HR and payroll data – every salaried professional is well aware of these terms, but how many of these professionals have access to it? It might vary from enterprise to enterprise. But isn’t the employee data supposed to be shared transparently with employees? Of course, yes! Yet, many organizations hide HR and payroll data from employees.

It can be problematic for employees when they are kept in the dark about their own data. There are many instances where employees get stuck into unnecessary jams or get stranded by payroll errors or HR management mistakes – just because they don’t have access to their personal employment data. Picture this – your employees are getting into critical medical situations and have no idea about insurance policies or deductions. Or, they have to chase HR professionals to correct some information; or even worse, employees find out they have been shorted on their check without knowing deductions.

An ineffective knowledge-sharing culture can cost large companies over $47 million in lost productivity annually.

All of this can be sorted with just one solution – let your employees access, update, and manage their own HR and payroll processing data. Built-up communication and transparency are perhaps the most valuable features of a successful work environment.

Companies with a high-trust environment gain two to three times higher stock returns and have 50% lower turnover rates than competitors.

The high-trust environment is where employees can collaboratively and transparently share knowledge. But, as simple as it sounds, many firms aren’t still on board. Here’s why organizations try to keep HR and payroll processing data from employees and how they can stop information from withholding.

The numbers

These numbers are everything you need to see and understand why it’s crucial to effectively and transparently share HR and payroll processing data with employees:

• Delayed salaries can adversely affect the job satisfaction and personal financial outlook of 70% of people.
• Allowing employees to verify payroll processing data before it gets credited helps employees (35%) plan finances more efficiently, (28%) trust their employer even more, and (24%) better plan for changes in wages.
• 30% of employees wish to review the accuracy of their pay before it hits their salary accounts.
• 90% of employees find it beneficial to have 24/7 access to their HR data, including payroll, in one place.
• 77% of employees are frustrated with the outdated technologies they use at work, and 67% would instead take a pay cut for something twice as good.

Also Read: Employee Engagement Starts with Accurate Payroll Outsourcing

Why do organizations keep HR and payroll data from employees

After going through all the numbers showing how adversely hiding employee data can affect both the organization and employees, the most obvious question that arises is why do most organizations hide employee information? According to a survey, the reason could be the fear of losing power or having the leverage to know unique information.

Other reasons might also include the following:

• Identifying knowledge as our own property.
• Worrying that we will be judged on the basis of what we know.
• Disliking or distrusting those who ask us.

In a nutshell, organizations hide information because they fear the potential costs of sharing it. But does information hiding really benefit organizations? Of course not!

According to a survey, people who engage in knowledge hiding are over 17% less likely to thrive at work or experience growth and learning.

Knowledge or information withholding from peers does not actually result in a competitive advantage. It instead makes employees feel psychologically unsafe. It is evident that without psychological safety, employees find it challenging to focus on work, develop meaningful relationships, or explore new working styles without worrying about failures or mistakes. Under such circumstances, employees often struggle to maintain a positive attitude and engage in learning opportunities.

How can organizations stop withholding HR and payroll data from employees?

The HR department has one unique mission to work toward employees’ needs and wants. On top of that, some companies solely work to simplify your HR processes by providing best-in-class HR services – including payroll. Hiding employment data from employees with a negative attitude is only going to harm. Organizations must establish cultures where employees feel comfortable expressing their concerns. Addressing employee issues that are making them feel cynical can help you gain back their trust and help alleviate that cynicism.

Third-party, anonymous surveys can also do wonders in helping you figure out why your HR and payroll management professionals hold cynical attitudes. The results will help you design and implement targeted practices to ensure the workplace is fair, hopeful, and trustworthy for everyone. Moreover, you can also arrange workshops or training for HR management and payroll management teams on understanding employee behavior.

Lastly, HR and payroll outsourcing can essentially turn out to be beneficial. You wouldn’t have to worry about sensitive employee data getting lost or stolen and still can effectively and transparently share with employees. HR outsourcing services ensure that all the records are secure and provide best-in-class platforms where employees can easily access, maintain, or change their HR or payroll data.

Though all of these changes seem easy, implementing those won’t be. Withholding HR and payroll data from employees is widely prevalent in the workplace, which will take time to fix. However, being patient and acknowledging reality can be your first step toward developing an ideal workplace.

Conclusion

Most organizations that provide HR services or payroll processing services are aware of the fact that they are dealing with the most sensitive part of an organization – people. Employees are the most valuable asset that companies can have; thus, it is incredibly critical to help them feel satisfied and happy – which directly affects employee productivity and engagement. While all of this is well communicated, most organizations still make the common mistake of hiding HR and payroll data from employees. This makes your employees feel insecure and less satisfied with the work culture.

Exela HR Solutions is a leader in HR outsourcing and payroll outsourcing services that can help simplify all your HR processes, manage data securely, and implement practices to make your workplace ideal. Our experts provide the best-in-class, unified platform where your employees can easily access and manage all their data. Talk to our experts to discuss your requirements and solution for the same. Get Exela HR Solutions today!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

Filing taxes is on the to-do lists of every working professional – which is also something employees are least excited about doing. If you pull out your recent pay stub, you will notice the tax deductions – however, there is a lot more than what meets the eye. Compliance is a genuine concern for every business when it comes to taxes. And it isn’t just about taxes; it accounts for numerous tax forms, adding new employees to payroll, local tax requirements, updating the changes in employee data, updating the existing tax laws, and much more.

When these tasks add to the existing pressure, it gets even worse – any minor mistake can turn into legal disputes or costly penalties. Deploying software with the right technology and features can readily comply and quickly provide insights to manage payroll taxes. Payroll tax management software reduces your burden of doing everything right – it automates all the tedious and repetitive tasks to streamline processes. You wouldn’t need to keep an eye on the latest tax updates or enter the data of every employee correctly – the software will do it for you. All you need to do is to find the right payroll tax management software that fits your business requirements.

6 questions to find the right payroll tax management software

1. What are payroll taxes?

   Payroll taxes are deducted from an employee’s wages, tips, and salaries. Both employers and employees are required to pay taxes. For employees, the taxes are withdrawn from their salaries and paid to the government by the employers. These taxes essentially incorporates federal, state, and local income taxes and employees’ percentage of Social Security and Medicare taxes (FICA). For employers, the taxes include their share of FICA and federal and state unemployment taxes. Employers need to pay these taxes on time. Moreover, employers need to withhold the taxes from each employee’s pay and submit them to multiple agencies. While doing so, they are required to physically mail paper checks and forms and upload appropriate information to all agency websites.

2. Who pays payroll taxes?

   Basically, everyone involved in a business – both employers and employees - is responsible for paying payroll taxes. These taxes are deducted from employees’ wages, and the organization is responsible for correctly withdrawing and submitting the taxes on time. Newly hired employees typically need to complete a federal Form W-4 to help determine the ultimate tax liability. However, this doesn’t account for every payroll tax.

