Confronting the Exclusive Challenges of the Singapore Plastics Industry

The plastics industry in Singapore handles a significant role in the economy, being part of a broader network that supports the production of numerous products. On the other hand, the field is confronting specific quality challenges that have become the major obstacles to operations and growth. These challenges specific to the industry not only present the endurance test to firms in this area, but they also give views about wider economic situations. The plastics industry is dealing with stricter environmental regulations due to the rising issues over sustainability that do not affect most of the other industries as much. Additionally, the price of raw materials fluctuating, and reliance on international supply chains have made the plastics sector the only one directly affected by global market volatility. To add to that, the industry copes with the problem of poor public opinion since the consumers are switching to friendly eco-products.

At the same time, some others problems are not specific to the plastics sector but also involve other industries in Singapore. The acute labor shortage is the main reason; this is headed by the aging workforce and very tight immigration regulations. Besides, digital transformation takes on the function of both a challenge and an opportunity, constraining firms to catch up with technological advances in a brief period. Clearly, the fact that firms must comply with local labor laws like the CPF regulation is another burden that they share with other sectors.

Using HCM Systems to Overcome Industry Challenges

An HCM system can result in a new route for the plastics industry and other alike sectors to know and deal with these problems effectively. Human Capital Management (HCM) the systems it is by automating the functions of payroll, rostering, and performance appraisal and thus becomes easier to meet the burdens of regulatory compliance. The firms therefore benefit from such technology as HRMS software that allows them to effectively manage labor shortages by optimizing workforce and using local compliance checkers for intelligent planning.

An HCM system can be developed specifically to meet the needs of the industry, such as setting the requirements for the long service payment or CPF regulation. This flexibility allows firms to not only comply with regulations but to also to stand out in their performance of obligations. The integrating of an HRIS with AI capabilities can help significantly in the improvement of the decision-making processes that include recruitment and personnel management—two main areas where the plastics industry can utilize technology to lessen the environmental pressures. Also, the use of the system in the workflow by the industry will add cost-efficiency benefits to operations and thus also help to stabilize the processes in the absence of volatile material pricing.

Tips For Successful HCM Implementation

The shift from the erstwhile to a strong HCM system is possible only through a well-thought-out plan. The first step is to get an executive sponsor who will identify the project as an important part of firm-wide strategies. Another essential step is selecting the right system. Companies should check for compatibility first, of existing ones with the new HCM. Equally essential is bringing on-board the right people to run the system thus ensuring simple integration plus continuous training keeping system enriched.

Core Attributes of Multiable aiM18 HCM System

• A.I. Ready and Fully Customizable: Brings a personalized experience for industry-specific needs and improving adaptability.

• Powerful Payroll Engine: Pays out fast by computing the complex payroll transactions all at one time, the time spent on processing is reduced to 18 minutes only.

• Unlimited Dimensions of Headcount: Stacking up with workforce planning digs and helping manage employee transition period.

• Intelligent Roster Planning and Local Compliance Checker: Plans the workforce to be in accordance with local regulations leading to better operational compliance.

• ISO:27001 Certified Encryption: Handles the security of critical data thus avoiding harmful data breaches to a great extent

IRAS and AIS in Singapore Respect

Multiable HCM has received the stamp of approval from Singapore’s IRAS, which certifies compliance with the strictest ‘Category of Software Compliance to Controls’ in the Auto-Inclusion Scheme (AIS) for Employment Income. This enforcement not only strengthens Multiable HCM‘s status as a top-grade HR system but it also raises the firms’ trust in it being robust in handling the employment income cases in a very seamless manner.

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.