As businesses continue to progress and find new and efficient ways of working, outsourcing is fast becoming one of the most cost-effective and productive ways to perform vital business functions. And HR is a highly popular department to outsource.
But what does it mean to outsource HR? And more importantly, how can it benefit your business?
Let’s take a look.
HR outsourcing is a business strategy that involves the transfer of HR functions to an external service provider or freelance HR expert.
If employing the services of an outsourcing firm, you will find ones that specialize in HR functions only, or you can choose one that offers HR as part of a broader range of services.
HR outsourcing typically includes a wide spectrum of functions, such as payroll processing, benefits administration, recruitment and staffing, training and development, and compliance management.
However, you do not have to have or pay for all these services. When you take on an outsourced HR expert, you can discuss your requirements and only pay for the time and functions you actually need. This makes HR outsourcing a hugely economical choice.
There are two main types of HR outsourcing:
Since HR outsourcing is flexible, it is usually possible to have a combination of the two types. Many choose to have regular BPO services from an outsourced expert and then request HRC services on an “as-needed” basis.
HR outsourcing is highly beneficial for several reasons:
The process of HR outsourcing involves the following steps:
If outsourcing sounds like an excellent solution for your business, you should first stop and consider the following:
Be absolutely sure that the provider you choose is compliant with relevant regulations and laws and meets all compliance requirements. At Finvisor we always ensure we’re compliant.
Outsourcing is a fantastic solution for many businesses as it provides a simple way to get access to expertise that was previously out of reach.
At Finvisor we have highly qualified and experienced virtual HR experts on hand to help you achieve your goals. Get in touch so you can find out how we can help.
To learn more about what we do, or to request a quote, contact us at hello@finvisor.com or 415-416-6682. We’re here to help you navigate deferred revenue journal entries so you can make the most of your assets!
*This blog does not constitute solicitation or provision of legal advice and does not establish an attorney-client relationship. This blog should not be used as a substitute for obtaining legal advice from an attorney licensed or authorized to practice in your jurisdiction.*
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