Biotech Industry in Singapore: Addressing and Coping with Unique and Shared Challenges

Singapore’s biotech industry is alive with creativity and futuristic state-of-the-art research being carried out in the country. On the other hand, it is like any other nascent sector which has to confront a set of unique challenges verging on it. Furthermore, there are obstacles which are common in both the biotech and other industries. This article takes a look at all these difficulties and how a powerful Human Capital Management (HCM) system can assist in overcoming them.

Unique and Shared Challenges in the Biotech Industry

Within the biotech sector, an exceptional difficulty is the long and costly process of research and development. Ways of doing biotech projects usually need substantial upfront capital to be injected, but the timeline for returns can be indefinite. As well as that, the tough requirements for regulatory compliance are a significant challenge as firms must meet strict standards to guarantee safety and effectiveness. On top of this, the quest for talent leads to a highly specialized environment which may culminate in a cut-throat hiring process, and consequently, the staff’s leaving rates are particularly high.

However, the issues like cybersecurity threats and the demand for effective workforce management are shared with other sectors as well. Protecting sensitive data in the digital era is most important as a single incident of a cybersecurity breach can have serious repercussions. Besides, managing human resources well, including the entire process of staff recruitment and retention is the crucial issue that causes great concern for most of the industries, among them the biotech sector in Singapore as well.

The Benefits of an HCM System in Addressing Industry Challenges

The proper functioning of an HCM system could change the game for the Singapore biotech industry in terms of the challenges it faces. This is primarily because of the need for HR systems that can flexibly adapt to changes in the industry. HCM software will, for instance, automate regulatory compliance by embedding rule-based workflow engines that assure the compliance of all proceedings with the local and international regulations. This particular feature is chiefly appreciated when meeting with tight specific biotech industry compliance knowledge requirements.

Furthermore, an HCM would also help to keep personal data secure which is a very significant component since it is a shared cybersecurity challenge. A fully secured HRMS or HRIS by ISO:27001 certification means that the measures taken to encrypt sensitive employee information are always efficient, therefore, firms are assured of safety. Also, the functional aspects of workforce management like intelligent roster planning and custom payroll formulas can minimize the operational burdens and, therefore, become a necessity for firms who want to achieve employee efficiency.

Recommendations for Successful Implementation of an HCM System

Reaping the full benefits of the HCM is bounded by successful implementation, so that is the key. To begin with firms should be aware of their specific organizational needs and whether these match with the business strategies. The collaboration of various departments should confirm that the system meets the different requirements. Training and continuous technical support are also very important in ensuring that the integration process is smooth and the transition for all users involved is seamless.

It is needless to say that the ongoing evaluation and adaptation of the system are necessary to ensure that the HCM system is in tune with the changing organizational goals and industry challenges. Streamlining operations and maximizing the return on the HRMS software will also need the integration of the existing technology infrastructure.

Multiable aiM18 HCM System Key Features

The Multiable aiM18 HCM system has many advanced features which are tailored particularly for the biotech industry in Singapore:

• Rule-based Workflow Engine: Regulates compliance automating the processes thus helping to meet the strict industry standards.

• ISO:27001 Certification: The strongest encryption for critical personal data addressing shared cybersecurity issues.

• Intelligent Roster Planning: Supports the correct employee setup leading to better workforce management, labor allocation, and employment efficiency.

• Customized Payroll Formula: It drastically reduces manual payroll adjustments while ensuring correct calculations and compliance with the law.

• Unlimited Appraisal Forms: Permits the establishment of varied performance appraisal systems that take into consideration the distinctive talent composition of the area of biotechnology.

Multiable HCM: IRAS Approval and AIS Endorsement

Multiable HCM is not just any HRMS but it is a one-stop solution with Integrated Payroll Processing, the which is provided by the Singapore IRAS-approved Multiable HCM system. It not only has the endorsement of the top-grade HR system but also the ‘Category of Software Compliance to Controls’ under the Auto-Inclusion Scheme (AIS) for Employment Income. This accreditation is a testament to its ability to efficiently handle CPF contributions and facilitate payroll which is without a doubt trusted by the firms who deal with the biotech operations in Singapore.

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.