3. What are the different types of payroll taxes?

   There are multiple payroll taxes, and businesses must comply with them. Here are a few of these standard federal payroll taxes.

   • Federal Insurance Contributions Act (FICA)

     The FICA tax usually helps fund Social Security and Medicare programs. This tax benefits veterans, retirees, children, and people with disabilities.

   • Federal Unemployment Tax Act (FUTA)

     As the name suggests, the law benefits unemployed individuals. Employers are responsible for calculating and remitting this payroll tax.

   • State Unemployment Tax Act (SUTA)

     Similar to FUTA, SUTA also supports unemployed individuals. SUTA, also known as “State Unemployment Insurance,” is a payroll tax collected to support the state unemployment fund. Employers must accurately calculate and remit this tax according to the applicable rate. It is noticeable that tax requirements are ever-changing. Thus, businesses must be agile and constantly aware of the latest payroll taxes.

Also Read: Employee Engagement Starts with Accurate Payroll Outsourcing

4. Why is payroll tax management essential?

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   According to a survey, 40% of small businesses incur an average of $845 in IRS penalties yearly.

   ---

   Poor payroll tax management is one of the significant reasons for these penalties. Even if organizations hire an external accountant to manage payroll taxes, the business owner is still held liable to pay the payroll taxes. Payroll tax management software reduces your burden of responsibilities and liabilities. Moreover, the software handles everything from filing the necessary paperwork to ongoing maintenance of tax records. Having payroll tax management software eases your job, allowing you free time to focus on revenue generation.

5. What is payroll tax management software?

   Payroll tax comes with dozens of responsibilities, tedious tasks, and liabilities. Payroll tax management software automates repetitive and tedious tasks and processes. With this relief, HR professionals can focus on what’s essential – employee empowerment, strategizing, and maximizing the company’s ROI. In a nutshell, payroll tax management software is a savior for HR professionals that automates tasks related to tax management.

6. How do employers find the right payroll tax management software?

   Payroll is an extremely sensitive department that needs every process to be handled with high security and confidentiality. Thus, choosing the right tax management software ideal for your business needs is crucial. Consider asking the following questions while choosing the payroll tax management software.

   • Are your employees mobile, or are they working across geographically situated locations?
   • How well-versed are your employees with their taxes, and how it impacts their pay?
   • What are the weaknesses of the current tax strategy?
   • Does the service provider have frequent and responsive support?
   • Is the service provider legally capable of handling your tax requirements?
   • Check if the service provider is up-to-date with all new tax rules and updates.
   • What services do you offer?
   • Do you manage compliance with your system?
   • Do you handle all the tax processes, including tax deposits and returns?
   • Do you provide responsive support? Is it customer support or tech support?
   • How promptly does your support team react or work toward queries?
   • What are your charges?
   • Do you offer security measures?
   • Can the software be used alongside other accounting software or tools?
   • Do we need the training to use your software?

The Bottom Line

Finding payroll tax management software isn't tricky, but finding one unique to your business requirements is crucial. With the above-listed questions, you can approach your search for the right software with a clear perspective. Exela HR Solutions (EHRS) is an industry leader in payroll outsourcing. We provide the best-in-class services to take care of your tax and compliance needs. Talk to our experts now to discuss your unique needs and get the solution accordingly.

Get Exela HR Solutions today!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

First, let's start by knowing what a payroll management system is and how it helps the organization and the HR department. To understand it clearly, let us first look at how the HR department of any company is responsible for calculating, distributing, and maintaining the salaries of the employees working in an organization. This is why the payroll system is directly linked to the organization’s HR department. The people working in HR interact with it and will be affected by the efficient performance or lack of efficient performance of the payroll system.

In this article, we will outline several key points that will give you a detailed understanding of the payroll system.

The recent trend of using paid payment software applications instead of traditional methods like spreadsheets or paper has brought about a lot of changes. It has made the payment process faster while also making a lot of functionalities and processes clearer for the employees and the HR team.

For example, in the good old days, if an employee had to update his/her banking information, they would have had to obtain paper proof of the change from the bank, then submit it to HR. The HR then would have had to verify the new information, go to the bank/payroll processor, and submit a physical form notifying them of the changes in the banking information of one of their employees. The bank/payroll processor would then have had to verify those changes again and finally update it in their system. Could you imagine how much time it would’ve taken for this entire process to complete? Days, if not weeks! But today, it takes less than three minutes for an employee to log in to the payroll portal, click into the update section, and update their banking information.

This is progress.

Let us now look at what challenges HR professionals face today and mistakes, both common and not-so-common that can be corrected with the help of a properly designed, high-performance payroll management system.

Payroll Management Challenges for HR

In recent years, technology has infiltrated the payroll landscape in many ways – bringing flexibility in pay and innovating time reporting. Nevertheless, even tiny errors in payment processing can harm users – losing hard-earned money is tough. Thus, organizations should consider it an integral part of their business processes. A business thrives when employees are happy, and paying salaries correctly and on time can make them happy. This is why we refer to payroll as one of the key pillars of success in any organization.

Numerous factors come into account while managing payroll processing – employee records, leaves, bonuses, taxes, and more. The payroll management systems can help unravel the challenges associated with managing these factors, as it can get overwhelming when your organization deals with several employees. Payroll software is a savior in such cases – it helps you get the desired data at the requested time. It won’t be surprising to know that each organization wants to retain the best talent. And retention strategies exclusively depend on the benefits and payroll administration – we can’t agree more with this.

Also Read: 5 Trends That are Like to Shape the Future of Payroll Processing

Payment errors from HR management

Now that you are aware of the payroll challenges, you must acknowledge common errors that might occur while managing the payroll of any business. Most of these errors are unintentional and caused due to traditional age-old working methods. The most common mistakes in payroll processing from HR management are irregular payroll cycles, incorrect overtime calculations, delays in providing tax forms, tax calculation errors, incorrect categorization of employees, delays in tax deposits, vulnerable payroll data, and more.

Payroll is crucial to the employee experience (EX). A hassle-free and smooth payroll process are the least an employee can expect in exchange for the services – any errors or miscalculations can lead to dissatisfaction. Moreover, these unforeseen errors can expose your organization to compliance risks, loss of credibility, and financial penalties.

This is where the payroll management systems come into the picture. They enable management teams to access desired data, get analytics, create reports, automate payroll cycles, tax calculations, and more. It entirely depends on the companies and what they really need in their payroll system.

