Small and medium-sized enterprises (SMEs)

Locally-owned businesses usually have fewer than 200 employees or an annual sales turnover of under $100 million. However, SMEs provide employment for more than two-thirds of Singapore’s workforce and contribute nearly half of the nation’s gross domestic product.

The benefits

Greater variety of work

SinceSMEsaresmaller,allemployeestendtowearmanyhats and take on cross-departmental tasks and responsibilities. This allows their employees to learn more skills quickly, especially if they are at an early stage in their career.

Career progression

Being part of a smaller team means employees tend to work more closely with one another, including senior staff and higher management. This means your achievements are more easily recognised, which can speed up your career progression.

Team bonding

SMEstendtohaveflatterhierarchies,whichoftenleadstoan open workplace culture. This makes it easier for employees to connect with one another, thus fostering an environment of collaboration and communication.

Factors to consider

Lack of formal training

Due to limited resources, formal training programmes and graduateschemesareuncommoninSMEs.Freshgraduates shouldhencetaketheinitiativeandbeproactiveintheirown professional development. Always take the opportunity to learn from others in the team and on the job.

Limited work benefits

Compared to larger companies, SMEs tend to have fewer monetary-related benefits, such as healthcare or bonuses. However,theyusuallymakeupforthisthroughothermeans, such as competitive salaries or flexible working hours.