Month: December 2024

Case Study: Streamlining Cross-border Payroll Solutions for Malaysia’s Manufacturing Sector

Case Study Streamlining Cross-border Payroll Solutions for Malaysia’s Manufacturing Sector

Case Study: Streamlining Cross-border Payroll Solutions for Malaysia’s Manufacturing Sector

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Client Profile

BoardRoom Malaysia’s client is a multinational corporation operating in the Asia-Pacific region, specialising in the development, production, and sale of ingredients for fragrance, flavouring, food, cosmetics, and other functional products. With a diverse portfolio serving over 6,000 customers in 150 countries, the client has established a significant presence in multiple markets, including Singapore, Malaysia, Thailand, Indonesia, Philippines, and Vietnam.

To support its regional growth and enhance operational efficiency, the client required a unified cross-border payroll solution for its workforce in Asia, spread across seven countries. Given the complexities of managing a large-scale, multi-country operation, they sought a single point of contact for their payroll and HR needs, allowing seamless integration across jurisdictions and aligning with their strategic business priorities.

Challenges with Previous Vendor

The client, a prominent leader in the manufacturing sector with operations spanning multiple Southeast Asian countries, faced significant issues with their previous payroll provider.

These challenges hindered efficient payroll processing and HR management, causing operational setbacks:

Error-Prone Payroll System
The former vendor’s payroll system struggled with inaccuracies, often resulting in delayed or incorrect payments. Given the large number of employees across several countries, these errors significantly affected employee satisfaction and complicated payroll reconciliation.
Lack of a Centralised Point of Contact
High turnover among the vendor’s personnel made it difficult for the client to maintain consistent communication. The absence of a dedicated regional engagement manager meant that local payroll regulations were not always understood or adhered to promptly.
Poor Integration with Attendance Systems
In manufacturing, accurate attendance tracking is essential for payroll accuracy. The client’s previous system could not integrate with their existing attendance software, leading to manual data entry, increased chances of errors, and inefficiencies in payroll processing.

These challenges highlighted the client’s need for a reliable payroll partner who could provide a seamless, efficient, and compliant payroll process capable of addressing both their operational complexities and multi-country requirements.
Challenges with Previous Vendor

BoardRoom Malaysia’s 2-Step Payroll Solution Approach

To address the client’s needs, BoardRoom Malaysia adopted a two-step approach, combining payroll expertise with an integrated HRMS platform to deliver comprehensive payroll solutions. This strategy is designed to simplify complex payroll processes and enhance overall efficiency.

Payroll Expertise & Dedicated Engagement Manager

BoardRoom Malaysia leveraged its extensive cross-border payroll expertise, offering a deep understanding of regulations across multiple countries. A dedicated engagement manager was appointed as the single point of contact for all payroll-related matters across the client’s seven locations in Asia. This ensured:

  • Efficient Communication: The client could now navigate payroll processes smoothly, resolving issues quickly through a single point of contact.
  • Informed Compliance: With a regional specialist overseeing payroll, the client was assured of adherence to each country’s specific payroll regulations, reducing compliance risks.

Integrated Cloud-based HRMS Platform – Ignite

Recognising that the client’s payroll and attendance systems required seamless integration, BoardRoom implemented its cloud-based HRMS platform, Ignite. The multi-country payroll system provided:

  • Seamless Attendance Integration: Ignite’s time and attendance module integrated directly with the client’s clocking system, automating data transfer and eliminating manual input. The automation of attendance tracking not only improved accuracy but also sped up payroll processing.
  • Centralised Payroll Access Across Multiple Countries: The client could manage multi-country payroll operations across all their Asian countries from one platform, streamlining their administrative workload and improving overall payroll efficiency.

Through these two key capabilities, BoardRoom Malaysia offered the client a robust and reliable cross-border payroll solution that addressed their immediate needs while also enhancing the client’s ability to manage a multi-country workforce effectively.

Dedicated Engagement Manager

Results and Recommendations

The implementation of BoardRoom’s cross-border payroll solutions led to notable improvements for the client, driving efficiency and supporting smoother HR operations, such as:

Enhanced Accuracy and Timeliness
Automating attendance data integration into payroll significantly reduced errors, ensuring employees received accurate and timely payments.
Streamlined Communication and Quick Issue Resolution
The dedicated Engagement Manager allowed for direct and efficient communication, fostering rapid issue resolution and adherence to country-specific compliance requirements.
Improved Operational Efficiency
A unified multi-country payroll and attendance system enabled the client to achieve a more streamlined payroll process, reducing administrative overhead and enabling HR teams to focus on strategic business priorities.