Mistakes that HR generally makes without proper payroll systems in place

• Missing payment deadlines is something that can essentially create a sense of mistrust in HR and the organization, in turn affecting employee performance.
• Clearing past payments can sometimes be an issue. In many unforeseen circumstances, organizations might run into a financial crisis, leading to employee pay cuts. The organization has to pay these pending payments after a while, which can only be possible with adequately maintained records.
• Vulnerable payroll data is the most significant risk of all time. Sometimes organizations find it hard to back up essential payroll data, or even if they have a backup, it is highly vulnerable to risks if handled manually. Payroll management systems make sure your data is safe.
• For organizations having thousands of workers, it gets overwhelming to calculate the taxes. Moreover, manually handling taxes for larger sets of employees can get you in trouble.
• Most times, HR face problems in the classification of employees. It can significantly impact the payroll, as the roles should be carefully considered.
• In today’s working scenarios, most employees work from different locations, and some work at their convenient hours. Calculating salaries for each, including their overtime, gets complex with manual processing. However, with a payroll management system, you can never go wrong with calculations.

Impact of Payroll Deficits on the Employer

Running a successful business is not just about making money; it’s about your organizational reputation, employee satisfaction, and growth. Nevertheless, some organizations often misinterpret the true definition of employee satisfaction. If you want your employees to work with the same performance, they need motivation and clarity from HR. Having bugs in payroll processing cannot make them happy or motivated. Such unforeseen circumstances tend to slow down their work and efficiency – they might also think of switching to another organization. These may seem like trivial changes, but they can have a significant impact on your business.

How outsourcing can improve HR management and employee relations

Here’s how compensation management can help improve employee and HR management relationships.

• If you roll out monthly wages on time, employees will not consider bothering HR.
• You can never go wrong with calculations – monthly salaries and exact deductions.
• HR can focus on more priority tasks without spending too much time on cost management.
• Accurate classification of employees and salary calculation can lead to better payroll cycles.

Payment management system stats

These numbers will give you a brief idea of how payroll management systems have been revolutionary for organizations:

• Most workers in the US – up to 93% – are paid by direct deposit. This makes it imperative to record all the payments precisely.
• The vast majority of employees – 93% – believe their wages are paid on time. However, we must consider the remaining 7% too.
• Around 60% of employees say they are confident that the calculation and other deductions made are accurate, while the remaining may still be in the tragedy of something that went wrong.

How does the compensation management system allow HR management to avoid mistakes?

Deploying a payroll management system is no different than adding an excellent HR resource to your team. However, the payroll management system can perform all tasks that humans cannot without any errors.

• Manage employee files and documents such as salaries, past performance, appraisal documents, and tax sheets.
• Follows a specified payroll cycle to ensure everyone gets their salaries on time.
• Keep track of employee performance and give them feedback.
• Recognize the best performers and design reward systems for them.
• Access payroll data with ease and security to have a better understanding.
• Automate the majority of payroll tasks, leaving no room for errors.

It’s a wrap!

Exela HR Solutions is a leader in HR outsourcing and ensures you get the best-in-class services. With Exela HR Solutions as your HR partner, you can never go wrong with your payroll processing, instantly increasing employee productivity and satisfaction in your organization. From classifying employees and calculating their wages, deductions, taxes, and other benefits to streamlining payroll cycles for timely payments, Exela HR Solutions can get it done for you. Get in touch with our experts to design the best HR strategies for your business. Get Exela HR Solutions and propel your business into the future!

Sources: google.com | en.wikipedia.org | reddit.com | twitter.com | quora.com | paysquare.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

The ongoing supply chain crunch has hit the majority of the manufacturing sector. Over the past year, the supply chain crisis has become so predominant that everyone – from business owners to commoners – knows about the ongoing challenges in the supply chain. For commoners, this may be due to the difficulty in procuring home necessities and, for business owners, difficulty in buying business goods – but for manufacturers, the ongoing disruptions have emerged as one of the most substantial business challenges.

According to a McKinsey survey, 73% of respondents stated that they faced issues with suppliers during the pandemic. On the other hand, a survey noted that 67% of the respondents observed the most significant challenges to their supply chain are related to certifying new suppliers. In comparison, 57% think onboarding them is a challenge. Balancing supply levels with fluctuating demand continue to be a challenge for half of the respondents.

Given these substantial challenges, it won’t be surprising to know manufacturers are making significant changes across their supply chains. This leads to a new drive for regionalization in manufacturing – with 45% of manufacturers reshoring or nearshoring for stronger resilience and agility. It’s a hard sell – nevertheless, it’s a necessity. That being said, we must also consider looking at the economic factors associated with manufacturers reshoring and nearshoring. Here are a few:

• Getting Closer to Customers
• Leveraging Cost Savings
• Building Resilient Supply Chains
• Positioning For the Future

Now that we know how regionalization is turning out for manufacturers, we must be aware of the reality that every great thing comes with challenges. Likewise, manufacturers who are nearshoring and reshoring must acknowledge the potential challenges that are bound to come along. While there are some significant differences between nearshoring and reshoring, outsourcing your HR would definitely help with the environments that come with shoring your operations. Nevertheless, before diving deep into how HRO can help manufacturers in these circumstances, you must know what nearshoring and reshoring are. Here’s everything you must know:

• Nearshoring:

  Nearshoring started in 1964 in Mexico and refers to outsourcing work to a company near your physical location or in a nearby country. This shoring option is more appealing for companies looking to significantly cut down on costs and potential risks while maintaining geographical proximity. In addition, nearshoring operations enable faster TATs, greater control over production, fewer cultural discrepancies and language barriers, and lower travel costs compared to offshoring. Moreover, it also eliminates a significant concern for many manufacturers – the risk of intellectual property getting stolen. Manufacturers nearshoring can promote higher customer responsiveness with continuous, customer-driven improvements and innovations.

• Reshoring:

  Reshoring is bringing work back to the base location – an option manufacturers look into to cut down on costs. Reshoring seems to be a lucrative move for many manufacturers as the costs of operating a business overseas are increasing due to the steep tariff hikes, and reshoring tax benefit programs have much to offer when it comes to cost savings. As a result, several business owners finally realize that moving their operations to the base locations can help save the total cost of ownership (CTO). In addition, reshoring can help manufacturers eliminate potential risks associated with doing business overseas, lower transportation expenses, and cut down on labor costs.

Also Read: Payroll Processing Challenges in the Manufacturing Industry

How can HRO help manufacturers who are Nearshoring and Reshoring?

Human resource is the fundamental pillar to the success of the vast majority of manufacturing companies – to make a lasting impact, having a skilled workforce is imperative. Moreover, HR isn’t only about hiring employees and paying them for their work – HR processes incorporate a variety of tasks, including hiring, onboarding, payroll, benefits administration, compliance, and more. Moving operations is a significant change and needs the entire workforce to make sure operations run smoothly. And for employees, sailing smoothly through this transition can only be possible with a robust HR structure in place. In addition, HR outsourcing can solve the most significant challenge manufacturers face – the workforce shortage.

