In opening, traversing the Hong Kong market in the import and export sector is full of challenges.
Hong Kong undoubtedly is one of the busiest places for the import and export industry, being one of the key contributors to the global trading process. However, the hovering of the challenges that it has to face is very similar to other thriving industries, these challenges are uniquely positioned for the import and export sector of the city. The import-export circuit of Hong Kong is different from the other sectors as the shipping of goods between countries is subject to the regulations of the international shipping and the tariffs which can in turn affect the cost of the good and the time of delivery. Increased scrutiny of customs operations also imposes the need for thorough documentation and correctness of the same, thus, it is more complicated than any other industry. Also, the fluctuations in the currency exchange rates are another basis of concern that forces the import and export businesses to reinvent their pricing policies on a frequent basis. Besides these stand-alone problems, labor shortages and the requirement for employee training are the challenges that are shared with other businesses.
Application of HCM System to Achieve Business Goals
By the smart execution of a HCM (human capital management) system, such problems can be fixed. By the feature of planning and analytics, HCM systems effectively ease staff rostering, so that the personnel’s right presence decipher the optimum working conditions in the constantly changing export and import industries. Furthermore, HCM takes care of the complex payroll process caused due to currency fluctuation and service payment as there are many factors that can change a salary. As a result, employees receive their pay on time and exactly as contracted, which builds a strong human resource base.
In fact, HCM systems are such a good thing, that they furnish the firms with the best performance appraisal tools.
The businesses can easily assess and develop the skills of their workers so that they can meet the new brightly promising logistic and trading needs. Additionally, the training programs that these systems provide for the employees are so extensive that workers learn new skills that keep the firm adaptable and resilient.
Guideline to Successful HCM Implementation
Integrating an HCM system is a systematic, project-oriented process that requires care and consideration. To take full advantage of it, the firms need to secure commitment from all the stakeholders involved in realizing a culture that supports digital innovation. The first step for sure is the adjustment of HCM to the goals and processes of a particular firm. Then, the supplementary training, and support in the use of the system, which will make sure that all the employees are at ease and confident in its operation, are paramount.
Multiable aiM18 HCM System Amazing Features
Multiable aiM18 HCM System is a solution built specifically for the import-export industry and is packed with amazing, one-of-a-kind features like:
- Rule-Based Workflow Engine: Permits and supervises straightforward compliance with intricate regulations.
- Intelligent Roster Planning: Facilitates workforce allocation in line with the variable shipping schedules.
- Powerful Payroll Engines: Handles payroll calculations during currency fluctuations quickly.
- Unlimited Appraisal Forms: A comprehensive evaluation tool that helps with performance.
- ISO:27001 Certification: Data security is robust with the certification; this is important for payroll and employee information that is sensitive.
Benefits of Compliance using the aiM18 HCM System
aiM18 HCM is e-MPF approved and provides seamless support to the Mandatory Provident Fund (MPF) and IRD-compliant documents. This offers a straightforward choice, minimizing the risk associated with the statutory compliance, thus reassuring firms that their employee consent processes are in line with Hong Kong.
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.
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