Singapore’s POS Industry Faces Unique and Common Challenges

The POS industry of Singapore is one of the most important sectors in the city state’s economy. POS provides vital services in the retail and hospitality sectors. Despite the fact that the POS industry is an important sector of the city’s economy, it has its own unique problems that are not found in other fields that are usually affected by these problems. Transitioning to e-payment processes, for example, is a concern for businesses as the payment data gets more exposed to cyber-attacks. In addition, the rapid pace of technology development means that POS systems have to be in a continuous state of flux. This situation comes with a lot of research and development difficulties for the programmers. Continuous requirement of software bug fixes and running various payment platforms in a single system also is an additional problem to the developers.

Furthermore, the POS industry is also facing challenges that are common across different industries in Singapore as well. The labor shortage is the key issue to be managed and that is caused by the strict immigration laws plus the expensive local manpower. Talent retention and ensuring proper compliance with both local and foreign regulations, like CPF contributions and employment laws, are the similar problems that all sectors are suffering from.

HCM Systems: Revolutionizing Problem Solving

In this regard, the only possible solution to the questions can be the acquisition of a solid Human Capital Management (HCM) system. For one thing, the HCM systems provide automated payroll which, in turn, help the firms to comply with the particular and intricate CPF regulations. In addition, by automating the rostering process, these systems help the firms to optimize the labor deployment, hence solving the labor shortage issues and guaranteeing the adherence of the local laws.

Besides that, the HCM systems present an opportunity to have real-time analytics regarding the employee performance appraisal which empowers the managers to take informed decisions. This approach, which is based on data, helps the firm to better understand the demands for talent, thus, being able to design the right retention strategies that would address turnover issues-a problem that is not just for the POS industry.

In fact, the advent of an HCM system to the extent that the employees get their long service payments calculated properly and thus in compliance with the revised labor laws is so money-wise. The incorporation of AI in HRMS makes roster planning easier and thus, the operational efficiency rises while the administrative burdens decrease.

Guiding Path to Successful HCM Implementation

Given all the complexities, HCM system migration is a big deal that calls for careful planning and execution. First of all, firms will need to carry out due diligence in terms of proper need assessment, of course, to figure out which HR problems specifically need to be solved.This is for the purpose of matching the HRMS software to the firm’s needs of course. Mobilization of the different stakeholders involved (HR, IT and management) would ensure that the new system is in sync both with the strategic objectives of the firm and its operational workflows.

It goes without saying that proper training of the staff on the use of the HR system is a key step in reaping the benefits of the system. Adequate support and feedback systems are what is most important to tackle any problems that arise after the implementation will lead to a smooth integration of HR tasks into daily operations.

Key Features of Multiable’s aiM18 HCM System

• Rule-based Workflow Engine: Automates payroll and rostering, mitigating manual errors.

• AI-Ready and Fully Customizable: Fits unique business needs, giving a boost to the HRIS efficiency.

• Intelligent Roster Planning: Manages the balance between workforce management and local compliance requirements for optimal labor usage.

• Payroll Engines of Great Capability: Applies complex payroll formulas with velocity, thus, aiding comprehensive financial management.

• Unlimited Headcount Dimensions: Facilitates a detailed workforce analysis for strategic HR planning.

IRAS Approval: Setting a New Standard in HR Systems

Multiable HCM has been recognized by Singapore’s IRAS as a top-class HRMS for its compliance within the Auto-Inclusion Scheme (AIS) for Employment Income, thus, the endorsement further solidifies its excellence in this regard. The approval is a clear evidence of the firm’s ability to meet rigid governmental criteria, thereby, giving firms a sense of security when they turn to the firm for dependable HR solutions.

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.