When manufacturers decide to nearshore, they must find new employees or relocate existing ones to the new work location. This is where HRO comes into the picture – HRO providers understand your requirements, help find the right talent for your manufacturing unit, and retain the best talent for your future projects. Nearshoring is beneficial for manufacturing companies as it reduces risks and costs, but it comes with its own set of challenges. Despite the best facilities, technologies, and a robust work culture in place, manufacturers find it challenging to establish overseas projects. A lot of factors come into play – team engagement, cultural differences, communication quality, knowledge transfer, time-to-market, and more. This is where HRO providers can be a savior. A reputed HRO provider can help businesses attract highly skilled employees, onboard them, arrange facilities and other benefits, and draft rules and regulations for knowledge transfer and the use of technology. In addition, they also help leverage team communication and engagement practices and eliminate cultural differences, enabling you to focus on core business strategies. Reshoring is no different – when you bring your production back to the base location, you need to have a better understanding of the current labor market. An HRO provider does this for you for more, simplifying your HR practices.

50% of the U.S. workforce currently works from home.

With the emergence of hybrid and remote work cultures, it is no longer necessary for all employees to work under the same roof. Employees can now work effectively and efficiently, irrespective of their geographic location – from the comfort of their homes. Managing employees working from different locations, leveraging employee engagement and communication, and increasing ROI are on top of mind for most business owners. While the current market scenario is asking to move productions, you may not necessarily be able to focus on employee management. HRO providers can be the helping hand you need under such circumstances.

It’s a wrap!

By now, you may have a fair idea of how manufacturers are dealing with the ongoing supply chain issues and labor shortages. Nearshoring and reshoring are the best practices that help manufacturing companies not only deal with the supply chain crunch but also enable them to lower the costs and risks associated with doing business overseas. Exela HR Solutions is a market leader in human resource outsourcing, helping businesses across all segments manage their workforce with ease, along with enhancing other crucial HR functions like payroll, benefits administration, hiring, onboarding, and more. Talk to our experts today to figure out the best HR practices that suit your unique business requirements!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

The pandemic, its after-effects, how it has altered businesses and industries worldwide, how it has led to rapid digitization and technological innovations and challenges alike, and more – we’ve witnessed it all over the last couple of years. However, one crucial aspect hasn’t changed – people will always remain the most crucial asset of an organization, and this is evident in how companies prioritize their workforce over profit margins. There has been a sea of changes in human resource management. At the same time, technological advancements are opening a new frontier of opportunities for organizations to amplify their HR functions – including recruitment.

New-age, technology-backed recruitment tools help attract, source, and employ better-qualified and worthy candidates, relieving recruiters of the pressure, and saving time and money for businesses. However, the availability of diverse tools and platforms working towards better recruitment has made it tricky to differentiate between each and narrow down the right one for your recruitment needs. Thus, having a better knowledge of the available tech and building a tech stack will help you improve your talent acquisition. Dive below to learn what exactly a tech stack is and how to build the ultimate one.

Recruitment tech stack – a new buzzword or a lifesaver?

With the hybrid and remote work cultures coming to light, it has become unimaginable to recruit employees without the help of technology. However, with new recruitment solutions popping up almost every day, it can get overwhelming for recruiters to select the right digital solutions for their hiring needs. Moreover, despite their best efforts, many recruiters find themselves armed with solutions that aren’t a good fit for their particular needs. This is where a recruitment technology stack comes into the picture. It is a combination of applications, tools, and platforms used to find, attract, and hire talent. Having the ultimate recruitment tech stack handy enhances the overall hiring process, enabling you to hire more qualified and worthy candidates – definitely a lifesaver for HR teams and professionals!

As there is no universal solution available or a recruitment tech stack that will work for every organization out there, you need to build your own. Although each company has its own unique hiring needs, it is possible to pinpoint certain commonalities to help organizations put together the right mix of tools and technologies that will work for them. Here are steps to consider while building your own ultimate recruitment tech stack.

Also Read: HR Software for Remote Employee Management – 5 Must-have Features

Steps to building an ultimate recruitment tech stack

A sound understanding of what a tech stack is can help you build a compelling one. Consider these steps to get an edge in the competitive recruitment world.

Asking these questions will help you understand whether the current solution is working to your advantage and what you should consider while buying new technology for your hiring needs.

• Identify needs and challenges

  Every great thing starts with a roadmap. To understand the solutions that will work best for your recruitment needs, you must have a robust plan in place. First, outline your entire hiring process and note the changes you need to make, such as particular business needs to be addressed, challenges faced by your human resource teams, and problems that require a solution. This will give you a thorough picture of what needs to be done and why. Once you know your destination, you can quickly get on the way.

• Create a technology backbone

  Building a tech stack needs a technology backbone to rely on. The solutions you choose should fulfill specific criteria, such as easy integration with other applications, strong built-in analytics, should be mobile-friendly, etc. Many recruiters agree with the fact that an Applicant Tracking System (ATS) is the foundation of the recruitment technology stack. It allows you to leverage data collection and automation to optimize the hiring process. It is an end-to-end HR software that automates the entire hiring process, helping HR teams manage their recruitment function better.

• Review the available solutions

  The technology landscape seems overwhelming when it comes to recruitment, with countless options available for different functions. However, your unique hiring needs decide the solutions you should be addressing. Here are the tools for various functions that you can consider while building your recruitment tech stack.

  • Sourcing
  • Recruitment marketing
  • Candidate screening
  • Candidate assessment
  • Onboarding
  • Other solutions

• Make key considerations

  While making a purchase, it is a normal human tendency to assess the product with some considerations in mind. Recruiting technology is no exception – your past experiences, challenges, and performance decide the next purchase. Here are things to consider while buying new tools for the best recruiting.

  • Can your team use the current tool without any prior training?
  • Has the performance changed after integrating the solution?
  • Can the solution be integrated with other applications?
  • On what scale did the tool optimize your processes?
  • How was the overall recruiting experience?
  • What needs to be enhanced?
  • Did you use all the features provided by your solution provider?
  • What is the one feature that would have made your experience better?

• Optimize the stack

  Once you embrace the new technology, start experimenting to get acquainted with the tool. Meanwhile, ensure to find ways to improve your tech stack. Analyze if you are meeting the desired results. And if not, what is the one thing holding you back? Even if you are completely satisfied with the technology you have bought, a future-centric point of view would definitely help. Your business needs and organizational environment will never be the same; ensure you get along well with the changes over time.

5 Must-have tools for your recruitment tech stack

Recruiting is far more than just filling empty seats – it’s a strategic imperative. Attracting new mindsets, not only benefits the company but the whole administration. Consider these tools while building your tech stack.

• Applicant Tracking System (ATS)

  The first thing you need to consider for your recruitment tech stack is an Applicant Tracking System (ATS) for managing the flow of candidates. ATS helps consolidate candidate information, track the source platform, and help employers stay compliant with EEOC policies. As a result, you can easily create and nurture a pool of candidates to call upon in the future.

