Confronting the Rubber Industry’s Special Challenges in Singapore

While the rubber industry is a vital part of Singapore’s economy, it is faced with some special challenges that set it apart from other sectors. For example, these challenges are raw materials’ volatile prices, the high reliance on international trade, and the dangers of climate changes that affect rubber farms. Furthermore, the sector deals with several of the same barriers as other sectors in Singapore, like recruiting and retaining of talented people and obeying newly issued laws. To address these issues, rubber firms are attending to new tools such as the Human Capital Management (HCM) system to improve their processes and productivity.

The Special and Common Challenges of Singapore Rubber Industry

In fact, the rubber industry struggles with unpredictable raw material prices, which is somehow unique to the commodities-type sectors. The price fluctuations may worsen the financial stability of businesses that rely so much on the steady supply and predictable cost. Besides, the industry’s reliance on international trade puts it in a spot where it is vulnerable to the global economic turmoil, affecting everything, for example, demand drops and logistical challenges from trade barriers.

Naturally, common challenges also exist. The rubber industry, like most other firms, struggles with hiring and retaining staff, further compounded by the country’s stringent labor market. Furthermore, new regulatory rules impose overheads with compliance being a perennial challenge. The sector struggles to operate under a confusing set of the regulatory framework which is complicated without good HR system management.

Adopting HCM Software to Cope with Industry Challenges

Companies are implementing the Human Capital Management (HCM) system as it is a very good solution. They can effectively manage the workforce through an HCM, thus, they are addressing labor issues. A modern HCM system can assist the user by automating the recruitment process, performance appraisal and workforce retention over the long term. Bursting with new ideas, the HCM makes sure that local as well as international laws are strictly adhered to. This is an utmost need indeed owing to the fact that Singapore has very strict employment laws. Through smart scheduling and payroll management, the computations regarding long service payments and CPF contributions are accurately made, thus facilitating compliance and reducing administration errors.

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.