Coping with the Special Case of the Medical Industry in Singapore

Unlike other sectors, the medical and pharmaceutical industry is facing a variety of external and internal challenges in Singapore. The biggest obstacle is regulatory compliance, which is hard to deal with due to new and changing laws that need all-time attention and the reorganization of processes. Drug development is another energy-drenching task, which requires huge research, pragmatic tests, and compulsory approvals that can sometimes take hundreds of years to complete. Besides, the industry is one of the most competitive markets, in which there is hardly a second anywhere on the planet, thus making it absolutely necessary for the firms to come up with original ideas swiftly.

Yet, some problems are similar to those of other industries. The pursuit of talent is intense, mainly in the hard-to-fill positions that require special training. The scarcity of labor in Singapore exacerbates this problem, which is why the recruitment and retention of employees have to be a priority. Moreover, the implantation of modern technology is a double-edged sword, as firms have the chance to improve their processes but, at the same time, prevent them from smoothly embedding the disruptive technologies.

What Makes HCM Systems a Good Fit for the Industry?

Overcoming these obstacles requires the adoption of high-performing human capital management (HCM) solutions. The pharmaceutical industry is under a lot of pressure due to the legal requirements, thus the firms are acquiring HCM systems that enable them to handle compliance issues much more easily through process automation and central data management. This helps track the regulatory requirements correctly and does away with the cumbersome auditing process. Moreover, the demand for specialized human resources within the industry can be lessened through HR platforms where AI is being used for accurate recruitment. This not only increases the probability but also the quality of hires.

Technology is the prime factor in reshaping the business. Using an HCM system that has AI embedded in it, firms can boost the whole process from rostering to long service payments thus they get more information for their strategic decision making. Employee development is equally paramount, thus incorporating cutting-edge evaluation methods in the HR systems to promote the permanent improvement and retention of the required talent are. Saying this, the integration of CPF contributions makes the payroll accuracy and compliance which is the key in Singapore sectors simple and straightforward.

Procedures to Successfully Implement HCM

To experience a full return on the HCM systems, the firms are expected to follow strategic plans. Primarily, the HCM solution and the organization’s objectives must go hand in hand; it should be dynamic enough to adapt to the different needs that arise. The training programs need to be a priority in order to make certain that the employees fully succumb to the system that will greatly enhance their productivity. Constant technical support is of equal significance, which helps to avert any potential problems without disrupting the process. Firms are also advised to emphasize employee feedback so as to adapt the system for full usability and relevance to the workers.

Enhancing with Multiable HCM System

Multiable’s aiM18 HCM is the solution for such challenges because it is built with the idea of relevance and practicality in mind. The five most outstanding ones are:

• Rule-Based Workflow Engine: Automates complex processes, thereby enhancing regulatory compliance as well as operational efficiency.

• AI Readiness: Utilizes focused data analysis for recruitment strategies and consequently guarantees the employment of top-notch professionals.

• Customizable Payroll Formula: By payroll customization, it removes the complexity of processing the accurate long service payments.

• Intelligent Roster Planning: Company productivity is improved via the right allocation of resources as well as efficient workforce management.

• Flexible Performance Appraisal Forms: The modification of appraisal methods to fit specific needs results in a better-educated workforce as well as retention of employees.

IRAS Approval and Recognition of Multiable’s Excellence

Multiable HCM‘s acceptance by the Inland Revenue Authority of Singapore (IRAS) underscores its extraordinary rank in the Auto-Inclusion Scheme (AIS) for Employment Income. This certification illustrates the system’s perfect compliance potential, thus, it can be considered a trustworthy choice for firms that want to enhance their HRMS software and obey the mostly strict local regulations.

What is Multiable HCM?

Multiable HCM is a cloud-native HCM (aka HRMS, HRIS or HR system). With over 6,000 customers, Multiable HCM gains positive feedbacks from customer across different sectors, from manufacturers, distributors, retailers, service providers to NGOs. The renowned no-code approach saves customer a big sum of customization costs and countless hours of implementation man-days.

What is LAIDFU (Let AI Do for You)?

LAIDFU is an AI tool for enterprise to build their own AI agents to perform various business AI tasks.

Proprietary EKP (Enterprise Knowledge Partitioning) technology eases CEO’s concern about trade secret leakage which often occurs in most AI agents / chatbots in the market.

EKP removes the hurdle of business AI adoption by most companies in using sensitive corporate data.

Powered by no-code approach, deployment of LAIDFU incurs far less developers (and development costs) in comparison with other AI tools.

LAIDFU empowers business, with or without an HCM system in place.