• AI Sourcing Tool

  To fill open roles, sourcing is the first step where the awareness of company and open positions is built. It is also considered one of the most time-consuming tasks in a hiring funnel. AI sourcing tools automate the candidate search and streamline the process, ensuring the right candidates come across the right positions available.

• Candidate Relationship Management (CRM) Software

  CRMs organize the candidate data in a searchable database, send automated emails, and analyze the success rates of different recruiting strategies. In many cases, CRMs also allow scheduling calls to plan interviews seamlessly.

• Recruiting Chatbot

  It is a conversational interface that helps screen candidates answer queries, schedule interviews, and more. Some chatbots also allow checking the application status. In a nutshell, recruiting chatbots modernizes the candidate experience helping you hire the best talent.

• Virtual Assessment Tool

  Virtual assessment tools help speed up the application reviewing process. The modernized versions with AI allow the evaluation of writing samples, telephonic interviews, video calls, and virtual skill tests. Furthermore, predictive analytics, machine learning, and virtual assessment tools can help evaluate the skills and aptitude personalities of candidates.

The bottom line

It’s always a wise decision to put employees first while building a recruitment tech stack. The better the candidate experience you provide, the longer you will be able to retain candidates in your organization. With the technology landscape continuously evolving, partnering with an experienced talent partner like Exela HR Solutions can help you build a robust tech ecosystem that works to meet all your HR needs and helps you prepare for what the future holds.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

Modern private equity and venture capitalist firms have been around for over half a century. With time, these firms have gotten better and more efficient at what they do by leveraging technology and expertise. This is why, nowadays, you won’t get to read any news about major PE or VC firms blowing up and ending up bankrupt. Advanced tech like machine learning, artificial intelligence, neural networks, etc., allows them to process and analyze data with extremely high accuracy, enabling them to make highly accurate decisions which helps them make massive strides that eventually result in fast and sustainable growth over a long period. Having said that, it is often noticed that this level of positive and aggressive change is not exactly translated over properly to other internal departments within these companies. In this article, we will be going through the important details of how PE and VC firms can leverage HR to find areas of untapped potential that can be accessed to find more growth.

Definitions and Distinction

The term ‘private equity’ is commonly used in a broad and all-inclusive sense by both proponents of the industry and its critics. Simply put, these are two fundamentally different forms of investment.

First, the early-stage investments in new endeavors that often operate in emerging or fast-changing sectors are commonly termed ‘venture capital’ or ‘VC’. There is a broad consensus that venture capital’s effects are generally positive, other than, in some instances, contributing to excessive speculative bidding up of share prices.

Second, and what is often referred to as ‘private equity’ per se, is the buying out of mature enterprises by large investment groups on the basis that a change in governance and management style (or an ability of the present management to operate more effectively) will lead to greater returns. The second category, in and of itself, is diverse. There are buyouts by outsiders, including leveraged buyouts (LBOs), management buy-ins (MBIs), and investor-led buyouts (IBOs).

Another different category of business called ‘hedge funds’ is also commonly clubbed in with the definition of ‘private equity,’ which is anything but accurate. In the most basic sense, ‘hedge funds’ are organizations that take large sums of money from the super-rich, a.k.a HNIs (High Networth Individuals), and give them to professional money managers, who invest those sums of money in the various types of global money markets to derive better-than-average returns. So, not exactly ‘private equity.

Also Read: Top HR Challenges in Financial Services Industry

HR Challenges in PE and VC Firms

• Lack of Internal Flexibility: Most VC and PE firms do not have a typical organizational structure like most other companies do. This is why the standard, template, HR activities and methodologies do not work very well.

  For example, compensation for a typical associate in a VC firm could look very different from associates in other companies who operate in other industries. Part of the compensation could be an offer for stakes in a client company and variable pay could consist of various different variables that do not fit in the ‘conventional HR’ spectrum. Another example is expense tracking. Complex expense tracking might require fairly high degrees of customizations to be made for the tracking to happen successfully.

• Lack of Talent Professionals: Most VC firms receive around 50-60 inbound profiles daily, including those of senior professionals and industry experts. Most of the time, they might not have the right opportunities for these profiles within their organization. But on the other hand, ignoring such gems would be a colossal waste of brand value if not used to match with portfolio companies.

  For example, a VC firm might have a portfolio of 110 companies that operate in different industries. The VC could then get an excellent profile for the role of a data scientist at a time when they are not actively hiring for that position. In such cases, the VC could sift through their portfolio of companies to identify which company is actively hiring for the data scientist role. Once identified, the VC could then forward the profile to those companies from their portfolio. This matchmaking often requires extra teams of expert talent professionals who are fully qualified to coordinate and communicate with all stakeholders involved.

• Lack of Effective Control on HR Departments of Portfolio Companies: While it may seem that VC and PE firms know what they are doing with their own HR department, more often than not, they have very little to no insight or control over the HR departments of their portfolio companies. This is a commonly known area of improvement in this industry. Think about it, every business on the planet is run by people at different levels in the organization. If there are no people or poorly managed people, there is no possibility of the business thriving in the long run. An HR department is, therefore, the most important part of any business, irrespective of location or industry.

Solution to these Problems

There are three different solutions to solving the HR problem in venture capital and private equity firms.

First, set up and manage a full-size HR team within the organization. The best part about going this route is that you have complete control over what happens in the HR department. Every micro-decision can be carefully thought through and reviewed before arriving at a conclusion. But on the contrary, the absolute worst part about this is the extremely high cost of setting up and maintaining a full-size HR team on your payroll.

Second, find software applications that fit your needs and solve all your HR problems. The best part of going this route is having instant access to important information in order to make important decisions. Most HR-related software applications provide solid insights based on the data that is fed regularly into the system. But on the other hand, the cost is still a huge factor in this option. Additionally, you still have to set up and maintain a sizable HR team to operate this enterprise-grade software. This adds to the cost.

Third, outsource the problematic areas of your HR. For example, you come to the conclusion that your internal HR team can handle recruitment activities without any problem, but when it comes to payroll management, they don’t seem to cross that invisible line into ‘good-enough’ territory. In such cases, you might choose to outsource the payroll activities of your business while still reserving the hiring activities for yourself to manage.

The best part of going this route is that you have clearly identified what works and what doesn’t in your HR department. What doesn’t work is handled by experts outside your company, while what works is handled by experts inside your company - a no-brainer, win-win situation. The worst part about this arrangement is that you might lose some control over day-to-day decision-making.

An extra, fourth option also exists that is more effective than all the previous three options combined.

Outsource all of your HR activities. Everything, from recruitment and payroll to compensation and training, is handled by experts outside your company. This is the most cost-effective and practical solution that new and upcoming VC and PE firms use most of the time. Even more important and valuable than cost-savings is the absence of people management headaches that take up management’s resources and time.

Exela HR Solutions offers end-to-end HR management for businesses of all sizes across multiple geographies and industries. Get in touch with our experts to learn more about our offerings.

