Innovation & Capability Voucher SPRING is a simple-to-apply, easy-to-use Voucher valued at $5,000 to encourage SMEs to take their first step to upgrade and strengthen their core business operations through consultancy projects in human resources, financial management, innovation and productivity.
SMEs can use Voucher SPRING to pay for consultancy services of service providers with 100% funding by SPRING Singapore
Apart from consultancy, Innovation & Capability Voucher SPRING also supports SMEs in adopting and implementing simple solutions to improve business efficiency and productivity. SMEs can use the Innovation & Capability Voucher SPRING to implement Integrated Solutions for productivity enhancements.
Each SMEs is entitled to a maximum of 8 Innovation & Capability Vouchers (ICV) SPRING to grow their business and achieve better results. Each project must be completed before a new application can be submitted. The duration for each project should not exceed six months.
For consultancy projects each Innovation & Capability Voucher (ICV) SPRING worth $5,000 may be redeemed for services from the participating service providers. An SME may apply for a maximum of two (2) ICV Vouchers per capability area for supported services.
SMEs intending to further upgrade their capabilities in any of the other areas or embark on larger scale projects may tap on the Capability Development Grant (CDG) with 70% funding compared to 100% funding for ICV VOUCHER from SPRING.
INNOVATION & CAPABILITY VOUCHER (ICV) SPRING
INNOVATION & CAPABILITY VOUCHER (ICV), HR
Hu-Tech Consulting has been appointed as Innovation & Capability Voucher (ICV) Service Provider, Human Resources, in June 2012 when ICV was first introduced by SPRING Singapore. We are pleased to provide 4 ICV modules to help SMEs grow their business and upgrade their capabilities in recruiting, selecting, compensating, training, appraising and retaining talented employees.
ICV HR Module
Scope of ICV HR Consultancy Project
Recruitment and Selection
Recommend recruitment strategies and establish processes to attract job applicants and select the best-fit candidate using various assessment methods. Soliciting applicants and assessing their suitability to fill recently-vacated or newly-created positions.
Compensation and Benefits
Design market competitive compensation and benefits strategies and programmes including base and graded salary structures, pay for performance, sales incentives, staff leave and benefits to reward, engage and retain staff
Establish performance appraisal systems, key performance indicators, guidelines and forms to appraise and monitor employees performance. Maintain or improve employee performance through objective setting, appraisal, coaching and feedback.
Learning and Development
Establish guidelines for training and development of employees, competency-based training road-map and training plan. Planning for and conducting activities that develop employee capabilities, knowledge and know-how to meet business, organisational and individual needs.
You may want to contact the SPRING Singapore's SME Infoline at 6898 1800 or click www.spring.gov.sg/Pages/Home.aspx, for more information.
Who Can Apply for Voucher SPRING?
Local SMEs can apply for Innovation & Capability Voucher (ICV) SPRING if meet the following criteria :
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Have group annual turnover of not more than $100 million OR group employment size of not more than 200 employees
ICV Voucher SPRING Application Process
Step 1: Review the supported services and project scope of ICV HR modules.
Step 2: Once you have selected a service, contact one of the participating service providers to discuss the project. The service provider must agree to undertake the project before you can submit your application online.
Step 3: Apply via the ICV Online Portal using Microsoft Internet Explorer. Your application will be processed within 6 to 8 weeks after submitting the required documents. You will be notified via email when your application has been approved.
Step 4: When the project is completed, both the SME applicant and service provider must endorse the project report before submitting it to SPRING Singapore.
Press Features on ICV Human Resources
Building a Core Team of Staff in i-Healthy Investment (S) Pte Ltd was published in Straits Times and AsiaOne News, March 2013
Cathay Photo’s Benefiting Employees Benefits Business appeared in Straits Times, February 2014
New HR Trends and Strategies was published in Singapore Business Advisors and Consultants Councils PMC Connect in April-May 2015.
Benjamin Chan customised HR best practices in Recruitment & Selection and Compensation & Benefits to the needs of my Company. He did a wonderful and great job for me to put in place the HR systems and coming out with all the strategies, processes, policy guidelines, templates and procedures. Strongly recommend him for HR consultancy projects.