Innovative solutions are required due to the unique challenges the biotech firms in Singapore face. Establishing a solid HCM system will help these firms gain the ability to face the complexities of the business environment efficiently and streamline their operations.

What Challenges Does the Biotech Industry Face in Singapore?

Biotech firms in Singapore are subjected to strict regulatory constraints, have to innovate fast, and deal with complicated intellectual property rights. Additionally, they have the same logistical and workforce management challenges as the manufacturing sector, such as distribution and labor shortages. Because of these obstacles, having vendor-neutral solutions is a necessity.

Furthermore, the impact of a global talent shortage is a big challenge to the industry. Moreover, the adaptive regulatory changes with which they have to deal are one more addition to the compliance complexity. Dealing with these obstacles effectively needs methodologies and structures that are specific to the particular industry requirements.

How Can an HCM System Address These Challenges?

An advanced HCM system presents indispensable help in overcoming the challenges facing the biotech sector. With the help of the automation of compliance checks, it becomes easy to pay attention to the terms and provisions that are stipulated in Singapore’s regulatory systems. The use of HRMS helps us to track talent metrics, hiring processes, and workforce planning through prediction analytics capabilities optimization.

Incorporating HCM systems with payroll puts in place a standard procedure for the easy financial handling of the administrative issues. HRIS provides a proper fit for the scheduling problem of the employees and helps employees to be more engaged with the performance appraisal process. Largely, these systems are the ones which promote the efficiency and the HR excellence through the sectors, benefiting the biotech firms extensively.

Guidelines for Successful HCM Implementation

Implementation of HCM requires planning that is thoroughly procedural. Before the alignment of the HRMS software with the strategic goals, priority is given to the understanding of workplace needs. Assuring smooth, existing systems’ integration must be seen as crucial. Also, broad-ranging training of users would lead to system adoption and HR system efficiency maximization.

What Are the Benefits of Multiable aiM18 HCM for Biotech?

• Rule-based workflow engine: Boosts operational efficiency with automated, optimized processes, minimizing the need for manual intervention.

• Fully customized payroll formula: Streamlines payroll operations, accommodating specific requirements, including CPF and long service payment adaptations.

• Intelligent roster planning: Improves rostering accuracy, ensuring optimal talent utilization.

• Department-sensitive appraisal: Enhances performance appraisal precision, aligning evaluation metrics with department objectives.

• ISO:27001 certified: Protects critical personal information, maintaining robust security protocols.

How Does aiM18 HCM Ensure Compliance with Local Requirements?

The aiM18 HCM system is an approved e-MPF system and has documents that are compatible with both MPF and IRD, which reinforces its adherence to local regulatory standards in Singapore. This functionality is quite beneficial for the compliance assurance and smooth functioning in the biotech sector.

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.