The client’s successful transition to BoardRoom Malaysia’s payroll system demonstrates the impact that a well-integrated and reliable solution can have on a manufacturing company’s HR processes. With BoardRoom’s support, the client could efficiently navigate the complexities of cross-border payroll across multiple jurisdictions, enhancing overall business operations.

In the context of the Malaysian manufacturing sector, this case reinforces the importance of seamless payroll management to support business growth. For an in-depth look at payroll strategies within the manufacturing industry, BoardRoom’s article on mastering payroll in the manufacturing industry offers further insights into advanced solutions for managing a global workforce. Companies seeking tailored payroll expertise can also explore BoardRoom’s payroll services in Malaysia.

About BoardRoom

BoardRoom Malaysia’s commitment to providing customised payroll solutions has become a driving force for its clients, where the company’s services offer seamless integration with existing systems, greater accuracy, and comprehensive HR operational support. With their ability to understand industry-specific needs and deliver solutions that enhance business efficiency, BoardRoom continues to be a trusted partner for payroll outsourcing services and the leading provider of multi-country HRMS solutions in Malaysia.

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How a Share Registry Portal can Transform Shareholder Management and Engagement

How a Share Registry Portal can Transform Shareholder Management and Engagement

How a Share Registry Portal can Transform Shareholder Management and Engagement

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In Malaysia, the share registry landscape is undergoing a significant transformation as technology reshapes traditional processes. One of the key innovations driving this change is the share registry portal, an advanced online tool that streamlines shareholder services and regulatory compliance.

These portals not only enhance operational efficiency but also play a critical role in improving shareholder engagement. By integrating technology into share registry services, Malaysian companies can reduce administrative burdens and ensure transparency and compliance with local regulations, making share registry portals essential to their success.

The Evolving Landscape of Shareholder Services in Malaysia

The share registry market in Malaysia is evolving rapidly, driven by an increasing number of IPO listings and demand for advanced technological integration to meet the changing needs of modern investors. Key innovations like share registry portals, shareholder management systems and online meeting services are reshaping the industry.

Alex Chew, Director of Share Registrar Services Asia at BoardRoom Malaysia says the COVID-19 pandemic pushed many traditionally brick-and-mortar businesses to adopt digital solutions to remain competitive.

“To stay ahead, you’ve got to embrace technology to drive the business,” he says, emphasising that the shift from conventional paper-based services to online mediums is now essential. “Realistically, a fully digital adoption may take time but the journey to engage and adopt technology solutions is unavoidable to remain relevant,” he added.

As the number of share registry providers increases, the focus on regulatory compliance and operational efficiency becomes paramount. Richard Lee, Director of Client Management, Share Registrar Services Asia at BoardRoom Malaysia, stresses the importance of up-to-date shareholder solutions in navigating the ever-changing regulatory landscape. Technology can help by providing a clear audit trail, improving communication and ensuring accurate record-keeping.

“Share registry solutions are crucial in supporting operational and compliance efficiency,” Richard says.

The move towards paperless transactions is a testament to this evolution. It simplifies processes like the Dividend Reinvestment Plan (DRP), which can now be submitted electronically rather than through cumbersome paper forms.

From a corporate governance perspective, implementing a standard operating procedure (SOP) is vital for ensuring compliance and protecting shareholder interests, Alex explains.

“If you have a policy on SOP in place, whether in manual or digital mode, you are able to comply from the get-go because everything is in electronic mode,” Alex says. This shift not only aids in maintaining accurate records and transparent communication but also aligns with the stringent regulations set forth by the Securities Commission Malaysia (SC) and Bursa Malaysia, reinforcing the need for efficient and compliant shareholder management software in the industry.

Enhancing Efficiency and Shareholder Engagement Through Technology

The integration of technology significantly enhances shareholder engagement and operational efficiency. Tech-enabled share registry portals, such as the BoardRoom Smart Investor Portal (BSIP), provide 24/7 access to vital services, allowing investors to engage with their share registrars anytime, anywhere.

As Alex says, “Online mediums like our online portal have become a crucial and essential channel for the public or an investor to reach our share registrar services electronically.

“The best thing about going online is it’s available around the clock. It’s a service that is available 24/7 versus the typical over-the-counter service, which is only available on a weekday during business hours.”

