How can companies benefit from the Global Ready Talent Programme

Unlock the Potential of Young Talent with the Global Ready Talent Programme

As a small to medium-sized enterprise (SME) business owner in Singapore, you understand the importance of nurturing young talent to drive innovation and growth. The Global Ready Talent Programme (GRT) offers a unique opportunity for Singapore enterprises to train and invest in the next generation of professionals. Here’s how your business can benefit from this initiative.

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Funding Support for Internships

The GRT Programme provides substantial financial support to help you offer competitive internships. From now until 1 April 2024, SMEs can receive up to 50% funding of the minimum monthly internship stipend. This means you can offer:

• S$800 to NITEC/Higher NITEC and diploma students
• S$1,000 to degree students

Starting 1 April 2024, the funding support will be revised to 50% for SMEs and 30% for non-SMEs. This adjustment will apply to internship grant applications submitted on or after this date.

Local and Overseas Internship Opportunities

The GRT Programme supports both local and overseas internships, providing flexibility to meet your business needs.

Local Internships: Offer internship opportunities within Singapore and receive up to 50% funding support on the minimum monthly stipend. The internship must last at least four weeks and not exceed 12 months.

Overseas Internships: Expand your global reach by offering internships in your overseas offices in Southeast Asia, China, India, and other developing markets. In addition to the 50% funding support, students will receive additional monthly subsistence and travel allowances through their Institutes of Higher Learning (IHLs). The internship must last at least two weeks and not exceed 12 months.

Hybrid Internships: Combine local and overseas experiences by offering a hybrid internship. For example, a six-month internship could include four months in your Singapore office and two months in an overseas office. The minimum duration for local and overseas stints is four weeks and two weeks.

Eligibility Criteria

To participate in the GRT Programme, your business must meet the following criteria:

• Incorporated in Singapore with at least 30% local shareholding
• Financially capable of starting and completing the internship programme
• Strong human resource practices in learning, development, and talent management
• In operation for at least one year
• Offer internships with clear job scopes, learning objectives, and suitable mentors
• Support full-time internships (minimum 35 hours per week)

For overseas internships, ensure you have existing overseas operations, a positive business outlook, and strong growth plans. For local internships, consider incorporating work related to overseas operations to provide a comprehensive learning experience.

Attracting the Right Talent

The GRT Programme partners with Trade Associations (TACs) and IHLs to facilitate internship placements. TACs will evaluate and qualify promising enterprises, while IHLs will drive student participation. This collaboration ensures that you attract motivated and capable interns eager to contribute to your business.

By participating in the GRT Programme, you can invest in the future of your business while providing valuable learning experiences for young talent. Embrace this opportunity to shape the next generation of professionals and drive your business forward.

For more information on how to apply, do contact us for a non-obligatory discussion.