POS Industry in Singapore: Facing Challenges and Emerging Stronger

It is not a secret that the POS industry in Singapore has its challenges. As technology is changing on a day-to-day basis, the POS businesses witness problems that this sector deals with rarely. The connection of various subsystems is one of the challenges and such connection usually asks for software updates and compatibility of different devices which are time and resource-consuming. The other challenge is cybersecurity, e.g. the security of transactional data is the top but yet difficult issue because of the variable threats that come.

Nevertheless, there are other problems the posse firms have in common with the businesses in the other sectors. For example, the issue of employee retention persists as the industry often has problems with recruiting and retaining manpower with the needed skill sets. Another shared issue is the compliance with the ever-changing regulations in Singapore, where firms have to obtain the latest information to steer clear of the legal consequences. Aside from the paperwork that is involved, the manual payroll system is also a common problem throughout different industries.

HCM Systems: A Solution for POS Industry Challenges

Suffering from these problems, firms are really straining and Human Capital Management (HCM) systems turn out to be of great use. Automation and integration of HCM systems are the solutions for the POS-specific problem of dealing with various devices. An HCM platform is a hybrid that simplifies communication between platforms, thus it is a complete solution. Moreover, it contains strong security measures, like encryption, which is the only way to provide a secure environment when handling confidential data with fair volume of transactions per day.

HCM systems also include workforce management, which helps with major issues, such as attracting and retaining the right talent and ensuring compliance with the latest regulations. Using innovative tools like smart rosters and performance appraisal systems, these systems optimize the processes of human resources. Additionally, they facilitate the administration of CPF contributions and ensure payroll accuracy so that they have more time available and fewer possible errors. Overall, the attention to HCM systems in addressing HR-related issues is really important, thus, these are the drivers for more effective operations in business environments.

Guidelines for Successful HCM Implementation

Introducing an HCM system is a process that needs a strategy. Initially, businesses should explicitly state their intentions, so that they align with targets set at the top. After that, a collaborative approach involving key people from various disciplines will not just generate ideas but also award them ownership for the initiative. What\’s more, intensive training programs will play an essential role equipping the staff with skills that will help them harness the full potential of the system. Additionally, an ongoing support network can help with transition challenges and addressing any unplanned issues.

Main Features of Multiable HCM System

The aiM18 Multiable HCM system is advanced and specifically designed for the POS sector:

• A.I. Ready and Fully Customizable: Modify your HCM application to suit specific industry needs that will positively affect operational efficiency.

• ISO:27001 Certified: The system actively encrypts private information making it really hard to hack, hence, the need for security when it comes to the management of transaction data.

• Powerful Payroll Engines: It can perform 1.2 million payroll formulae swiftly and accurately, thereby reducing manual input and errors.

• Intelligent Roster Planning: It will balance the staff between compliance and operational requirements.

• Unlimited Appraisal Forms: Flexibility in performance appraisal processes is ensured for employee career planning and retention strategies.

Multiable HCM: A Compliance-Approved Solution

Multiable’s HCM functions as a compliance-approved system, with the IRAS seal of approval, assuring compliance at the highest level in Singapore’s Auto-Inclusion Scheme for Employment Tax. The endorsement comes as a certification of the system’s capability to manage payroll and compliance processes efficiently, assuring firms of a robust HR framework.

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.