Being able to nurture young talent is both a joy and a duty for companies. Internships provide companies the opportunity to develop and uncover talented students before they graduate. However, it takes time and resources to hire and train interns. Fortunately, this is an area that our government is willing to step in.
The Global Ready Talent Programme (GRT) was launched in October 2019 to help local SMEs develop a talent pipeline by exposing young Singaporeans to local internships and overseas work experience. It replaces the previous SME Talent Programme by Enterprise Singapore.
GRT Provides Funding Support And A Ready Network Of Students And Fresh Graduates
While the name “Global Ready Talent” suggests an element of international or global presence, the GRT provides funding support for two key components: 1) both local and overseas internship and 2) overseas-based management associate programme for fresh graduates.
Thus, SMEs without an international presence can still apply for this programme.
The programme for management associates is primarily meant for companies keen to train and invest in fresh graduates and existing company employees with less than 3 years working experience, for overseas exposure in Southeast Asia, China and India (minimum 1 year).
The funding support is up to 70% of the monthly internship stipend and the minimum stipend is $800 for ITE and Polytechnic students and $1,000 for University students.
For overseas internships, students will receive an additional monthly subsistence allowance and lump sum travel allowance which will be provided through their schools.
Additionally, SMEs can hire suitable interns more easily through the GRT’s network of schools including ITE, polytechnics and universities.
Companies Need To Demonstrate A Commitment to Talent Development
To be eligible, your company must be incorporated in Singapore with a minimum of 30% local shareholding.
Additionally, the company must demonstrate that they have the financial capability to start and complete the internship, possess good Human Resource (HR) practices and commitment to talent development.
The company must provide a mentor/supervisor to offer guidance to the student during the course of the internship; as well as provide a structured internship opportunity with clarity in internship job scope.
To apply, companies can register through the Global Ready Talent website and the Trade Associations & Chambers (TACs), including Singapore Business Federation (SBF). They will evaluate your companies’ suitability for the programme.
How Is Global Ready Talent Programme Different From SGUnited Traineeship?
The GRT is meant for students who are still studying and looking for internship opportunities and fresh graduates who are going to be deployed overseas while the SGUnited Traineeship is meant to support those who have recently graduated or will soon be graduating from the Institute of Technical Education (ITE), Polytechnics, Universities and other private educational institutions in 2019 or 2020.
|GRT (Internship Programme)||GRT (Management Associate Programme)||SGUnited Traineeship|
|Company Eligibility||incorporated in Singapore with a minimum of 30% local shareholding.||incorporated in Singapore with a minimum of 30% local shareholding.||registered or incorporated in Singapore|
|Talent Pool||Current students||Fresh graduates and existing employees with no more than 3 years of work experience||Fresh graduates|
|Expected Allowance||$800 for ITE and Polytechnic students |
$1000 for University students
|Capped at $50,000 per annum for each management associate (inclusive of 13th month annual wage supplement and overseas package||$1,100 to $1,500 for ITE students|
$1,300 to $1,800 for Polytechnic students$1,800 to $2,500 for University students
|Government Funding||Up to 70%||Up to 70%||80%|
Additionally, GRT is intended as a long-term talent development programme for local SMEs while the SGUnited Traineeship is created as an interim solution to the difficult employment market due to the impact of COVID-19. Thus, we can expect continued government funding for the GRT, even after Singapore recovers from COVID-19.
Local SMEs Can Tap On Government Funding To Hire Interns And Fresh Graduates
If your company is considering expanding or has the capability to nurture young talent, consider either the GRT for hiring young interns or the SGUnited Traineeship for hiring fresh graduates. Both programmes provide substantial government support.
More importantly, you could be nurturing and uncovering talented individuals for your company.
Need Financing Support During This Period?
From now till 31 March 2021, SMEs can enjoy extra financing support of up to $5 million through the Temporary Bridging Loan Programme.
Join The DollarsAndSense Business Community
For more content that helps entrepreneurs, freelancers, and self-employed individuals and learn to build better businesses, join the DollarsAndSense Business Community on Facebook.