99% of businesses in Singapore are SMEs.
65% of our workforce are hired by SMEs.
49% of the total GDP in Singapore is contributed by SMEs.
Small and medium-sized enterprises (SMEs) are crucial as they contribute hugely to Singapore’s powerful economy.
But it has been challenging for SMEs in the past few years due to rising costs (e.g. wages). In fact, 30% of the SMEs don’t make it in the first three years, 50% of the same cohort will not make it by the 5th year. So if you are working for an SME which has been around for more than 10 years, you know you have a very capable and good boss who not only can manage but lead. Entrepreneurial talent!
Without passion, tenacity, perseverance, and a tremendous amount of hard work, the big bosses’ visions are just bubbles in the air. See Bread Talk, Charles & Keith, Osim, Axe Oil, Banyan Tree and, TWG; these Singaporean brands have travelled near and far to spread their name. It is public knowledge how each brand started from a humble beginning to where they are now.
There are times employees do not understand the hard work and dedication that their superiors put in and the challenges they face on a daily basis. SMEs bosses may not offer big remuneration packages, perks, wellness programs for employees, but they may offer flexible hours and performance-based benefits like profit sharing, opportunities for greater exposure to widen one’s skill set, etc.
So, Boss’s Day is a great opportunity to appreciate and be thankful for all the things management have done for their employees. It’s time to offer a “Happy Bosses Day! Thank you for everything you have done for us” greeting as you pass by your supervisor in the hallway. Sending an email is better than no recognition at all. Take the initiative to tell your boss that you appreciate what he or she does and ask how you can better assist him or her to get the job done; he or she will be elated.