The Singapore POS Sector: Overcoming Individual & Shared Tough Situations

The POS industry in Singapore is situated at a somewhat unique point, hence, possesses particular challenges not faced by other business sectors. One of the specific problems is the rapid growth of payment technologies, which need POS firms to abandon those old ones and adapt to new systems to remain aligned with different devices. On the other hand, one more drawback is cybersecurity, where the firms primarily take on the challenge of securing their systems against breaches since they deal with sensitive and everyday financial data. A third difficulty is high maintenance costs as the firms frequently spend on upgrades and hardware repairs for their POS systems. Furthermore, regulatory compliance and managing workforce productivity are other common challenges, not just for the POS sector, but also for the overall Singapore business environment. Tight regulations together with high customer demands often make firms find it hard to balance keeping business processes intact and at the same time fulfilling the rules stated by the Central Provident Fund (CPF) and the long service payments.

Utilization of HCM Systems for Advancing in the Industry

In this fast-moving era, a Human Capital Management (HCM) system is proving to be a lifesaver. Because of its being integrated, an HCM system becomes a very useful tool against the industry-specific challenges. This is as it increases efficiency of the workforce by giving instant statistics on the performance of the staff and also running the roster more efficiently. Also, regulatory compliance is a breeze with the tight-knit MSPs that ensure compliance with governing laws that include gross CPF contributions. It is a fact that the HCM program such as Multiable manages the long-term service payments with ease, using the automated formulas that are quick and reduce human errors drastically.

It goes without saying that the complexity of payroll processes adds more terms to it. On this note, an HCM program provides a streamlined payroll process that will ensure prompt and exact payments which are crucial for attracting and keeping employees. The unified performance evaluation systems not only support but also make the human resources system an essential tool in implementing success in business fields, not limited to but including POS.

Tips on making a successful HCM Implementation

Implementing an HCM is truly a hectic task but following the given guidance can be quite a game-changer. The primary step that the firms must take is carrying out a thorough needs analysis and identification of the HRIS and HRMS software requirements. In addition, the involvement of stakeholders from the outset of the project encourages alignment and cuts resentments. Meanwhile, in the face of a digital employee training program, the choice of HR systems compatible with the current infrastructure is fundamental. Finally, establishing and undergoing the checking of clear goals concerning the HRMS guarantees that it will yield the anticipated results.

Key Features of Multiable’s aiM18 HCM System

Multiable’s aiM18 system packs various initiatives curated perfectly to respond to the pressing industry issues of today:

• Rule-based Workflow Engine: Effectively automates processes, freeing up human workloads and boosting productivity.

• Intelligent Roster Planning: Achieves the best workforce allocation through better time management and compliance.

• Powerful Payroll Engines: Quickly calculate payroll amounts painstakingly, thus ensuring mistake-free and speedier processing.

• Customizable Payroll Formula: Reduces adjustments by employees and boosts the overall payroll experience.

• A.I. Ready and Fully Customizable: Offers easy adaptation to dynamic environments, ensuring a better future.

AIS Approval: Multiable HCM‘s Secure and Compliant Solution

Multiable HCM has received an endorsement from the Inland Revenue Authority of Singapore (IRAS) signifying its trustworthiness and adherence to the rules set by the Auto Inclusion Scheme (AIS) for Employment Income. This affirmation was given following the successful demonstration of software capabilities for HRMS to follow the ‘Category of Software Compliance to Controls’ and be in both secure and smooth operations for the client.

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.