Tackling Pharmaceutical Industry Setbacks in Singapore

The pharmaceutical industry in Singapore is a key component of the national economy; however, it is up against exceptional challenges. The problems are not like those that are found in other industries due to the unique nature of this industry which involves a very complicated regulatory matter and huge capital it puts in research and development. Further, supply chain issues and having to innovate at a faster pace than the compliance rules dictate are obstacles. The continuously changing requirement of breakthrough technologies drives the pharmaceutical firms to accomplish not only efficacy but also affirmation of standards that have become more and more difficult. Actually, in contrast to the tech sectors, pharmaceuticals have to go through a long and complicated path to unveil new drugs.

Nevertheless, the sector also shares common problems with such areas as the quest for effective talent management and the ever-growing pressure to improve operational efficiency. The global competition for skilled workers is fierce and, in turn, forces firms to adopt more sophisticated HR strategies. Moreover, similar to the rest of the industries, pharmaceuticals should make digitalization their major strategy in order to retain competitiveness. Digital transform cannot be excluded from the need of streamlining HR processes for ensuring effective talent management which means that the right talent is managed properly.

Leveraging HCM in Pharmaceuticals Sector

The Human Capital Management (HCM) system plays a very vital role in the tackling of these myriad challenges. The implementation of such HCM software turns it into a one-stop system that streamlines the complex task of employee management in Singapore’s pharmaceuticals. Through the integration of payroll, scheduling, and performance assessment besides compliance with the rules, the HRMS applications can manage these burdens. The systems are also embedded with industry-specific features aside from the regular functionalities, for example, the calculation of long service payment that aligns with local regulations such as CPF contributions.

Upgraded HCM systems will in turn bring effective productivity by entrusting most of the administration services to automation thus eliminating errors and compliance risks. The pharmaceutical firms need these features the most due to the need for stringent regulatory compliance and resultant severe non-compliance penalties. It should go without saying that when the employees have a more sophisticated HCM system to handle their performance evaluation based on data, they would be able to manage talent more efficiently too.

Moreover, the AI-focused HCM system is powered with predictive analytics which enables firms to elaborate on skill shortages and talent requisites and thus make the preliminary workforce plans proactively. By the means of intelligent roster planning, pharmaceutical firms can optimize resource allocation and manage personnel scheduling more efficiently, thus ensuring compliance with industry regulations.

Ways for Successful HCM Implementation

To enjoy the full potential of an HCM system, a proper implementation method is necessary. Companies are advised to kick off by examining their existing HR procedures for spotting the areas that need fixing. Making the HRMS align with the organization’s broader objectives ensures that it will be of useful value to all. As well as this, involving the key stakeholders from the initial planning stage will both foster buy-in and assure a smooth transition. Furthermore, the organization should run rigorous and practical training sessions to ensure that employees are equipped with the knowledge to use the system effortlessly.

Essential Features of Multiable aiM18 HCM System

The Multiable aiM18 HCM system is a powerful tool that meets the pharmaceutical industry’s specific needs effectively through the following features:

• Rule-based Workflow Engine: Streamlines HR processes by automating repeatable processes.

• AI Ready and Fully Customizable: Provides the capability of scalable solutions that are tailored to the specific needs of each enterprise.

• Powerful Payroll Engines: Deals with all kinds of complex calculations swiftly, even such as CPF and long service payments, thus, ensuring compliance.

• Intelligent Roster Planning: Efficiently employs workforce scheduling by ensuring continued compliance with the sector-specific regulations.

• Unlimited Appraisal Forms: Offers the best of flexibility in terms of performance appraisal being designed as per departmental needs.

Regulation Perfection with Multiable

Multiable HCM gets the green light from the Inland Revenue Authority of Singapore (IRAS) after going through rigorous testings and checks. The endorsement by the Auto-Inclusion Scheme (AIS) for Employment Income shows it is a top-grade software and now is under the guarantee of reliability and compliance strength. This institutional seal of approval will allow the pharmaceutical businesses to benefit from the system that automatically stays in step with the regulations of Singapore without requiring extra effort.

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.