities, medical conditions or past criminal records.
- The Straits Times
Jul 3, 2009
Jobless rate may rise
SINGAPORE'S unemployment rate from April to June may remain high or increase further from the previous quarter's 3.3 per cent, Manpower Minister Gan Kim Yong has said.
This is based on anecdotal evidence from the unions and employers, he told reporters on Friday, adding that actual figures will be released later this month.
He was speaking at a press conference where he also gave an update on the impact of the Skills Programme for Upgrading and Resilience (Spur).
The government-sponsored scheme, launched in December last year, pays part of workers' wages while they are on training as well as subsidises their training fees.
About 124,500 workers have been committed for training under Spur up to May this year.
About 1,800 companies have tapped on the programme, many of which are in industries affected by the downturn such as manufacturing and retail.
- The Straits Times
This is based on anecdotal evidence from the unions and employers, he told reporters on Friday, adding that actual figures will be released later this month.
He was speaking at a press conference where he also gave an update on the impact of the Skills Programme for Upgrading and Resilience (Spur).
The government-sponsored scheme, launched in December last year, pays part of workers' wages while they are on training as well as subsidises their training fees.
About 124,500 workers have been committed for training under Spur up to May this year.
About 1,800 companies have tapped on the programme, many of which are in industries affected by the downturn such as manufacturing and retail.
- The Straits Times
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