How a Singapore PEO Service /EOR Service Firms can benefit your Business.

With post-pandemic changes in the HR Industry, we are seeing the demand for Professional Employer Organisations – Singapore PEO service and Employer of Record – EOR service to continue to grow in Singapore and Asia. While it has significantly dominated the massive call center industries in India and the Philippines, more companies from multiple industries are now exploring the engagement of PEO service firms to fast track overseas market entry and minimise cost in managing their overseas HR needs. A Singapore PEO service / EOR service firm is an outsourcing firm that provides the much-needed HR support for a company where it holds operations without a full office set-up either in Singapore or in the region.

Traditionally, PEO service covers support in managing payroll, tax administration and regulatory compliance assistance. In recent years, the role of PEOs has shifted with companies requiring more support overseas. Today, PEOs may be tasked to fulfil a bigger HR role and manage the overseas staff on a company’s behalf in the foreign country via co-employment models. It is also a critical asset builder for many companies as PEO service providers now offer talent acquisition and management services. Collaborating with the right Singapore PEO service providers enables companies to tap into the right resources that fits their organisation while operating in Singapore and Asia.

Aside from cost mitigation measures, here are mission critical ways the right Singapore PEO service firm help businesses to grow.

1. Speed to Market

Business expansion will always be on the checklist for business growth. With the help of Singapore PEO firm, a comprehensive human resource services can be made available to businesses that do not have a physical presence in Singapore or regional countries in Asia. This is especially useful for companies that want to dabble in a new market in Asia but aren’t ready to commit to opening an office. Doing business with accuracy and speed can give your company a competitive advantage.

2. Better HR Operation

A company that wants to go big needs to go big in managing its people too. With Singapore PEO service, businesses can have a better HR operation that does not only after the business growth but also for the employee’s well-being. This includes better work benefits that were once for large-scale businesses but are now made possible through a PEO, better compensation, hiring and more seamless HR administrative processes.

3. Compliance

There are numerous statutory regulations governing employee benefits and the human resources profession in different countries and states in Asia. Your company must properly handle the following issues related to:

  • Compensation for Workers
  • Employee Security
  • Human Resources Legislation
  • Taxation Structure

A Singapore PEO service firms have extensive experience dealing with a wide range of compliance issues both in Singapore and in the regional countries. A reliable Singapore PEO service firms can keep your company out of legal trouble by ensuring that all HR regulations are followed.

4. Risk Mitigation

Minimising risks is a key for long-term success. Doing risk management ensures that your company is ready and doing all measures to protect your businesses from this risk. However, small businesses might be aware of the importance of risk management but most of them cannot afford to hire a risk management expertise in-house. One of the common risk sources is worker’s compensation and workplace safety issues: not being able to come up with proper policies, claims and planning on effective risk management might hinder your business success. With the help of a Singapore PEO service firms, you can have a dedicated risk management expert on-board on your team to facilitate and ease the burden to focus more on value-adding tasks. They are the people who are well-versed with the policies and laws that will help you stay away from business threatening risks.

5. Scalability

PEO can ramp up your businesses regardless of the business size. It can assist businesses in increasing their success by providing personalised and tailored solutions based on the needs of the business. A large-scale company can leverage business expansion options without taking a larger risk in a simple and low-risk manner. Small businesses, on the other hand, can enjoy competitive benefits and compensations that were previously only available to larger groups, as well as onboarding expert people without having to pay twice as much, and having more seamless operations so that they can focus on growing the business. Whatever business sizes your company is currently in, PEO solutions can be an essential part of your expansion strategy.

Collaboration with a Singapore PEO service providers such as HRPlus Consulting is definitely a game-changer for companies with their head quarters in Singapore as the right Singapore PEO partner can support its clients/partners to grow their business quickly in the South East Asian or Asian region.

Singapore PEO Service
Singapore PEO Service
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Top 3 HR Trends to Watch in 2023 & Beyond.

The way we do work is changing. Artificial intelligence and automation will accelerate this transition in the same way that mechanization did in previous generations of agriculture and industrial. While some occupations will be lost and many new ones will be created, nearly all will change. The COVID-19 crisis accelerated existing trends and forced businesses to rethink many elements of their business. 

