Small enterprises play a big role in the Maldives, where tourism leads the charge, and contribute significantly to its economy via employment and revenue generation.
Accounting for over a quarter of total employment (26%), these enterprises form a vital part of the economic landscape.
With some 80% of Micro, Small, and Medium Enterprises (MSMEs) in the Maldives shutting down in 2020 due to the Covid pandemic, various initiatives have been launched by the Maldivian Government to resolve challenges and propel growth, recognising the significance of MSMEs in diversifying its economic landscape and reducing vulnerabilities.
The Government has also recognised the importance of integrating technology and innovation for sustainable growth and a credit facility project by the Asian Development Bank has been driving the adoption of technology among MSMEs.
To empower these businesses that fuel the economy and foster innovation, it is essential to integrate advanced HR technology. By utilising solutions like MiHCM Lite, which play a crucial role in driving MSME productivity and growth, small businesses in the Maldives can effortlessly position themselves for greater success.
While this blog focuses on the Lite solution for small biz, MiHCM’s Enterprise solution is the perfect fit for medium and large businesses in the Maldives looking to leverage sophisticated digital HR solutions to enhance workforce productivity and streamline operations.
Why should small biz choose Lite?
In a tourism-driven economy like the Maldives, effective HR management is paramount. The dynamism and seasonal fluctuations inherent to such an economy necessitate HR solutions that enhance operational efficiency and ensure compliance with local regulations.
Here, the role of advanced HR systems like MiHCM becomes indispensable, offering tailored solutions that cater to the unique needs of Maldivian businesses.
MiHCM Lite is a comprehensive mobile-first solution for small businesses that addresses all HR challenges.
Here are some reasons why your business should choose Lite:
- You can streamline your HR operations across the entire employee life cycle: MiHCM Lite offers all key components required to optimise your HR operations, from hiring to retirement.
- It is engineered with best-of-breed functional domain knowledge servicing large and mid-sized enterprises: decades of experience servicing large- and medium-scale organisations now adapted to the needs of your small business.
- MiHCM provides dedicated support services to make your life easy: MiHCM Lite is led by a dedicated team which listens attentively to all clients and understands their requirements.
- You can go paperless with a complete mobile-first experience: maximise the productivity and engagement of your remote workforce with MiHCM’s compelling mobile-first experience.
- MiHCM ensures swift implementation to seamlessly move you away from spreadsheets: Lite is built intuitive and easy to deploy and use, making the implementation cycle both faster and shorter.
Strategic HR operations
HR strategies will play a pivotal role in ensuring that small businesses in the Maldives can harness opportunities effectively.
Navigating a dynamic business environment requires agile workforce management and a focus on engaging employees to drive productivity and innovation, which Lite enables:
- Integrating HR technology: Lite helps streamline HR processes, making them more efficient and aligned with business goals. Enhancing operational efficiency by automating routine tasks, it also frees up HR professionals to focus on strategic initiatives.
- Data-driven insights: By leveraging workforce analytics, businesses can turn data into actionable insights, enabling strategic decision-making that aligns with corporate objectives.
- Employee engagement: Ensuring employee satisfaction and engagement is crucial. MiHCM offers tools for managing performance effectively, ensuring employees remain motivated and aligned with business goals.
- Enhanced performance management: The system supports tracking employee performance, facilitating timely interventions, and recognition strategies that align with company objectives.
Unlocking productivity
With Lite, business can:
- Easily manage attendance of employees working across various work schedules, shifts, and rosters
- Efficiently track employee leave and attendance
- Process payroll in just a few clicks in compliance with shop and office and wages board requirements and other Government mandates
- Get HR to shift towards data-driven HR decision making
- Accurate statutory reporting
- Essential information and history records of employees at your fingertips
- Manage employee movement (transfers, promotions, re-designations, resignations)
HR technology and compliance
Staying compliant with local labour laws is a crucial aspect for businesses aiming for sustainable growth.
MiHCM Lite acts as a strategic ally in ensuring that organisations meet country-specific regulatory compliance requirements effortlessly, by automating processes and ensuring adherence to the ever-changing statutory guidelines, minimising the risk of legal repercussions.
As a result, businesses can focus more on strategic initiatives rather than administrative burdens, creating a solid foundation for growth.
Safety and security
MiHCM solutions are hosted on the most secured cloud infrastructure, Microsoft Azure PaaS.
This ensures the utmost level of security, privacy, and confidentiality across Lite along with audit capabilities.
As an IP CoSell Prioritise Managed Partner GOLD Certified Partner of Microsoft Corporation, MiHCM has extensive experience in deployment and advance configuration with Microsoft public cloud, private Azure subscriptions, and Azure stack deployment.
Ensuring business success
For the Maldives, where tourism remains a cornerstone of economic growth, adopting comprehensive HR solutions is not just a tactical advantage, it is a necessity.
Businesses that integrate these solutions will likely see a significant boost in productivity and operational efficiency, ensuring they are well-positioned to thrive in a demanding economic landscape.
MICHM’s suite of tools, including MiHCM Lite and Enterprise, stands out by offering comprehensive HR and payroll management tailor-made for your business.
The MiHCM Lite solution not only supports small businesses in maximising their human resource potential but also enhances overall business outcomes.
Maintain a competitive edge with Lite and unlock new opportunities for sustained growth.
