Endowus, a leading wealthtech company disrupting wealth management in Singapore and Hong Kong, empowers clients to achieve their financial goals through personalized advice and institutional-quality investment opportunities. Their tech-and-human-advisory-driven platform cuts through conflict of interest, providing access to a curated selection of best-in-class funds from over 80 leading global asset managers.
Omni's uniquely flexible features allow us to customize HR operations for each country we operate in, ensuring we meet regional requirements. They impressed us with their exceptional customer service and proactive approach to gathering client feedback.
As a forward-thinking wealth management company, Endowus constantly seeks ways to optimize internal processes. Their initial reliance on manual systems and siloed data for HR management presented challenges in data accuracy and efficiency. "We were struggling with manual data entry for onboarding and payroll, which was leading to delays and errors." Recognizing the need for a more scalable and streamlined solution, Endowus partnered with Omni’s flexible and holistic HR platform to help improve their HR functions and reduce friction in daily operations.
How Omni Adds Value to Endowus
1. Data Accuracy
The Challenge
When it came to HR practices, one of Endowus' biggest challenges was data accuracy. Spreadsheets were the primary source of HR information such as personnel details, employment contracts, and time off data, leading to inconsistencies and errors during payroll and reporting.
"[The spreadsheets] made it difficult to sync data, and reporting became cumbersome with our previous system." Arissa Wong, People Operations at Endowus explained.
This disjointed spreadsheet system created a recurring, time-consuming task of data cleaning and verification, taking up valuable hours of HR’s time and hindering overall effi
Omni's Solution
Omni's centralized platform replaced Endowus’ reliance on spreadsheets. As a single source of truth for all HR data, Omni ensures consistency and minimizes errors for the Endowus HR team. By eliminating manual data entry through integrated HR and payroll functions, Omni significantly reduced the risk of typos and human error.
Removing the friction of multiple, human-run systems allowed the Endows HR team to redirect their time and energy to more strategic HR initiatives, saving time and reducing headaches caused by data inaccuracy and inconsistent reporting.
The Results
"Having a single source of truth has definitely improved the accuracy of our data and reporting." With Omni, Endowus is able to work with consistent and reliable data, allowing for error-free payroll processing and trustworthy reports for informed decision-making.
This newfound data integrity frees up HR staff from tedious data correction tasks, improving their efficiency and significantly reducing administrative tasks.
2. Regional Customization and Multi-Country Support
The Challenge
Endowus isn’t your average wealth management firm. They’re on a mission to enable everyone to invest better to live better. Endowus seeks to make investing accessible and affordable for everyone in Asia. But their rapid expansion with offices regionally brought it’s own set of challenges.
Managing payroll for a geographically dispersed workforce with unique regional requirements, tax laws, and operations spanning various currencies was further complicated by an inflexible and ill-equipped payroll software.
Their previous system offered a rigid, one-size-fits-all approach that couldn't handle the diverse payroll regulations and procedures. This led to complex workarounds, frustration, and inefficiency.
Omni's Solution
Unlike their previous system, Omni was built for agility. Omni could adapt to the ever-changing landscape of country-specific payroll regulations, eliminating the need for multiple systems, or manual spreadsheets.
Omni put an end to wrestling with country-specific workarounds with a unified platform that spoke the local language, wherever "local" happened to be.
Omni wasn't just about compliance. Endowus was particularly impressed by Omni's commitment to customization. Unlike other rigid systems on the market, Omni listened to Endowus's specific needs and built features based on their unique workflows. This meant they could tailor the payroll system to their organization’s unique needs.
The Results
In leveraging Omni, Endowus achieves a streamlined and simplified system, eliminating the administrative complexities that come with managing employees across borders. Omni’s single platform, adaptable and customizable, brought much-needed efficiency.
3. Automated Workflows
The Challenge
Another hurdle for Endowus was the time-consuming nature of manual HR processes. Onboarding new employees and managing payroll involved a lot of back-and-forth and manual data entry, hindering efficiency. "Our manual processes were just not efficient, and it took a long time to onboard new hires," Shux explained.
Manually sourcing and entering employee data resulted in data entry errors and timely processes, hindering the onboarding cycle and creating avoidable pain points early in the employee journey.
Omni's Solution
Omni made it possible to simplify the onboarding process through employee self-service, where new hires can directly update their profiles, reducing manual errors and eliminating the need of HR serving as the intermediary for account setup.
Omni’s automated workflows allowed the Endowus team to easily track new hire training, ensure equipment and account set ups are completed in a timely fashion, and facilitate easy follow up to remind employees and teams of any pending tasks.
By automating manual tasks for onboarding and even payroll, Omni’s integrated system eliminated the need for repetitive data entry. Employee self-service further allowed staff to access payslips, request leave, and update their profiles independently, without bogging down the HR team with requests
The Results
By automating tasks and empowering employees with self-service features, Omni transformed HR processes at Endowus. Onboarding new hires became significantly faster, with a reduction of 40% in onboarding time.
"[With Omni], we've been able to reduce our onboarding time from one week to three days," People Operations at Endowus shared the quantifiable improvement in onboarding efficiency.
Streamlined workflows and empowered employees freed up HR resources and boosted overall team efficiency.
Optimize Your HR Functions with Omni
By implementing Omni's next-generation HR platform, Endowus successfully addressed the challenges of managing a geographically dispersed workforce. Omni's features streamlined workflows across onboarding, payroll, and data management, leading to increased efficiency, reduced errors, and improved data integrity. Empowered by a centralized platform and automated processes, Endowus's HR team can now focus on strategic initiatives and provide a seamless experience for their growing global team to focus on their mission—democratizing access to investing opportunities for all.