Sources: google.com | en.wikipedia.org | reddit.com | twitter.com | quora.com | freshworks.com | linkedin.com | journals.sagepub.com | statista.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

The advent of COVID-19, its adverse effects, shutting down doors for physical work, and the new era of hybrid and remote work – we’re all quite familiar with these terms and scenarios. Perhaps, we have learned to live with the new reality. But is it the same for HR teams? HR’s career revolves around employees – their needs and requirements. Casting our minds back to 2019, no one would have imagined that we’d be living in a world where working from anywhere would be the new norm.

Back in the day, we happily seemed to be going about with our 9-to-5 work life, content in our physical workplaces. Nevertheless, according to a survey, 99% of respondents desired to work remotely – if not permanently, at least for a shorter tenure, throughout their career. Coming back to the era we are living in, the dream of many has come true – now, 83% of employees prefer remote work over working from the office. While some organizations are returning to the offices, others are opting for a permanent work-from-home model or hybrid work arrangements. That being said, managing teams remotely comes with its own set of challenges. Establishing a positive organizational culture and a unified team is challenging from afar but imperative for business growth. To manage teams better, retain talent, and drive business growth, organizations must bring unique attributes to the table to simplify the job for their HR teams.

Here’s how HR can effectively manage larger teams situated across the globe with ease using smart technologies and intelligent features that come with HR Outsourcing and Management platforms like Exela’s EHRS:

HR software for remote team management – 5 must-have features

Employees and business owners worldwide have been navigating a new, remote reality for the last two years. The hybrid and remote work models are building new discussions around the best practices to manage remote teams, retain worthy talent, and grow business. One might find the right candidate for the available positions, but how can one ensure they blend in easily? How does one onboard several employees at the same time? Would they be able to engage with the brand without in-person interactions or face-to-face assessments? The first step to virtually hiring employees is to elevate your online presence and brand image. Does online presence only count in social activities? Of course not! It is a great medium to communicate your organizational values, goals, and culture. HR management software has made it a lot easier to handle daily activities with grace. They offer multiple features to make the processes hassle-free.

Here are 5 must-have features for HR management software to make remote team management efficient and effective.

• Employee Onboarding

  For employee or any recruiter, onboarding is one the most significant tasks. What does it take to onboard a new employee? Is it just shooting out an email with the subject line “Welcome Aboard?” Signing the legal paperwork for employment? It is far more than we can imagine. The very first time an employee interacts with the organization is through the onboarding process – so there shouldn’t be any room for errors. Recruiters must ensure the new joiners get all the information they need about the organization – its values, culture, technologies, vision, and goals to help them fulfill the expected performance requirements. A smooth, delightful experience can help reduce employees’ time-to-productivity, enhance engagement, boost morale, and increase loyalty. Exela’s HR solutions have it all to fulfill all your recruitment needs – from finding the right talent, hiring, and rolling out offer letters and recruitment papers to onboarding; you can outsource everything under one roof.

• Employee Self-Service

  Nowadays, everyone desires transparent communication and operations, as do employees. As a result, employees seek on-demand access to their required employment lifecycle information on portals. To gain employees’ loyalty toward the organization, it is crucial to give them access to information such as employment data, tax documents, leave balances, shared company documents, holiday lists, employee benefits, and more. This helps employees check the status of their benefits and leaves, request time offs, and regularize attendance, saving HR departments countless hours. Organizations can make this happen through HR software that allows access irrespective of the geographic location, with the only requirement being an internet connection and the employee self-service feature.

• Payroll Processing

  Calculating salaries with fair consideration of leaves and tax deductions such as PF, PT, and TDS, rolling out salaries to each employee, and providing payslips – seem like tedious and multifaceted tasks to do. Along with other HR tasks, paying salaries on time and managing documentation amidst the chaos of remote work scenarios can be challenging. Earlier, HRs used to take around 3-14 days to complete the payroll processing – this is something that is hard to imagine in today’s era, where everyone is working remotely from different locations and time zones. This is why good human resource management software is a necessity. It gives HRs the leverage to automate HR processes with less manual intervention and minimized errors. Payroll processing via an online HR solution would reduce weeks’ worth of work to just a few hours! In addition, HR software that provides payroll processing features allows you to integrate attendance and time modules with the payroll function to help you get accurate numbers.

Also Read: New HR trend: HR entrepreneurs

• Analytics and Reporting

  Data is only as good as you can use it – there isn’t any value in tracking the HR information when you can’t use it to your advantage. You can draw enormous benefits by analyzing employee information and data – their requirements, interests, and disinclinations. In addition, this data will further help you plan training and development sessions, add to the list of benefits, tweak processes, incorporate new tools or technologies, and increase employee productivity and loyalty. Specifically, in the era of remote work, it is imperative to understand your employees and acknowledge their needs in order to retain worthy talent. Good human resource software must come with analytics and reporting features, making it easier to analyze, comprehend, and plan accordingly. Customizable dashboards, real-time reporting, automated data gathering, access controls, and financial analysis are a few of the analytical functions in human resource management software that enable you to make data-backed, informed decisions and enhance overall performance.

• Workflow Automation

  From communication and coordination to document sharing, scheduling meetings, integrating security standards, and task management – HRs deal with dozens of complex tasks on a daily basis. Furthermore, with the emergence of new challenges due to the remote work culture, it has become way more complex than it previously was. Most commonly, repetitive tasks tend to drag down efficiency and productivity. This is where automation comes into the picture. As we already know, automation makes work easy, secure, and efficient. The same applies to HRs – while shuffling through countless tasks and working hours, automation can bring a sigh of relief for HRs handling remote teams. For instance, you might automate the weekly or monthly reminders for any pending tasks, disseminate emails to keep everyone on the same page and spend more time planning activities to increase employee engagement instead. Your HR management software must allow you to automate mundane, time-consuming, repetitive tasks, allowing you time to focus on more priority work instead.

Wrapping up!

When you get just about every HR service under one umbrella, it marks the end of most of your HR challenges. Exela’s state-of-the-art HR Solutions can help HR departments save countless hours spent on repetitive administrative tasks, allowing time to focus on business strategy, employee development, and employee engagement. It provides a one-stop solution for all HR needs, such as recruiting, onboarding, payroll processing, compensation and benefits management, HR business and partner services, and a lot more. Try Exela’s HR solutions today!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

Entrepreneurs – Most probably the people who set up a business or take ahead the initiative to create a product or service in the hope of profit. But is that it? Do entrepreneurs only satisfy a business need? Definitely not! Good entrepreneurs have the ability to find a solution to any given problem, irrespective of the context. In a nutshell, entrepreneurship is more of a mindset than a business model that works on innovative thinking. Having an entrepreneurial mindset is a crucial aspect in today’s ever-evolving world, where every minute speaks of new innovations.

