How are businesses thinking now?
The COVID-19 pandemic, fortunately, or unfortunately, shattered all fundamentals of doing business, fundamentals that were put in place and practiced religiously for more than half a century! Businesses tried hard to keep their heads above the water, and most of them made it to the other side, barely surviving.
The pandemic forced us to work remotely, collaborate over Zoom, and socialize awkwardly from our bedrooms. But on the contrary, it also forced businesses to rethink operational efficiency. As a result, businesses are now looking at things from a fresh perspective, which favors optimizing efficiency, productivity, and expenses.
A blessing in disguise?
HR outsourcing is not a new concept; it has been around since the 70s. Businesses worldwide have been using specialized HR outsourcing services to help in-house management executives focus more on revenue-generating activities like marketing, sales, and networking. But for businesses that never felt the need to move their HR function elsewhere, may have been presented with the perfect opportunity to take this leap of faith. Better technology, higher efficiency, and most importantly, normalization of remote work has inadvertently laid the groundwork for such companies to reconsider outsourcing their HR functions.
Maintaining an HR team in-house means spending time and money on recruiting, onboarding, training, payroll processing, understanding and implementing the constantly changing labor compliancy laws, and most importantly, paying all HR staff hefty salaries. Savings can also be realized when it comes to office space and equipment reductions. A recent study conducted on CEOs of Fortune 500 companies concluded that only 7% of them thought they would need more office space than what they had before the pandemic. Half of them thought they would need significantly less space after returning to regular work life. With the absence of an HR team, businesses save tremendous amounts of both time and money on such expenses, which can be diverted to more efficient and revenue-generating functions like sales and marketing.
How Exela HR Solutions is helping businesses come out stronger after the pandemic
At Exela HR Solutions, HR is what we do — day in and day out. We have a team of HR professionals, each an expert, dedicated to their slice of the HR pie to make sure all your HR tasks are carried out correctly and on time. Not only that, but we also bring the best HR practices and robust HR technology to your company that minimizes employment-related risks like accidental non-compliance and compensation miscalculation and helps you take better care of your employees.
- Fast and Efficient Talent Acquisition Process: Our well-built network over the years allows us to find the right talent for your business as quickly as possible. This includes requisition management, sourcing and applicant tracking, interview assessments, offer management, onboarding management, and more.
- Global Payroll Processing & Full Employee Benefits Administration: Our powerful HR technology that will back your organization can deliver payouts globally and on time. We also manage employee benefits like variable-component, hazard pay, overtime, etc., so your employees never get less than what they deserve.
- HR & Business Partner Services: Dedicated HRBPs for your employees to make sure every issue or concern of theirs is addressed effectively and on time. This includes grievance management, leave management, engagement activities and surveys, travel and expense management, rewards and recognition management, workshops, coaching and mentoring, virtual focus and open house meeting management, and more.
Try Exela HR Solutions today!