The 5 Secrets About HR Software In Singapore Only A Handful Of People Know

5 Secrets About HR Software In Singapore

1. Making use of your time for HR software

HR software is rapidly automating time in the modern era. HR tasks such as managing employee information, storing documents, posting vacancies and roles on online portals, and analyzing employee performance are required. Many of the most important tasks in the HR function can be automated using HRIS software. Payroll, training, attendance, and human capital management can all be automated. Furthermore, HR departments can automate redundant tasks. Otherwise, it would be a waste of time, freeing up valuable time from their HR team's precious hours.

2. Improving employee satisfaction

Recruiting and HR systems can save businesses a lot of time while also ensuring that the best employees and candidates are hired. They can raise hiring standards by attracting a larger pool of candidates and allowing top talent to apply online. Providing employees with the ability to manage their own benefits through an HR system can boost productivity. It also saves valuable hours and increases the overall productivity of their employees and the company. Furthermore, it enables them to work as a team focused on the organization's goals and increasing employee satisfaction, morale, and productivity.

3. Reduce your use of paper

The benefit of web-based HR solutions is that all of this information is available online. Digitalize has the potential to reduce the amount of time and resources required by the HR department to retrieve paper-based information from a comprehensive filing system. As a result, when considering the implementation of HR software, small businesses should not be concerned about the existing system.

4. HR Managers Can Focus on More Key Tasks

HR software implementation can be automated, and there are numerous benefits to doing so both inside and outside the workplace. As a company grows, so does the demand for its human resources department, and many of the HR team's tasks become difficult to complete without the assistance of a software solution. Because an HR team's role is multifaceted, it makes sense to have a tool that can handle as many functions as required. This frees up HR managers' time to focus on more important tasks like recruiting new employees and developing employee training strategies.

5. Significant Cost Savings

Most modern HR solutions are fully customizable and can operate as a fully integrated or stand-alone product that manages all aspects of the employee life cycle. Companies that provide personnel software as a service highlight this area. HR software can assist your company in saving money. Processes that take up valuable time in the human resources department can benefit from automation. This can improve efficiency and reduce the risk of human error in the workplace. As a result, significant savings are realized.

HRMS is being used by an increasing number of businesses because it can reduce time and redundant activities, increase efficiency, and effectively automate complex workflows. The HR firm, based in Lindon, Utah, has used its own experience to demonstrate the benefits of incorporating HR software automation into business operations. HR software for small and medium-sized businesses, such as QuickHR, can handle a wide range of tasks, including human resource management, payroll, human resources, customer service, accounting, financial management, and much more.

Source: QuickHR HR Payroll Software Singapore

How much employment do SMEs generate in Singapore?

 How Much Employment Do SMEs Generate In Singapore?

                                                Source: Pixabay

Small and Medium-sized Enterprises, or SMEs (usually defined as companies with an annual turnover of S$100 million or employing 200 people), are a vital part of Singapore's economy, accounting for 48 percent of GDP, 65 percent of the workforce, and 99 percent of all businesses.

SME's account for approximately half of Singapore's GDP and employ roughly 70% of the workforce (SingStat, 2021).

Small and medium-sized businesses (SMEs) are businesses with less than 250 employees. Micro businesses (those with fewer than ten employees), small businesses (those with ten to 49 employees), and medium-sized businesses (those with 50 to 99 employees) are all types of SMEs (50 to 249 employees). Large businesses employ at least 250 workers.

In Singapore, how do you classify a small business?

• The SME must be registered and operating in Singapore to be eligible.

• Having a local shareholding of at least 30%

• Having a group annual turnover of less than $100 million; or have a group employment size of less than 200 people.

Companies with at least 30% local shareholding, a group annual sales turnover of less than $100 million, or a group employment headcount of less than 200 workers are classified as small medium enterprises (SME) in Singapore (Skills Connect, 2013).

Companies with a revenue of less than S$100 million and fewer than 200 workers are classified as small and medium enterprises (SMEs).

Small and medium-sized companies (SMEs) are non-affiliated, self-contained businesses with fewer than a certain number of employees. Small businesses typically have fewer than 50 employees, whereas microbusinesses have no more than 10, and in certain circumstances no more than 5, employees.

Singapore's ascension to the top was credited to the country's advanced technical infrastructure, availability of talented personnel, advantageous immigration policies, and ease with which new enterprises can be established.

Exports of electronics manufacture and machinery, financial services, tourism, and the world's busiest cargo seaport underpin Singapore's economy.

ADVANTAGES OF OWNING A SMALL BUSINESS

• They're nearer to their clients.

• They are more adaptable.