Human resources are known to be the domain that works on deeply rooted processes and lacks creative, innovative thinking. HR departments generally deal with basic needs that need leaner, easier processes, which can restrict innovative thinking. However, having an entrepreneurial mindset is pivotal for Human Resources (HR) as they are a core function of any organization. So, how can we give that entrepreneurial twist to the age-old methods of human resources along with a zest for innovation, creativity, and dynamism? Dive into this new HR trend that has been emerging in the industry lately called ‘HR Entrepreneurs.’ Here’s everything you must know about it.

What is an HR entrepreneur?

Irrespective of the size, industry, or type, the HR department is one of the most crucial aspects of any business, necessary for employee well-being. Right from the hiring, payroll, benefits, and layoffs to keeping up with the state and federal tax laws – HR professionals have to manage everything. In such an environment, having an elegant and aesthetic setup isn’t enough to foster an entrepreneurial culture – continuous motivation and inspiration to drive high performance are imperative. Moreover, when your base is firm, you can always reach higher heights. Similarly, as HRs build the foundation of an organization, they can definitely rev up their entrepreneurial journey.

Ideally, there isn’t a specific definition of an HR entrepreneur. HR entrepreneurs are HR professionals of any level who have:

• Strong professional HR knowledge
• Good business knowledge, such as customer service, project management, and more.
• Understanding of the industrial environment and market in which the business operates.
• Constant look to benchmark the organization against industry standards and quality.
• A business mindset with continuous hunger to drive better results and ROI.
• Strategic thinking to excel in business requirements and thrive in a modern yet ever-changing business environment.

Also Read: Benefits of HR Outsourcing: How Small Businesses Can Ace their HR Functions

4 Ways HR professionals can thrive in their entrepreneurial journey

HR entrepreneur is a new emerging buzzword that is all the rage when you look through the trough of the latest HR trends. While it is evident that having an entrepreneurial mindset is crucial, it is of paramount importance for HRs to step ahead of the age-old methods and embrace new technologies and creative thinking. If you are looking to step into the business world, here are four ways you can embrace an innovative mindset to always stay ahead of the curve and thrive in your entrepreneurial journey.

• Constraints – not a barrier anymore!

  Overcoming constraints enables you to innovate better. If you are just like the other HRs, most specifically, solo practitioners, you might never find enough to go around – not sufficient resources, money, time, or more. Ironically, this could be a good thing as a challenge can spur an innovative and entrepreneurial mindset. Instead of freaking out about the impediments, embrace them and use them to your advantage. If you can find solutions to any problem, innovate things, and creatively handle operations with limited resources in hand, you can thrive in your entrepreneurial journey.

• Don’t stay in your lane

  HR needs to work closely with other employees in order to provide their needs and requirements. Though HR work within their community, they must hone holistic business and communication skills in order to push forward on their entrepreneurial journey. The focus should always be on enabling everything through HR to better understand the business – finances, operational details, market scenarios, competitors, and market trends. HRs who go beyond the usual with innovative thinking can see long-term business opportunities. People in the HR community who have a business-savvy mindset, who can survive in the competitive market, who can take responsibility, who understand how a business really works, who believe in optimizing the risks, and who have a customer-centric approach, are true entrepreneurs.

• Ask questions

  Being an entrepreneur requires you to wear everyone’s hat – you have to play multiple roles at the beginning. Business leaders face numerous issues diving through administrative tasks, business needs, and stringent security requirements. However, they find their way through obstacles. How do entrepreneurial leaders get so comfortable with the facts? How do they never run out of ideas? No one’s a born entrepreneur – you need to get into that position where you can always make tough decisions. It is easier and wiser to gain insights from people you work with, your competitors, the market, etc. Asking them questions and getting insights from each aspect of the business would help you stand out in the long-term business landscape. To be in the position of an HR entrepreneur, you must have solutions to every problem your business might face.

• Lead the change you want to see!

  Today’s business landscape is rapidly changing, and so is the workplace. With a world full of ongoing innovations, cutting-edge technologies, and phenomenal talent, you can’t just wait for your turn; you need to lead the change. It is well-proven that when you visualize something, you are in the driver’s seat. Anything happening in the HR department is an opportunity to create future-proof ideas and be in the position of a leader. Aggressively pursuing opportunities, even in HR practices, has the potential to invoke the inner leader in you. If you are visualizing a goal and leading the way, you can thrive in your journey to become an HR entrepreneur.

Starting out on your own requires wearing many hats. However, if you want to thrive in the market with a successful and profitable business, the administrative tasks must be handed off to talented HR. For HR entrepreneurs, it is easier to manage a business on their own. But after a certain point, prioritizing business needs becomes crucial. The situation asks for someone entirely dedicated to management-related tasks. This is where a trusted brand, a powerhouse of HR experience and skill, can step in to bring in the proverbial cavalry. Such a service can handle HR activities skillfully, strategically, and often at far lower prices than if you had to set up an HR team internally. Exela offers a wide range of HR services to streamline your HR operations. This allows you time to focus on the actual business, your core strategies, and your innovations. Talk to our experts about the best HR practices that your business needs.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

In a world full of evolving innovations, ever-changing consumer expectations were already expecting the financial services industry to speed-up the process of digitalization – and then COVID-19 happened. The financial services industry, barely known for adaptability, had to make sweeping changes. A major shift was seen in employee productivity and efficiency – everyone was forced to work from home. For years, we had been living in a perception that an office is a focal place to maintain productivity and culture. Now, with remote and hybrid work becoming a norm, it is imperative for HR teams to bolster a digitized experience for employee engagement and productivity.

As the pandemic has revived these major work trends, it has fallen upon HR professionals to navigate through these large-scale shifts and reconsider their approach. The increased need for employee diversity and to reskill the workforce has added to an already full plate for HR professionals in the financial services industry. Initially, it was limited to maintaining workforce engagement and efficiency. Now that the need to make thriving changes has surpassed, HR teams must acknowledge a few challenges and stay abreast. Let’s take a closer look at some of the HR challenges in the financial services industry.

HR challenges in the financial services industry

The role of HR professionals is changing at an ever-increasing pace. HR teams have come a long way, from handling employee documentation to having a strategic position in organizations. As the financial services industry prides itself on cutting-edge security, it is of paramount importance for HR professionals to prudently bolster the changes. Social unrest, mental health crises, layoffs, and an economic downturn – COVID-19 incorporated a highly disruptive period for the workforce, creating a set of new challenges for HR professionals. Let’s take a glance at a few of these HR challenges in the financial services industry:

• Growing Skills Gap

  The skills gap has been a significant issue in the finance industry. According to a PwC Survey, 70% of CEOs in the finance industry perceive the skills gap as a threat to growth - while 74% are concerned about the lack of skills in the finance industry. You might incorporate leading platforms and technologies to provide an unparalleled consumer experience, but your workforce should be well-versed in using them. Though this may sound daunting, HR professionals should emphasize on employee upskilling and hiring competent talent. Exela HR solutions provide a great experience with the recruitment process and helps you find the right talent for your organization, at the right time.

