7. Report of the Committee on the Future Economy (CFE) – Establishing Corporate University

As part of the thrust for skills acquisition and utilization of skills, the authorities should also provide incentives for enterprises to set up a corporate university as part of their operations.

Development of a corporate university is widely leveraged upon by many prominent companies to grow their businesses and it’s an important part of many developed economies.

Enterprises can set up a corporate university using their own talents or by tapping on the resources of training providers and educational institutions.

A corporate university can help enterprises develop a hands-on curriculum that meets the targeted needs and requirements of both the businesses and workers.

It can provide relevant and practical training, coaching and ongoing guidance to workers and ensure that they apply newly-acquired skills correctly in their workplaces.

By setting up their own corporate universities, enterprises will take greater ownership and become more proactively involved in attracting stronger buy-ins and participations from their stakeholders.

A well-run corporate university will facilitate better sharing and use of knowledge and other resources. It will also enhance culture for lifelong learning and continuous improvement.

By complementing recommendations by the Committee on Future Economy with the setting up of a Corporate University, it will strengthen the acquisition and utilization of deep skills.

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