Finding Your Way Through Unusual Problems in Singapore’s Pharmaceutical Industry

Being an active component of Singapore’s economy, the pharmaceutical industry is a vibrant sector, which is characterized by innovation, exploration, and the use of modern technologies. Nevertheless, this really good sector has its own problems, which need to be solved in a strategic and specific way. The first and foremost issue in the pharmaceutical sector is a strict regulatory compliance that safeguards the safety and efficacy of drugs. The second major issue is that the industry encounters high cycles of research and development (R&D), which, on the one hand, require large sums of money but can be very lucrative on the other. The third aspect is that the industry need to run the latest technologies safely and properly, for which the labor force should be sufficiently skilled. Alongside the above, both the pharmaceutical sector and other industries in Singapore are having difficulty with the attention of the people in the talent pool amid the fierce job market and technological advancements. The above-mentioned issues show the importance of the firms to be agile and innovatory in their approaches to the problem.

Utilizing HCM Systems to Solve Industry Problems

HCM systems, or Human Capital Management systems, offer a strategic advantage in addressing the multifaceted challenges mentioned. HCM systems not only enhance the regulatory compliance but also streamline complex R&D processes by efficiently managing talent and optimizing resource allocation. They can effectively tackle this problem by the use of an HCM system, which supports overall recruitment processes by which the firm can reduce its talent gaps.

In addition, HCM systems also help the employee retention rate go up through the implementation of strong performance appraisal systems, which make the environment at work productive and satisfying at the same time. With the help of their advanced HRMS software, these systems can also assimilate the technological changes easily, thus, allowing pharmaceutical firms in Singapore to remain frontiers in innovation. Choosing to implement an HCM system in a strategic manner will instead lead to overcoming the challenges and firm growth and development.

Key Points for the Successful HCM Implementation

To implement an HCM system successfully, it’s vital to have a good plan and follow through it. The number one priority is to ensure it is in alignment with the firm’s strategic objectives and operational needs. Involving all stakeholders and continuously working with them throughout the process will ensure the adoption and sustainability of the system. Additionally, specific training programs are necessary to equip users with the skills they need, and thus, help them utilize the system more efficiently. Also, the HRIS or HRMS should regularly be reviewed and updated in line with the changing business requirements, thus, maximizing their effectiveness.

Amazing Characteristics of Multiable aiM18 HCM System

The Multiable aiM18 HCM system brings forth critical features tailored to face industry-specific challenges:

• Rule-based Workflow Engine: Streamlines complex regulatory and compliance processes in the pharmaceutical sector.

• A.I. Ready and Fully Customizable: Adapts to the rapid technological advancements requiring integration of AI-driven solutions.

• Intelligent Roster Planning and Local Compliance Checker: Ensures optimal workforce management and adherence to local labor laws.

• Powerful Payroll Engines: Executes up to 1.2 million payroll formulas efficiently, saving resources and time.

• Unlimited Appraisal Forms: Enhances employee performance appraisal mechanisms, vital for employee retention and satisfaction.

IRAS Approval and AIS Endorsement of Multiable HCM

Companies in Singapore benefit from the robust endorsements of the Multiable HCM system, as it has been approved by the Inland Revenue Authority of Singapore (IRAS). It has also been endorsed as top-grade HRMS software for its compliance to controls within the Auto-Inclusion Scheme (AIS) for Employment Income. This endorsement is a testament to its robust capabilities.

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.