• They are stronger at detecting and exploiting narrow market niches.

• They can make decisions more quickly.

• It is simpler to connect employees to the company.

• Everyone is acquainted with one another.

• It will be simpler to communicate.

The Singapore government recently decreed that all SMEs must begin providing full pay slips to employees. As a result, HR software that automatically factors in mandatory benefits and deductions like CPF eliminates the hassle of manual calculations and effectively reduces or eliminates errors.

Here are some of the benefits of payroll software for SME’s in Singapore

• Calculations that are free of errors.

• Make the most of your time.

• Data protection.

• Cost-Effective.

• System for customer service.

• Reminders that are timely.

• Payslips are generated.

• Taxes are being kept up to date.

How Can Artificial Intelligence Help HR Departments Reduce Repeated Tasks?

 How Can Artificial Intelligence Help HR Departments Reduce Repeated Tasks?

Holidays, perks, recruitment, and culture are the four major areas where employees are bombarded with inquiries. A help desk with artificial intelligence provides rapid responses, empowers employees, and relieves the HR department of monotonous tasks. Continue reading to learn how chatbots can assist you in answering staff questions:

HR time will be used on answering employee questions. HR must repeatedly answer the same question and assist employees through various scenarios or over. Artificial intelligence can assist you in this situation.

The automated help desk can serve as a first point of contact, answering basic questions and directing issues to HR departments. Artificial intelligence, for example, takes this a step further by answering queries based on predefined business rules and insights gleaned from previous interactions.

Helpdesk may handle difficulties in HR, IT, and office administration, providing a one-stop shop for the majority of inquiries.

Common issues that AI can help with

The majority of questions will concern organizational policies; while every employee has a copy of their employment contract, they are unsure how to obtain it and will turn to HR for assistance. Employees frequently ask the following questions:

Benefits

Benefits vary greatly between employers, and new recruits often have inquiries regarding benefits, commuting allowances, and other membership information.

Vacations

Holiday and vacation management can be tough for businesses with different locations. Employees may lose optional holidays/vacations if they are unaware of the policies, which can differ from region to region.

Culture

A variety of questions about professional conduct, security, and other topics are routinely posed. The AI-powered help desk can accurately answer the same questions that employees ask over and over again, increasing employee happiness.

What do employees think of the company's responsiveness?

The following are some of the advantages of using an AI help desk:

• HR functions are delegated to perform simple tasks, reducing the amount of requests that are considered by the HR department.

• Common questions may be quickly answered, allowing users to put advice into action without delay and enhancing staff loyalty.

• Employee self-service modules, human resource information systems, and administration platforms can all be linked into AI help desks.

• Request tickets can be organized by AI chatbots based on their criticality, urgency, and complexity.

• AI can figure out which team is best suited to address a given problem, resulting in maximum efficiency.

Using AI-enabled help desks

Despite the benefits of help desks, adoption is a major barrier. People are concerned about job security and anticipated changes in the employment model as AI takes on many of the functions of the HR department.

While AI will cause a shift in employment, it will have a positive impact. To automate repetitive operations like answering inquiries, screening requests by type, and speeding the onboarding process, the HR department should use AI and virtual assistants. QuickHR HR Payroll Software AI help desks enable you to focus on future efforts while keeping the HR department people-centric.

Author

Parker Adam a passionate HR software developer at QuickHR and Payroll software analyst.  

7 Answers to the Most Frequently Asked Questions About Payroll Software For Small Business Singapore

7 Answers to the Most Frequently Asked Questions About Payroll Software For Small Business Singapore

Small business owners have a lot of work ahead of them. The obligations of managing a firm and its employees, as well as sales and marketing, and properly running the back office, can be stressful at times.

However, with the smart delegation and intuitive decision-making, you can increase workplace efficiency and lessen your load. Payroll management is a great example of delegation.

1. Do you need HR payroll software for small businesses?

Small and large organizations alike are benefiting from technological advancements, as everyone is embracing automation at work, which saves time and increases productivity. Yes, even small businesses and startups require a platform to manage their HR and payroll operations. They may have fewer staff, but a trustworthy platform can aid in the development of a better work culture in which everything is completed correctly.

Payroll and HR functions are frequently complicated, but appropriate software can readily handle the complexities. Here are some of the advantages of adopting a small business HR payroll solution:

Installing a payroll management solution not only decreases workload, but also simplifies tasks because many things are automated, and most importantly, the monthly paycheck processing, which is a tiresome operation, is completed in a matter of minutes. Overall, it increases efficiency and yields a positive outcome.

