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Marking a decisive step in Singapore's business landscape, Nanyang Polytechnic (NYP) and Bosses Network inked an agreement to boost the support for small and medium-sized enterprises (SMEs) by introducing a robust and innovative training approach to help businesses navigate the ever-changing competitive landscape.

Minister of State for Trade & Industry Low Yen Ling graced the occasion as the Guest of Honour, with Russell Chan, Principal & CEO of NYP, and Andy Hoon, Chairman of Bosses Network, serving as the signatories.

The alliance, targeting the upskilling of over 500 SMEs in the next five years, will be spearheaded by Nanyang Polytechnic’s Singapore Institute of Retail Studies (NYP-SIRS) through a holistic training approach to equip employees with the tools needed to excel in today's competitive environment, further bolstering their resilience and adaptability.

Together, the parties will co-design and co-develop tailored programmes, co-organise webinars, and curate events such as overseas trips, seminars, and specialised training aligned with Bosses Network’s objectives. Complementing this, NYP-SIRS will offer consultancy in key business areas such as transformation, expansion, and digitalisation to help Bosses Network and its members navigate the changing business environment.

SMEs can tap into various initiatives, developed to match each company’s transformation stage. They include:

1.              Business Environment Analysis Course: This course focuses on strategic solutions for internal and external business environments, driving marketing optimisation through critical success factors identification.

2.              Alibaba Master CEO Programme: This is an immersive study trip offering SMEs insights into future e-commerce and live commerce trends, Alibaba's innovative strategies, and the use of big data for market analysis and strategic decision-making.

3.              Digital Mentorship Programme: NYP-SIRS developed the first-of-its-kind personalised mentorship for SMEs embarking on digital commerce, providing a three-month attached mentor to collaboratively create a customised action plan for online business growth and boost sales with social commerce.

4.              NYP360: Leveraging the combined strengths of NYP’s multidisciplinary teams to develop end-to-end solutions for each SME – whether workflow changes to enhance productivity, or leveraging data and technology to increase revenue.

5.              Workplace Learning:Ready (WPL:Ready) Mark: Through our Workplace Skills Recognition programme, the National Centre of Excellence for Workplace Learning (NACE) led by NYP will recognise enterprises with a strong foundation in workplace learning with the WPL:Ready Mark. Enterprises with the WPL:Ready Mark will get fast-track skills assessment for their employees to gain formal qualifications.

6.              Customised Continuing Education & Training (CET) programmes: These range from short courses to full qualifications like a Specialist Diploma, for your employees to develop new competencies and maintain long-term competitiveness.

“Upskilling is paramount across all sectors, particularly for SMEs in Singapore, to help them stay competitive amidst the evolving market conditions. Our collaboration with Bosses Network exemplifies NYP’s commitment to fostering lifelong learning and professional development for our industry partners. Together, we strive to ensure that SMEs thrive – not just survive – in this dynamic environment,” said Russell Chan, Principal & CEO, Nanyang Polytechnic.

“Bosses Network envisages a robust partnership with NYP-SIRS, in which we will take the lead to host seminars for knowledge sharing. With a supportive partner like NYP-SIRS, supported by Skillsfuture Singapore (SSG), NYP-SIRS will be able to provide invaluable guidance and handhold the SMEs through a results-driven and impactful learning journey. This will also be in line with SSG's mandate of encouraging lifelong learning, which is what my late father, Mr Hoon Thing Leong, had been a strong advocate for,” said Andy Hoon, Chairman, Bosses Network.

Since 2019, NYP-SIRS and Bosses Network have worked together to offer curated training to over 100 companies, including Merlin Goldsmith and Unidbox, achieving significant business transformation, expansion, and digitalisation milestones. With this MOU, NYP and Bosses Network are confident that many more SMEs will have the knowledge and skills necessary to thrive in the digital age.