No one is in a safe zone with digitalization and automation peeking around the corner. As this progressively takes over human workplaces, it forces organisations to embrace it and think of a way on how they can maximize and make collaboration between humans and robots, and the Human Resource industry is no exception. 

Not only is technology a factor driving a shift in workplaces, but so is the influence of the Covid-19 pandemic on everyone. Organisations have, for the most part, risen to the challenges of the current crisis-era with the constant unforeseen developments, businesses are pushed to be innovative, adaptive, and resilient.

Integrating technology will be the new norm

Automation comes in a lot of forms. It isn’t just about inventing a speaking robot that wanders around the workplace, it could be as simple as a set of tools housed within common business software programs. At its core, automation is about implementing a system to complete repetitive, easily replicated tasks without the need for human labour. Therefore, automation is not just about robots and it shouldn’t be scary. 

As we approach the coming years and automation is inevitable, It’s time to stop accepting HR as a department that is full of manual processes, mind-numbing repetition, piles of paperwork, and other stressors, and start enjoying the benefits of HR Automation, thus the rise of demand for HR Tech. 

HR Tech or HR Technology is the application of technology to redefine fundamental HR processes like recruitment, talent management, compliance, payroll, performance management and employee engagement. According to PWC, 74% of companies are planning to increase their budget solely for HR Tech. It primarily aims to make work more efficient and faster through using these intelligent technologies in doing repeatable tasks.

As HR Tech can feel like it’s been stealing the spotlight for the human work opportunities, we should also consider how many new job opportunities are created with the help of technology. We shouldn’t look at automation as something that takes over human work but as a tool. 

Embracing HR Tech as soon as possible will help your firm become future-proof. Tasks like managing benefits and payroll may be done more efficiently and effectively, freeing up your core workforce for more cognitively demanding tasks. HR technology, ironically, has the potential to make the workforce more humane by allowing professionals to better understand their employees.

Look closely with talents

We all know that automation will happen at some time in our lives, but no one really knows how to deal with it until it comes their way. To remain relevant in the future of work, automation will necessitate a significant amount of unlearning and learning processes.  However, not everyone has the luxury of gaining access to the knowledge required to succeed in the future of work resulting in a skills gap.

Skills gap or the mismatch happens between employers’ expectations and employees’ ability to deliver. This raises the risk of disrupted productivity, company culture, and profitability. The skills gap is also a direct result of the rising trend of using HR Technologies in the work landscape. According to the KPMG HR Pulse Survey, 3 out of 10 will reskill, 39% will work remotely, and 2 out 10 jobs will be redundant.

However, the skills gap isn’t just regarding technological skills. It is more on developing adaptability and turning people into more flexible workers, and most especially on developing their various complex cognitive skills like people management, critical thinking, and emotional intelligence.

Identifying the skills gaps in your company can be one effective way of guiding you as to how the programs should be made, thus a higher need for a diverse and expanded talent pool of human resources. As for the jobseekers, they should also consider reskilling towards more complex cognitive skills as repeatable jobs would become obsolete in the long run.

Working from home is here to stay

Everyone experienced how disastrous the pandemic, the virus hit fast, sending much of the world into lockdown just months after it was first detected. Businesses reacted rapidly, reorganizing supply chains, adopting remote-work models, and speeding up decision making with surprising velocity. 

This pandemic has given people a chance to see what it’s like to work remotely, and most of them, if not all, definitely prefer having control of their work time and it shows better productivity results compared to an in-house set-up. 

Millennials are looking for meaningful work and are demanding more freedom in the workplace to pursue their passions. While it may seem to manifest with the rise of the gig economy, shared resources and remote work mobility, flexibility is expected to impact more evolved work practices beyond time, location, and remuneration.

According to Harvard Business Review, 88% of today’s knowledge workers are doing their jobs remotely. This trend is expected to continue in the succeeding years, especially since the primary human resources would be millennials in the future.

We can witness less time is spent in the office because people work at their own speed. Without a strict schedule, they can work around it as long as the output is provided on time, a critical role of employee satisfaction in attracting new employees and the value of the brand image that goes beyond the company’s mission and goals.

HR Trends