Employee portal advantage- Whether there are 15 or 100 employees, each has its own portal where they can view its information. Employees would benefit from this since they will have complete access to data such as salary, PF, gratuity, leave balance, and so on.

Cloud platform- Most HR payroll software is now accessible as a SaaS model, which has shown to be cost-effective, easy to use, and provides solid data protection. The nicest thing about the cloud is that, aside from the monthly or yearly fee, there are no additional costs.

2. What are the features of the right payroll software for small businesses?

The ideal payroll software for your company will include a number of key features to ensure that payroll runs smoothly. The following is a list of all the characteristics you should look for in your favorite software:

Payroll Taxes: When paying your employees or yourself, you must consider a variety of payroll taxes. Medicare, income tax, and social security are just a few examples of standard finances. Sound payroll systems will help automate all these functions by reporting and deducting the amount, enabling you to report these funds to the appropriate dealer, whether the state or your local tax authority.

Off-Cycle Payroll: Another important feature is the ease with which off-cycle payroll can be implemented. It will allow you to make a correction, distribute bonuses, or process a final or advance payment.

Direct Deposit: When funds are transferred directly to your employees' bank accounts, it is faster, more convenient, and less likely to be fraudulent.

Various Income Types: The best payroll software should allow for a variety of incomes, such as holiday pay, bonuses, commissions, expenditure reimbursements, and other taxable benefits, among others.

Deductions of Various Types: Costs like life insurance and medical insurance must be deducted from your pay.

Payroll After the Fact: It gives you access to the payroll standards that have already been issued. It also aids in accurate compliance reporting.

Accessibility: Choose cloud-based payroll software that lets you access data from anywhere you have an internet connection, a compatible device, and a browser. It allows you to access your data from anywhere, at any time. Employees can access their payslips and keep up with your announcements even when they are not at work thanks to mobile versions of cloud-based software and services.

User Experience: Payroll computation is a difficult chore, even if you only have one person in your funding position. It is not a skill that everyone possesses. As a result, you must select software that is simple to use for everyone in your organization. A dependable payroll program would have a low learning curve and require little training, so your employees and staff will be able to navigate it with ease.

3. What are the benefits of payroll software in a small business?

Using payroll software has numerous advantages. Here are some of the most significant advantages of using online payroll software for your small business in Singapore.

Employee Satisfaction Is Up: If your staff are dissatisfied, you will not be satisfied. Payroll software improves efficiency by ensuring that employee morale is maintained. It allows you to keep your employees in their current location.

Better Accuracy: This program decreases the likelihood of costly errors. Making mistakes can damage your company's reputation and lead to legal issues.

Spend Less Time: Saving time allows you to devote more time to other duties, increasing the efficiency of your operations and lowering total costs.

4. Why is the integration of HR payroll software important for small businesses?

Because of a lack of proper advice, many SMEs do not place enough emphasis on integration. The firm owner or HR's first priority is to get the attendance under control, so he purchases an attendance machine. Typically, the software is included with the equipment for free or at a low fee.

Then there's payroll, which is initially administered with Excel before gradually migrating to an application. The issue now is that one set of employee master data is in attendance while the other is on payroll. Clearly, there is a duplication of effort.

Separate employee master data would be retained for various modules such as travel, training, assessment, and exit. In such scenarios, HR software typically acts as an island.

One major disadvantage of non-integration is that one cannot obtain useful consolidated integrated analytics in one click, either for the organization as a whole or for an individual employee to gain a proper understanding of the data. Another major disadvantage is that data movement between modules is not controlled, resulting in incorrect posting, erroneous calculations, and losses that are not recoverable.

Consider a daily loss of Rs.10 per employee in a 1000-person workforce. This information would persuade a CFO or business owner to deploy a fully integrated HR suite. This is true not only of small businesses but also of many huge corporations.

5. Why is advanced payroll software so popular among small business owners?

There are a number of reasons why advanced payroll software is so popular among small business owners all around the world.

A Cost-Effective Solution for Payroll Issues Access to Quick and Easy Employee Calendars Payroll software provides tax updates that are beneficial.

Utilize the Power of Advanced Payroll Software to Create Payslips Quickly and Efficiently. 

6. What is Payroll Software?

Payroll software manages, maintains, and automates employee payments, whether on-premises or in the cloud. Payroll software that is robust, integrated, and properly designed can help businesses of all sizes stay in compliance with tax laws and other financial rules while also lowering costs.

7. What is the function of payroll software?

The payroll function is one of the most important aspects of any business. It ensures that all employees receive their salary on a basic level. The payroll function, in practice, covers a wide range of administrative and labor difficulties.

Source: https://quickhr.co/