Accelerating SME growth
SMALL and medium enterprises (SMES) are the backbone of Malaysia’s economy, driving growth, competitiveness and global expansion. Yet, they often encounter hurdles in acquiring skilled talent to fuel their progress.
As businesses strive for expansion, the demand for a competent workforce becomes paramount. However, it is a challenge to find the right balance between growth and team capacity.
Internships offer a compelling solution to this conundrum. These opportunities, typically undertaken by students or fresh graduates seeking valuable work experience, can provide a mutually beneficial arrangement for both businesses and young talent.
The recent introduction of the LIKES internship placement matching grant by Talentcorp for SMES and startups is a pivotal moment in addressing talent shortages effectively. This initiative, which reimburses SME employers up to 50% of the monthly allowance provided to interns, presents a strategic avenue for businesses to cultivate their workforce.
By offering internship placements lasting a minimum of 10 weeks, companies can tap into a diverse pool of aspiring professionals while fulfilling their talent needs.
Internships herald a win-win scenario for SMES and startups. These programmes allow businesses to access a talented pool of students and graduates eager to contribute and learn. Through internships, companies can assess the capability and performance of interns, potentially leading to long-term employment opportunities.
The trial period offered by internships enables employers to gauge the suitability of candidates for permanent roles, fostering a more informed hiring process and reducing turnover rates.
To maximise the benefits of internships, SMES should harness technologies for talent acquisition. The Mynext Company by Talentcorp stands out as a prime example. This platform integrates talent solutions and analytics to streamline the internship management process for businesses. For a nominal fee, companies can gain access to a wide array of benefits, including enhanced reach to the talent pool and tailored matching.
However, it remains to be seen if Talentcorp will extend the Mynext Company service to companies approved for the LIKES grant, a move that could further bolster the success of the initiative.
Crucial to the success of internships is the implementation of well-designed programmes that cater to the needs of both the companies and interns. Gone are the days of interns confined to menial tasks; modern internships should offer meaningful learning experiences and skill development opportunities.
With proper mentorship, interns can contribute fresh perspectives and innovative ideas to businesses, enriching the organisational culture and fostering growth.
SMES and startups should seize the opportunity presented by internships and the matching grants. By investing in interns, businesses can unlock their full potential while nurturing the next generation of professionals.
With their generational knowledge of the current market and tech trends, interns are not just worth paying for; they represent a valuable asset that can propel SMES and startups to greater heights.