Last Updated on January 13, 2023 by user
Hello and welcome to the third special edition of Business News Now.
Today’s top story: localized software is giving businesses in the UAE unrivalled advantages over their competitors. Tech built in the region, for the region is slashing costs and admin time while boosting employee experiences.
The Gulf Cooperation Council (GCC) is developing a sophisticated, rules-based, and employee-focussed labor market. Evolving labor laws and regulations require higher reporting standards and compliance, meaning employers will struggle to keep up with the pace of change without tailored technology solutions.
In this special report, we take a closer look at the power of localization and analyze how intelligent software is making the difference for today’s businesses.
Any business that is owned and operated within the UAE must comply with various commercial laws and regulations. Like all regions, the laws governing private sector operations are constantly evolving. CEOs, business leaders and HR teams must be able to stay on top of these changes to ensure continuous compliance.
However, the jeopardy – particularly in terms of fines – is significant. For example, fines can potentially reach hundreds of thousands of Dirhams. Three UAE companies were recently fined a combined Dh2.25 million for breaching provisions of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) law.
But fines aren’t the only punishment facing businesses. Compliance failures can also lead to the suspension of business licenses, impacting a company’s reputation and making it harder for them to attract and retain new partners and employees. There’s also the administrative burden. Maintaining compliance is an extremely time-consuming job, which translates into more time being spent on administrative tasks and less attention going towards supporting employees.
To solve the compliance challenge, UAE employers must be prepared to adopt digital tools and solutions that are tailored to local needs. They must close the gap between general and localized technology, freeing teams up from the admin burden while providing all-important assurance.
For example, localized digital platforms can support businesses by flagging potential compliance issues and automatically maintaining key records. They can provide analytic reporting around payroll, expenses and holiday allowance. This makes it easier for businesses to keep track of financial information for tax purposes and ensure their policies meet regulatory requirements.
Our team has spoken to many companies in the UAE that are already avoiding local compliance challenges through automation. In fact, more than 10,000 HR managers are 100% compliant with UAE labor laws thanks to digital systems. These systems can be automatically updated when rules change to ensure continuous compliance with local legal requirements.
Of course, it’s not just regulatory compliance where localized platforms can provide valuable business benefits. There’s also the employee aspect.
This has two key pillars. The first is the time-savings on offer for business leaders and HR teams. The right platform can not only streamline payroll processes, reduce the admin associated with key activities, and help businesses cut costs – it can also provide the support needed to successfully manage onboarding and removing employees from your local insurance policies. For example, Bayzat insures 65,000 employees, taking up the time traditionally spent by HR managers on managing policy expiries and giving their staff guidance on the best options, allowing HR managers to focus on the part of their jobs they love most, their people.
And there are so many aspects of HR that can be made more efficient through localization and automation. These include time off policies, public holidays, early pay, letter requests. Having a platform to handle the heavy lifting across these areas frees up HR teams to focus on the most important part of their job: engaging with employees.
The second pillar is cost savings. Employees’ expectations around how they are supported by their employers have evolved significantly over the last two years. Employees are looking for companies that will support them in all aspects of their life – not just while they are at work. With a localized employee benefits platform, employees can get access to perks from thousands of local retailers and leverage cash back offerings to ease their living costs. Some employees are already savings up to Dh15,000 per year, ultimately making them more satisfied in their role.
Businesses can even cut costs by leveraging technology to save on their company health insurance without impacting the quality of coverage. This requires them to partner with a company that has relationships with local healthcare providers. With more than 65,000 employees insured through Bayzat, it’s clear the value a partner that is ingrained in the local market can provide.
Changing the game
This is all part of the wider Bayzat Effect, a phenomenon that is impacting and transforming thousands of businesses across the UAE. It’s time to supercharge your work life and gain a competitive advantage with localized HR, payroll, insurance, and employee benefits at your fingertips.
That’s the latest from Business News Now. Stay tuned for more special reports into the Bayzat Effect.