The biotech sector in Hong Kong is flourishing exceptionally fast, although it is confronted with specific predicaments. Its complicated structure requires specialized solutions such as human resources management (HRM) systems to process through this highly challenging environment effectively.
What Are The Peculiar Issues That Biotech Companies Are Experiencing In Hong Kong?
The biotech sector in Hong Kong struggles with long product development times, complicated regulatory rules, and high R&D costs which are unique in comparison to other industries. To make matters worse, these problems turn innovation into an essential but difficult task.
Nevertheless, biotech firms also have general problems like recruitment, retention, and compliance with labor laws. In reality, these are not only the problems of the biotech industry, they also affect firms in other sectors and their operations as well as HR resource management.
What Benefits Can HCM Systems Bring to Biotech Companies?
Without a shadow of a doubt, adopting HMC systems brings all-inclusive answers. These systems amplify the recruitment and retention of talent by solving the recruitment bottleneck and engagement problems.
For their part, analytics by these systems enable firms to better forecast their labor needs, realizing optimal alignment with project schedules, and avoiding compliance risks.
Through the automation of normal HR operations, HCM systems can allow management to think beyond the immediate. This automation can prevent payroll and compliance errors, and so the workforce will have time to deal with core activities leading to innovation. Furthermore, it provides the opportunity for intelligent roster configuration and performance evaluation customization that is specific to the ever-changing needs of the biotech industry.
How to Ensure HCM Implementation Is Successful?
Communication and planning of the project are vital in order to implement HCM successfully. The involvement of stakeholders and the assessment of the organization’s needs make sure the solutions provided are tailored for the specific firm. Training the personnel of the system functions helps people to embrace changes readily. These will go a long way in easing the transition thus, getting the maximum benefit from the system.
What are the Key Features that Make Multiable aiM18 HCM the Best Choice for Biotech?
- The rules-based workflow engine: The HR functions get automated, and manual work is reduced.
- Customisable payroll formula: The pay schedule’s customization will go down by more than 90%, which will certainly help with financial management tasks.
- Smart roster planning: The provision of the workforce`s schedules coincident with the multifaceted project timelines will be done accurately.
- Unlimited appraisal forms: The performance assessment will be very flexible indeed.
- ISO:27001 certified: It encodes critical personal data securely through encryption.
The Importance of e-MPF Approval for Multiable aiM18 HCM
The aiM18 human capital management system is already e-MPF certified, thus managing the MPF and IRD your documents goes without a hitch. The certification guarantees that long service payment and payroll functions comply with local laws, therefore, it increases trust and reliability for Hong Kong firms.
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.
Contact us