This shift away from traditional manual services has streamlined processes, eliminating the need for in-person visits to submit forms or request hard copies. BoardRoom’s online platform allows shareholders to engage more efficiently with the share registry, providing instant notifications and system mailers regarding important updates. This digital approach improves user experience and aligns with modern shareholders’ expectations for seamless technology in their interactions.

Moreover, shareholder management software enhances flexibility and convenience for users. Shareholders can now manage their investments smoothly across multiple devices, ensuring they remain informed and engaged.

As the share registry market in Malaysia continues to evolve, the increasing adoption of technology is set to play a critical role in shaping the future of shareholder services. With the potential for artificial intelligence to enhance these systems further, companies that embrace these advancements will likely enjoy improved shareholder satisfaction and loyalty, solidifying their position in a competitive landscape.

Enhancing Efficiency and Shareholder Engagement Through Technology

Shareholder Platform Solutions

BoardRoom Smart Investor Portal (BSIP) offers a significant competitive advantage. Its advanced features and functionality increase shareholder engagement and ensure seamless execution of corporate actions.

Key features of BoardRoom Smart Investor Portal (BSIP)

E-submission services

  • e-Proxy service: allows shareholders to submit proxy forms online, eliminating the process of manual submissions.
  • e-DRP (dividend reinvestment plan): enables seamless participation in dividend reinvestment programs.
  • e-GO (general offer): facilitates online submissions of Acceptance Forms.
  • e-MITI: facilitates online subscription for MITI (Ministry of International Trade and Industry) investors especially during IPO exercise.
  • e-PINK: facilitates online submission of PINK FORMS during IPO exercises.

Online request services

  • e-Forms and AR (annual reports) Requisition: Shareholders can download various e-forms and request for hard copies of annual reports or circulars through the platform.

Online attendance registration

  • RPEV (remote participation and electronic voting): Provides online registration for virtual and hybrid meetings, allowing shareholders to attend and vote remotely.

BoardRoom’s shareholder platform solutions not only meet but exceed current market demands, positioning BoardRoom as a leader in the industry. Its solutions are scalable, giving the ability to meet future demands. Not only do BoardRoom’s online solutions offer shareholders new ways to engage, but they are also cost-effective and paperless, reducing the user’s carbon footprint. Continuous effort to bring more services online is in progress.

Dedicated Helpdesk

BoardRoom’s emphasis on delivering high-quality service is reinforced by its dedicated helpdesk, ensuring shareholders receive immediate assistance and support. Staffed by knowledgeable professionals, the helpdesk addresses a wide range of inquiries – from technical issues to questions about corporate actions – accessible via phone, email, and BSIP portal. This commitment to support empowers shareholders to engage more fully with the BoardRoom Smart Investor Portal (BSIP), enhancing the overall shareholder experience.

How BoardRoom’s Shareholder Management Software Provides a Competitive Edge

How BoardRoom’s Shareholder Management Software Provides a Competitive Edge

BoardRoom’s state-of-the-art shareholder management software exemplifies how tech-enabled solutions can transform share registry services. Focusing on enhancing efficiency and reducing costs, these advanced tools position BoardRoom as a market leader.

Recently, some of Boardroom’s clients BoardRoom client reported saving up to 30-40% on mailing costs by using BoardRoom’s electronic communications.

Traditionally, shareholders received dividends by cheque with a copy of the tax voucher, but with the implementation of e-payment more than 15 years ago, a good majority shareholders now received dividend paid by electronic crediting to their bank account directly. Most of the tax vouchers are still being sent separately via postal mail. Now, with the introduction of BoardRoom’s e-Notice system, the tax vouchers are delivered electronically. This streamlined approach accelerates communication, reduces reliance on paper usage, supports sustainability initiatives, and lowers costs.

The Future of Shareholder Services Lies in Technology-driven Efficiency

By embracing cutting-edge technology, such as share registry portals and shareholder management software, BoardRoom empowers businesses to streamline their operations and improve overall shareholder satisfaction.

BoardRoom’s solutions facilitate effective communication, providing shareholders with easy access to essential services. A dedicated help desk reinforces BoardRoom’s commitment to exceptional service and means clients receive prompt assistance.

Explore BoardRoom’s advanced share registry services and discover how they can transform your shareholder experience, making it more efficient and engaging. With BoardRoom, you can trust that you are partnering with an industry leader dedicated to leveraging technology to benefit both businesses and their shareholders. Contact BoardRoom today.

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