Biotech Industry in Singapore: Unique Challenges and Common Struggles

In Singapore, the biotech industry faces on-going challenges that are unique to its sector as well as those shared with other industries. The high regulatory burden for biotechnology firms is a significant hurdle, requiring compliance with local and international standards. Because of strict guidelines, navigating the complex regulatory requirements is a substantial challenge for any biotech firm. Moreover, the sector often struggles with long innovation cycles, from research to market, which can complicate financial planning and execution. Additionally, the biotech industry contends with the scarcity of skilled talent in Singapore, which drives up employment costs and necessitates creative workforce strategies. Meanwhile, like most other sectors, biotech firms face challenges such as adapting to rapid technological advancements and maintaining data security in an increasingly digital world.

Leverage the Power of HCM Systems to Overcome Challenges

Human Capital Management (HCM) systems offer transformative solutions for the Singapore biotech industry, addressing both sector-specific and universal challenges. With a comprehensive HR system or HRIS, biotech firms can streamline compliance processes. The integration of A.I.-powered analytics facilitates real-time regulatory updates, minimizing compliance risks and ensuring that the firm remains up to date with CPF and other local statutory requirements. Furthermore, an advanced HRMS software enables efficient rostering and strategic workforce planning, addressing the industry’s talent scarcity by maximizing the productivity of available human capital.

Moreover, an HCM system provides robust data security through ISO:27001 certification, which is crucial for safeguarding sensitive research data. It assists in implementing flexible performance appraisal systems tailored to the dynamic needs of biotech firms. By embracing these technologies, Singapore’s biotech players can effectively address their long service payment requirements and financial challenges, capitalizing on innovation cycles more rapidly.

Guidelines for Successful HCM Implementation

In fact, the successful implementation of an HCM system relies on strategic planning and stakeholder involvement. Initial assessments should identify specific organizational needs. Clear objectives and goals aligned with these requirements ensure that the HRMS software meets the firm’s expectations. Moreover, organizational buy-in is essential; from top-tier management to end-users, everyone should understand the benefits and changes this system will bring about. Continuous training and support guarantee that all employees can adeptly navigate the new system.

Multiable HCM System: Key Enhancements

Multiable offers an advanced HCM system tailored to overcoming specific biotech industry challenges. Its features include:

• Rule-based Workflow Engine: Streamlines administrative HR processes, improving efficiency in compliance management.

• Fully Customized Payroll Formula: Reduces customization efforts related to payroll, saving both time and resources.

• Intelligent Roster Planning: Facilitates efficient allocation of workforce resources, reducing talent scarcity impacts.

• Powerful Payroll Engines: Ensures swift and accurate long service payment, even in complex scenarios.

• Unlimited Appraisal Forms: Provides flexibility in performance appraisal systems, catering to biotech’s unique operational needs.

Recognized Excellence in Compliance

Undoubtedly, Multiable HCM’s approval by the Inland Revenue Authority of Singapore (IRAS) cements its reputation as a top-tier HRMS solution. It stands out in the ‘Category of Software Compliance to Controls’ as part of the Auto-Inclusion Scheme (AIS) for Employment Income. Biotech firms can rely on its robustness and compliance with Singaporean standards, ensuring peace of mind and operational excellence.

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.