On the path to stability following an unprecedented economic crisis, and having recorded moderate growth this year, Sri Lanka is now setting its sights on accelerated growth in the years ahead.
According to the World Bank, over the last year the country has seen “declining inflation, higher revenues on the back of the implementation of new fiscal policies, and a current account surplus for the first time in nearly five decades, buoyed by increased remittances and a rebound in tourism”.
Against this backdrop, Sri Lanka’s Micro, Small, and Medium Sized Enterprises (MSMEs) have a massive role to play, as they provide a significant source of employment, foster entrepreneurship skills, and augment human capital – a prerequisite for sustainable growth.
MSME contribution is particularly important for emerging and developing economies such as Sri Lanka, given their immense contribution to alleviating poverty by facilitating sustainable development and innovation.
MSMEs form a core component of Sri Lanka’s economy, accounting for over 75% of the country’s enterprises and contributing over 50% of its GDP.
Given MSMEs’ innovative capacity, they stand to gain much more by embracing information technology products and services into their businesses.
HR tech to the rescue
The integration of advanced HR technology has a crucial role to play in driving the productivity and growth of micro and small business in Sri Lanka.
By utilising solutions like MiHCM Lite, micro and small businesses in Sri Lanka 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 looking to leverage sophisticated digital HR solutions to enhance workforce productivity and streamline operations.
Why should small biz choose Lite?
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
As Sri Lanka sets its sights on growth, HR strategies will play a pivotal role in ensuring that its micro and small businesses can harness opportunities effectively.
A dynamic business environment requires an 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.
MiHCM’s suite of solutions
Going beyond Lite, which is tailored for micro and small businesses and bundles key MiHCM functionalities for easy deployment, MiHCM offers an expansive suite of solutions, including MiHCM Enterprise, MiA workplace virtual assistant, and Data & AI solutions.
Offering compelling HR experiences, MiHCM Enterprise is a highly scalable digital solution. It goes beyond HR and payroll and is designed for medium- and enterprise-sized businesses.
MiA is a comprehensive AI-powered digital HR/workplace assistant that enables organisations to deliver the ideal employee experience by providing every employee with a personalised digital assistant. MiA helps improve workforce productivity, engagement, well-being, collaboration, knowledge sharing, and more.
MiHCM’s Data & AI services offer a compelling competitive edge via its strong suite of offerings. The service goes beyond ordinary data visualisation and provides comprehensive and customisable real-time intelligence leveraging predictive models to Large Language models.
Tailoring its analytics to meet specific customer needs keeps MiHCM Data & AI customers ahead of the curve in today’s data-driven landscape.
Ensuring business success
Effective HR tech solutions are pivotal in steering Sri Lanka on the path to growth.
MiHCM’s Lite solution not only supports micro and small businesses in maximising their human resource potential but also enhances overall business outcomes.
Trusted by numerous prestigious companies in Sri Lanka, MiHCM stands out as an essential partner.
By adopting MiHCM Lite, enterprises can significantly reduce administrative burdens, improve employee engagement, and focus on what truly matters: growing their business.
