Building a Culture Where People Matter - Here's how an Employer Supports its Workforce Through Inflation

SINGAPORE, Dec. 19, 2022 /PRNewswire/ -- Employees of PSB Academy (PSBA) have been receiving a monthly inflationary assistance pay-out amounting to 4 percent of their gross monthly salary* since July this year, to assist them in coping with the rising costs of essential goods and services as well as the upcoming GST hike.  

"The monthly inflationary assistance pay-out granted for our staffs, on top of their monthly gross income is an initiative we took to support our employees in coping with the rising rate of inflation. As a progressive employer, the well-being of our people is key, and we believe that people are at the heart of the work we do here in PSB Academy," says Derrick Chang, CEO of PSB Academy.

Our People Matter

For Derrick Chang, CEO of PSB Academy (PSBA), company culture is not just a thing – it is everything.

"Culture is the air we breathe everyday – invisible, yet the very core of what is needed to function well," Derrick said.

"At PSB Academy, we believe that people are at the heart of our business. Our staffs, our students, our parents, our industry partners, they make who we are today, every day."

While the recent increasing rate of inflation worldwide took many by surprise, we take this in our stride to adapt and grow in resilience as one. Aligned to Singapore's Forward Together exercise, PSBA strives to evolve and respond to both new opportunities and emerging challenges as an organisation. As such, we decided to take the first step forward in supporting our employees financially to assist with the rising costs of inflation."

A Monthly Inflationary Assistance Pay-Out on Top of Their Salary

As early as July this year, employees of PSBA have been receiving a monthly inflationary assistance pay-out amounting to 4 percent of their gross monthly salary* to assist them in coping with the rising costs of essential goods and services as well as the upcoming GST hike.

"We have a diverse profile of workforce, ranging from first jobbers to employees with growing families and silver surfers. As a progressive and inclusive employer, we would like to assure our staffs that they are not in this alone," the CEO explained.

"We do not regard this as an incentive or privilege, rather, as a means of support that our employees deserve, for their dedication and commitment to the education industry. We are also grateful to have a board of directors who are invested in the welfare of our people as PSBA strives as an organisation that place people at the heart of what we do."

Supporting the Workforce as a Progressive Employer

Adopting the Tripartite Standards as a progressive employer, PSBA's flexible working arrangements and remote work are amongst existing HR practices that allow flexibility for all staffs, especially those with family commitments and caregiver duties. Remote work has also allowed employees to save on commuting expenses and at the same time reducing carbon emission.

"As a workplace of the future, we need to be more self-aware and proactive in ensuring that staff wellness is well taken care of. It is important that we remain committed in supporting the well-being of our colleagues and we would like to lead this by setting the example."

As the year draws close to an end, employees of PSB Academy are also looking forward to the block leave granted by their management on the last week of December, a tradition that has long been in practice.

"It is a good way to pause, reflect and recharge, as we spend the well-deserved break amidst year-end festive season with our loved ones." – Derrick Chang, CEO, PSB Academy.

*Subjected to a capped amount set by PSBA's management

About PSB Academy

As one of Singapore's leading private education institutions with almost 60-years heritage of producing industry ready graduates, PSB Academy is committed to defining our identity as "Asia's Future Academy". Established in 1964, we started under Singapore's Economic Development Board and later Productivity and Standards Board to upgrade the knowledge and skills of Singapore's workforce. With an approach to education that focuses on what really matters: performance in the New Economy, PSB Academy provides quality education to shape and nurture future-ready graduates with the necessary skills and tools to stay relevant in a digitally driven economy.

Our newly launched STEM Wing - an expansion of our City Campus, is an innovation hot house equipped with high-tech and industry approved labs and facilities, aimed to bolster STEM education for students. Our learning spaces in the heart of the city connect students globally through a collaborative learning and networking environment that enables them to be Future Makers—active innovators and contributors to society.

With a strong network of industry partners to prepare our students for the workforce, PSB Academy today hosts over 13,000 students from more than 50 nationalities with its slate of certificate, diploma, degree, and short courses.  Learn more about PSB Academy as a trusted education provider, committed to providing accessible quality education that nurtures and shapes individuals to enable them to achieve their personal and professional best at www.psb-academy.edu.sg