Hire, Train, Retain Top Talent with Human Resource (HR) Outsourcing
The Human Resource (HR Function) is integral in a business and is a critical aspect to an organization’s strategies.
Companies value top talent and corresponding employee support and robust company culture, which is why the role of a robust HR is highlighted even more.
High attrition rate, the growing need for top talent, people management, staff retention, and streamlining business processes automation are some concepts businesses and HR departments are grappling with.
Also, with the COVID-19 pandemic as a major workforce disruptor, organizations are reassessing how to manage the workflow and most especially, to manage the workforce. The future of work is all about building and managing a distributed workforce.
Faced with these factors, be it globalization, a pandemic, a changing workforce model or company growth comes the bottom line and challenge of organizations on people management and maintaining a positive organizational culture and engagement.
HR Outsourcing lets businesses focus on core business process and on strategic organizational issues.
HR Outsourcing is a cost-effective solution to delegating these HR functions. Through HR Outsourcing there is a reduced cost structure and lower turnover cost at a quicker turnaround time.
The global market for Human Resource Outsourcing (HRO) estimated at US$32.8 Billion in the year 2020, is projected to reach a revised size of US$45.8 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027. (ResearchandMarkets)
The Human Resource Outsourcing (HRO) market in the U.S. is estimated at US$9.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.2 Billion by the year 2027 trailing a CAGR of 4.7% over the analysis period 2020 to 2027. (ResearchandMarkets)
Human Resource Outsourcing, or HR Outsourcing, is the process of contracting or offloading human resource functions to a third-party provider.
HR functions that can be outsourced can range from specific functions such as providing new hire support, payroll processing or work policy updates or a broader aspect such as the end-to-end HR solutions.
Before diving into the world of HR Outsouricng, it is necessary to determine the business’ specific HR needs, requirements,and staff. As a client it is also important to note how much visibility and control you need throughout the end-to-end outsourcing process.
In a survey conducted by Accenture of executives of more than 120 companies in North America and Europe with annual revenues of at least US$1 billion, the results found that outsourcing is now firmly embedded as part of HR service delivery. (Accenture)
HR programs that are most often fully outsourced are: 401(k) programs (selected by 53 percent of respondents); pensions/benefits (30 percent); stock options administration (30 percent); and health benefits (29 percent). Leading the list of partially outsourced services are health benefits (50 percent), training and development (48 percent) and payroll (40 percent). (Accenture)
The survey revealed notable regional differences regarding the acceptance of HR outsourcing, with U.S. companies being the most accepting. For instance, 87 percent of executives at U.S. companies surveyed said they currently outsource major HR functions, compared with 71 percent in Canada and 57 percent in Europe. (Accenture)
In HR Outsourcing, there should be mutual understanding of the goals and objectives, requirements, responsibilities and scope of work between the outsourcing provider and the client to ensure smooth transition.
HR expertise encompasses compliance, recruitment and selection, training, employee relations, employee engagement, performance payroll processing, and performance management among others.
Some Human Resource Functions you can outsource are:
- Administrative HR Tasks
Outsource functions such as keeping employee records up to date, updating the employee database, file employment contracts, prepare performance metrics or corresponding performance reports, or provide support to newly hired employees.
- Recruitment
Some recruitment tasks you can delegate to your outsourcing provider are Interviews and Hiring, New Hire Onboarding, and Employment Verification checks.
Connext Global Solutions does this by actively sourcing the talent required by the client. Connext uses a multi-tiered recruitment process that ensures that the client is getting the highest level of talent for the required position.
The process includes screening, testing, and interviewing based on client recruiting procedures or specific assessments (included AI-driven tests), studying and testing on client specific training aids and manuals, conducting cloud connectivity training sessions with client team (locally based client team would help train remote team on certain nuances of task not captured in task manuals).
Staff Training
- Payroll Processing and Compensation Management
The global payroll & HR solutions & services market is expected to grow with a CAGR over 9.45% during the forecast period 2018-2026 and the market is projected to cross USD 43 Billion by 2026.
Cloud-based Payroll Software allows for supervision in the cloud, innovations, agile operations and digital transformation. These new technologies improve cycle time and productivity of business operations, allowing for more productivity and thus increase output.
The HR payroll software market value is set to grow by USD 2.09 billion, progressing at a CAGR of 8.57% from 2021 to 2026, as per the latest report by Technavio. (PRNewswire)
- Performance Management and training
Bridge the skills gap with HR Outsourcing. At Connext Global Solutions, we pride ourselves on providing excellent service delivery. Part of that is hand-in-hand training with the client to ensure that all Connext employees are able to work in the Client specific processes and thrive at their position.
This meticulous training process results in a quicker ramp to full production and a better relationship with the client.
Connext ensures that the company delivers a great end-to-end outsourcing experience. Upon onboarding, Connext works through an onboarding checklist with the client which addresses resources such as system access, work schedule, quality plans, and training manuals. In the training lab, we give access to some of the training resources we use as well as some insight into how we train our employees for optimum results.
· Employee Engagement
Delegate engagement to your outsourcing provider and free up time to focus on your core functions. Employee engagement and reognition boosts employee morale and positive employee engagement.
A robust HR Outsourcing allows for a more efficient workflow and allows for optimum employee and client experience.
Connext Global Solutions offers Excellent HR Outsourcing Solutions
Hire, train, retain top talent and fill in the right people for the right roles with Connext Global Solutions.
We help clients hire, build, train, and manage remote teams. We source top talent for you and take care of your payroll, benefits, engagement and IT help desk needs.
From process optimization, automation to full production of remote workforce, we are with you at every step of the way. Outsource HR Functions to Connext today.
