Training Budget & Government Initiatives


Mind Map by xavierlee96, updated more than 1 year ago
Created by xavierlee96 over 8 years ago

Resource summary

Training Budget & Government Initiatives
  1. Training Buget
    1. It is a primarily a financial plan that sets forth the resources necessary to meet the pre-set training goals
      1. It is the investments the organisation placed in the training program.
        1. Important to ensure that the amount of resources placed is worth it
      2. Categories of Budgeting
        1. Salaries
          1. Staff Development
            1. Outside Vendors
              1. Consultants
                1. Furniture & Equipments
                  1. Occupancy
                    1. Marketing
                      1. Communications
                        1. Supplies
                          1. Travel
                            1. Entertainment, F&B
                            2. Elements of a Good training budget
                              1. Being Comprehensive
                                1. Budget for the actual training needs in the business
                                  1. Prioritise training needs
                                    1. Use e-materials to maximise training budget
                                  2. Government Initiatives
                                    1. Singapore Workforce Development Agency aims to help workers advance in their careers and lives by developing and strengthening skills-based training
                                      1. Available Grants
                                        1. Enterprise Training Support Grant
                                          1. Raise employees’ productivity and skills level
                                            1. Attract and retain valued employees through development of good HR and management systems/practices tied to training
                                              1. Who can qualify?
                                                1. All organisations, companies, societies and non-profit organisations registered or incorporated in Singapore are eligible to apply for the scheme.
                                                  1. Organisations who have tapped on government assistance schemes in the past, for similar funding components, may not qualify for some specific grant components.
                                                    1. Types of Grants
                                                      1. Training Grant up to $200,000 per organisation
                                                        1. Capability Grant – One-time of $20,000 per organisation
                                                          1. Curriculum Contextualization and Alignment Grant – Up to $52,000 per organisaion
                                                            1. HR Development Grant – Up to $60,000 per organisation
                                                              1. Compensation and Benefits System Review Grant – Up to $15,000 per organisation
                                                          2. Workfare Training Support Scheme
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