Singapore - Optimistic small-to-medium enterprise (SME) leaders in Singapore believe having a talented workforce will not only boost their business but also help the country's economy to pick up.

According to the latest UPS Asia Business Monitor 2009 findings, an overwhelming 89% of the 100 Singapore respondents say the availability of a talented workforce will aid the local market's recovery. Furthermore, 66% of SMEs polled plan to continue engaging employees in training and development courses, with increased government funding for training as the strongest motivator.

Singapore SMEs are also encouraged to preserve jobs in the downturn through government schemes like Jobs Credit, which was introduced in the Singapore Budget 2009. Gillian Sim, managing director of UPS Singapore, says the Singapore government and global trade service partners have been "proactive in their initiatives to help SMEs, actively educating and providing tools to navigate out of the recession".

Despite these bleak times, 70% of Singapore SMEs surveyed say there will be no change in their workforce projection. Currently, only 15% of SMEs across the 12 Asian markets plan to reduce their workforce. Sixty-three percent of respondents also feel optimistic about overcoming their business challenges due to adequate support from the Singapore government. This led to 54% of respondents predicting that the global economy will rebound by 2010.

"SMEs in Singapore are in good stead to see their businesses through this difficult period should they be nimble in reviewing their internal processes and quick to seize the opportunities around them," says Sim.