Going by the Singapore Department of Statistics [1] having a business in Singapore comes with advantages: a high literacy rate of 95.9%, a low-inflation rate of 2.8%; a respectable, annual growth in labor productivity by about 10.7%; a GDP of $300 billion; and a hard-working, English-speaking workforce.
None of these advantages can be leveraged if your business is not equipped with the problems that come with business growth, though. One of them being human resource management. HR management comes with its own challenges, and more so in a country like Singapore, with rapid economic changes, a growing economy, vibrant industry, and a wide pool of skilled professionals:
Systematized & Integrated management HR Solutions
Rob Walker, in his feature article [2] at Inc.com, recollects how Gerd Gigerenzer, an author and a psychologist “makes the case for intuition” in his book Gut Feelings: The Intelligence of the Unconscious. Rob mentions numerous instances and examples of non-number crunching heroes and world-renowned business greats such as Steve Jobs, Sir Richard Branson, and Jack Welsh – all examples of success by going by the gut.
“Going by the gut” is good for overall business strategy and might just work for product positioning. For human resources, however, the 'gut & feel’ system rarely works. It’s not to say that innovation is abortive when it comes to new, innovative HR solutions; it’s just that smooth and efficient operations are a must for businesses to function.
Screening, interviewing, and hiring the right talent is just the start. Payroll processing, financial management for employees, tax scheduling and processing, appraisal management systems, employee performance appraisals and evaluation – all of these critical processes need a streamlined, efficient, and a unified system to help businesses organize their resources and human assets.
Profits stall without continuous improvement
HR function involves setting standards for employees. It involves deploying workflows, executing key HR processes like audits, benchmarking, employee performance evaluation, etc. It also sets individual and group performance goals, task objects, and performance criteria. Smoothly aligned HR processes incorporating all of these elements are better positioned to harness business Return on Investments.
No measurements, nothing to work for
How many billable hours do your employees actually work? How do you rate an employee as compared to others with regards to performance? How to ensure best training made available to deserving employees? Who gets promoted and on what basis?
Although these questions might sound intrinsically simple and basic, your business success lies in not just answering these questions. Business success and sound Human resources policies can only originate from justifying your answers based on hard, relevant data. Metrics need to be set in place with systems to measure individual parameters.
The high-profile marriage with technology
None of the above business objectives can be met without the hallowed marriage of your business with technology. The latest advances in cloud computing, the soaring advantages of business intelligence, and the fact that any business – small, medium or big – can tap into a realm of options as far as technology is concerned. Our HR solutions (HRiQ Talent, HRiQ Core, HRiQ Cloud, etc.) have been designed with the above challenges in mind with our HR solutions using technology at their crux.
McKinsey Quarterly published a feature [3] that mentions two surveys done by McKinsey for its “War of Talent” series. In the survey, it’s apparent that ever since it’s first survey in 1997, and another one that followed almost a decade later, the shortage of talent is imminent all over the world. It’s critical to nurture talent, track performance, bring in the change, and leverage human resources better than ever.
Unified, strategic, and highly dependable technology solutions can help you acquire, manage, nurture and retain talent.
