Confronting Issues in the Import and Export Industry in Singapore

Singapore boasts a bustling import and export sector, which is the primary driver of the national economy. Still, firms in this domain have to deal with particular hardships. The necessity of abiding by the intricacies of global trade regulations has made compliance a longstanding obstacle. On top of that, the inventory management risks attributed to the global supply chain disruptions make this industry tremendously difficult. Moreover, the inconsistency in currency exchange rates leads to increased financial pressure in forecasting profits, which is a concern not usually seen in the case of other industries. Likewise, import and export businesses have also to face some of the challenges that are common in other sectors. For instance, the employee turnover and performance management are the most important issues to cope with in the situation where the job market in Singapore is very competitive, in addition to the need for constantly integrating new technology into the present systems so that operations can be efficient.

Importance of HCM Systems in the Import and Export Industry

Indeed, after overcoming diverse obstacles, using a Human Capital management (HCM) system might be the best option for import and export firms. HCM systems are oriented to automate various HR processes, which makes it much easier to management the complex requirement of staff across the borders. First of all, implementing an all-inclusive HCM platform leads to the centralization of compliance through the incorporation of local labor regulations and direct timely updates into the HRMS software. This leads to the reduction of inaccuracies that are associated with CPF and long service payment computations, thus ensuring that firms comply with the strict laws set by Singapore.

In addition to that, these systems can digitize a number of processes related to performance appraisal and employee monitoring. This aspect supports the overall industry issue of talent retention as the decision-makers of the firm can provide with the factual determination for the decisions to take in order to make employees more satisfied and engaged. Moreover, the payroll management is carried out easily with the HCM solutions that are sturdy, thus leading to fewer manual calculations and payroll errors down the line.

Guidelines for Successful HCM Implementation

Undoubtedly, the implementation of an HCM system is successful on the account of the strategic plan and the correct execution. It is of vital importance for the firms to have clearly drawn HR needs and goals before they adopt a system. The training of all users is the most important aspect of the project, as well as the training of the users of the system. Training and continuous support are the keys to achieving the goal of ensuring that all the users come on board easily and adapt to the new system without any problems. The vendor selection of a reputable one is the other part that is equally important and promising, which will allow the HCM system to be flexible and scalable in order to grow with the firm.

Key Features of Multiable aiM18 HCM System

Multiable’s aiM18 HCM system features several functionalities whitelisted for tackling the hurdles that the import and export industry presents:

1. Rule-based workflow engine: Streamlines complex HR processes tailored to specific business needs.
2. Intelligent roster planning: Facilitates efficient rostering, ensuring compliance with labor laws and reducing scheduling issues.
3. Powerful payroll engines: Efficiently executes payroll formulas, saving time and reducing errors.
4. Unlimited appraisal forms: Offers a flexible appraisal system that aligns with any department or position for precise performance management.
5. ISO:27001 certification: Ensures that critical personal information is protected, maintaining strict privacy and data security standards.

Singapore Government’s Endorsement of Multiable HCM

Multiable HCM is fully endorsed by Inland Revenue Authority of Singapore (IRAS) in terms of compliance with the Auto Inclusion Scheme (AIS) for Employment Income. This approval reiterates the quality and efficacy of it in supply and management of payroll information while adhering to the law.

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.