· 1. PAYROLL OUTSOURCING SERVICE + HRMS • Countries: Singapore and Indonesia • Reduced time...
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Improved Producvity and HR Processes How BIPO Helped a Regional FinTech Company www.biposervice.com
Transcript of · 1. PAYROLL OUTSOURCING SERVICE + HRMS • Countries: Singapore and Indonesia • Reduced time...
Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company
www.biposervice.com
CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
Solutions & ResultsEXECUTIVE SUMMARY
Singapore has built its reputation as one of the leading FinTech capitals of the world. A strong financial industry with excellent digital infrastructure and tax-friendly government regulations, Singapore now boasts close to 500 FinTech companies that have raised approximately USD735 million as of 2019.
Headquartered in Singapore, our client is the regional technology arm of a leading global insurance provider, specializing in Banking solutions. With rapid growth and expansion in the last two years, their global footprint extends across seven countries in South East Asia, with close to 200 employees.
1. Singapore (HQ)2. Indonesia3. Malaysia4. Vietnam5. India6. Thailand7. Philippines
GLOBAL FOOTPRINT
7 16 200SEA Offices Technology Solutions Employees
CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
CHALLENGES FACED
In the first year of operations, our client embarked on an aggressive talent acquisition strategy, with a target of doubling its headcount from less than 30 to 100 employees by 2018. Core HR functions such as leave management and payroll were managed via Microsoft Excel spreadsheet by two Talent Managers, whose primary responsibilities were recruitment.
Challenges surfaced when the company started expanding into South East Asia:
INACCURACIES
Updating of leave using Excel became increasingly inefficient as the headcount grew, affecting payroll as last-minute manual entries and adjustments were frequently required.
HR PROCESSES
Employee data was not properly maintained, which led to inconsistencies and discrepancies.
CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
Solutions & ResultsCHALLENGES FACED
REDUCED PRODUCTIVITY
Reduced productivity as Talent Managers were overwhelmed with massive recruitment and onboarding activities, resulting in overtime and a backlog of administrative work.
COMPLIANCE
Lack of knowledge regarding local labour laws and regulations in the respective South East Asian countries.
CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
Solutions & ResultsSOLUTIONS & RESULTS
BIPO was able to address all three pain points relatively quickly by providing the following solutions:
1. PAYROLL OUTSOURCING SERVICE + HRMS
• Countries: Singapore and Indonesia• Reduced time spent on transactional HR processes such as payroll
processing and onboarding of new employees. This enabled the Talent Manager to focus on recruitment and employee relationship management, translating to a strong team culture and employee experience for new team members.
Increased productivity.
Reduced overtime costs.
Compliance with local labour laws
and tax regulations.
Three key areas were foremost on our client’s mind when selecting a HR vendor / solution:
Improved HR processes. Enhanced
workflows.
CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
Solutions & ResultsSOLUTIONS & RESULTS
2. PEO SERVICE ACROSS MULTIPLE COUNTRIES
• Countries: Vietnam/India/Malaysia/Thailand• By engaging BIPO’s PEO (Professional Employer
Organisation) service, our client was able to tap into our vast network across the APAC region, venturing quickly into SEA countries with ease. BIPO’s in-country local teams were able to assist throughout the employee journey, transitioning employees from onboarding, handling of salary payment right through to social security contributions, all based on statutory requirements – thus ensuring compliance.
3. HR SERVICES
• Countries: South East Asia region • BIPO provided ad-hoc HR services which enabled the Talent
Manager to have a better understanding of policies and regulations in different countries, from supporting Work Pass applications to localised Employee Handbooks.
IMPLEMENTATION TIME 1 MONTH
CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
BENEFITS OF BIPO’S HRMS PLATFORM
Within a month of implementation, the following benefits were visible, enabling our client to scale-up their SEA operations efficiently:
Reduce manual HR tasks by up to 90%
Eliminate need to hire payroll staff in 7 countries
SGD21,000 per month in cost savings across 7 countries
Minimise risk of non-compliance with labour and statutory requirements
Improved productivity by up to 18% per week
Better deployment of resources for HR projects, recruitment, etc
CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
CONCLUSION
There are several benefits to partnering with a one-stop HR service provider like BIPO:
Legal and statutory compliance is maintained at all times
In-country local expertise based on local hiring practices and labour regulations
Empowers virtual, mobile teams to manage multiple locations
Better allocation of resources
Enables HR teams to focus on activities that foster a strong culture among new employees
Expertise that are aligned with the needs of Workforce 4.0
CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
ABOUT US
OUR SOLUTIONS
• HR Management System• Personnel• Payroll• Leave Management• Attendance• Claims• Training• Business Intelligence (BI)• Cloud and mobile-based platform
PAYROLL SERVICES
An integrated platform that simplifies payroll calculations. Our strength lies in our in-depth knowledge of the relevant labour and tax laws in each country – providing a holistic one-stop, integrated payroll solution for our clients.
ATTENDANCE AUTOMATION
Easily integrated with various clocking devices, managed online and linked to the payroll system, complex shift patterns and rosters can be flexibly arranged, improving productivity. HR CONSULTANCY
Our HR consulting practice encompasses a broad spectrum of HR disciplines to support the success of any organization, from compliance, compensation to workplace practices.
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CASE STUDY Improved Productivity and HR ProcessesHow BIPO Helped a Regional FinTech Company www.biposervice.com
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Article contributed by:Don Peh Account Manager, South East Asia
www.biposervice.com