• Retaining millennial talent

  According to the U.S Bureau of Labor Statistics, job openings soared from 276,000 to 538,000 in January 2022.

  These numbers demonstrate the need for HR professionals to rethink their hiring and retention strategies. Retaining employees has become pivotal.

  87% of financial organizations reported that they faced hurdles in retaining talent past year.

  A report says that the cost of replacing an employee is one-half to two times the employee’s annual salary. This cost incorporates the costs associated with recruitment, training, operational inefficiencies, impact on employee morale, and more. As a results, financial services organizations must employ a variety of employee retention strategies to hand on to their best talent. In addition, today’s market is employee-driven, which needs the finance sector to level up its hiring process to attract and retain diverse employees.

• Providing Long-term Remote Work Opportunities

  According to a PwC Survey, only 29% of the financial services companies allowed 60% of their employees to work from home at least once a week. Post-pandemic, the number of financial services companies went up to 69%, with 60% of their employees working from home.

  96% of financial services professionals would accept a pay cut to get permanent work from home.

  With employees now having the leverage to work from their comfort zone, HR leaders need to rethink their strategies. HR professionals need to consider the challenges remote or hybrid work will incorporate, such as the need for effective collaboration, supporting tools or platforms, time-tracking applications, learning platforms, childcare essentials, etc. Analyzing these challenges would help HR teams find the perfect solutions to help employees work remotely with productivity and efficiency.

• Creating a workplace culture

  86% of millennial employees would prefer a healthy workplace culture that inclines with their values over income.

  In today’s fast-paced business landscape, maintaining a decent organizational culture is crucial – workplace culture matters to both the employer and employees. Sometimes furnishing smart tools, employee benefits, and competitive compensation are also not enough to retain good talent. HR professionals should ensure they communicate company values transparently with the employees and align their work path with company culture. Highlight the workplace culture through organizational processes that encourage a healthy work-life balance, which has become necessary.

• Maintaining employee engagement

  Employee engagement is the foremost factor that comes into the picture when considering remote or hybrid work culture. In today’s business scenario, remote or hybrid work has become a necessity, and maintaining employee productivity and engagement is a critical challenge for HR professionals. Here are some practices that would help your employees keep engaged:

  • Provide a smooth, online onboarding experience with the help of intelligent tools and technologies.
  • Conduct employee engagement activities virtually to keep them motivated.
  • Acknowledge issues the employees might be facing and put together a realistic, future-proof plan that will favor both the company and the employees.
  • Keep them up-to-date with all the advancements and provide a learning platform.
  • Communicate company values and culture transparently to gain employee loyalty.

Also Read: Understanding and Supporting Flexible Work So Your Workforce Can Thrive

How can Exela HR Solutions simplify HR’s journey in the finance industry?

Bolstering an agile approach while addressing employee needs and always staying ahead of the curve in terms of flexibility will foster a more efficient, engaged, and dynamic workforce. A few might still have doubts about time management, as developing an entirely new approach does take time. Exela’s HR Solution have answers to all your queries about simplifying HR’s journey. We bestow you plenty of time to focus on the actual business while our team will streamline the challenges your recruitment teams are facing. Here’s how Exela can help you thrive in the modern business world:

• We introduce you to the right talent at the right time to serve your particular business needs.
• We provide a more streamlined onboarding process to help new joiners understand the tools, information, and values associated with your company’s reputation.
• Assistance with payroll processing with a more holistic approach, including basic pay calculations, tax filing, transparent employee communications, statutory compliance, and more.
• We help your employees get rewarded fairly with a personalized analysis, robust benefits plan, and smooth employee experience.

Exela HR solutions have it all to streamline your HR processes so that you can spend time on the actual business. Right from searching for the right talent, recruiting, and onboarding to employee benefits and payroll processing, Exela provides a holistic experience. Talk to our experts now for your HR needs.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

Hiring managers and talent acquisition professionals put applicants into two distinct groups: active and passive. Both groups behave differently, and today, we will be learn their behaviors so that it may help us make valuable decisions related to recruitment.

Hiring strategies often change when dealing with candidates that belong to either of the two groups. But no matter the method, hiring the best candidate matters the most.

Applicants are expected to have different levels of interest and motives while applying to your company. This is why your recruitment strategy cannot be the same for all candidates. Instead, it should appeal to different people differently, according to their needs and interests.

This way, you will make sure you attract top talent and keep them interested in working for your organization without making any unnecessary efforts.

Choosing an expert recruitment process outsourcing provider like Exela HR Solutions will make your job even easier.

Just tell us what you need and when you need it, we will use our robust HR infrastructure and expansive talent networks to get you the talent you need.

ACTIVE CANDIDATES

Simply put, applicants that are actively looking for jobs are active candidates. This group can be motivated to look for other opportunities due to multiple reasons.

Fired? The employer went out of business? Not satisfied with the current pay? Not sure about the employer’s stability? Is the work environment toxic? Rejoining the workforce after a long time?

These are some of the main reasons why candidates decide to go active.

According to a recent LinkedIn survey, a fourth of all employed applicants are active, but 66% of all active applicants are employed. This means that a majority of the people are happy with their current job, along with the fact that only a minority of job seekers are unemployed. This is because people who already have a job are majorly the ones actively looking out for open positions in other companies in order to advance their careers.

Posting about open positions on social media and job portals is still the number one method used by recruiters to find active candidates. These public forums have the capacity to make businesses reach a very large group of people quickly. Using just the right keywords while posting about your open position can amplify that reach even further in front of a few hundred more candidates. But the biggest drawback of this method is that there is a lot of filtering required after applicants have applied, in order to identify the real talent from the fake ones.

To avoid this hassle completely, many businesses will often partner with a trusted recruitment process outsourcing provider like Exela HR Solutions, which helps businesses find active top talent as quickly as possible.

Another big mistake hiring managers commit while combating this problem of weeding out unqualified applicants is to purposefully design a complicated and confusing application process. This might seem like a great idea on the outside, but in reality, it isn’t. By doing this, the company in fact, loses out unnecessarily on a lot of top talent. Why make your own job harder? Design a simple and easy-to-apply application process so that you don’t lose out on the best people.

A simple application process will always attract unqualified candidates. But make sure you have a team set in place for following up. One-to-one follow-up experience gives a positive perception of the company in the minds of the candidate. On the other hand, a poor candidate experience can damage the reputation of your company and may affect your hiring results negatively in the future.

Also Read: Answer these questions to improve employee retention and loyalty

PASSIVE CANDIDATES

Passive candidates are applicants that already employed and are not actively looking out for newer opportunities. Almost 75% of the total workforce falls under this category, a LinkedIn survey concluded recently.

The people who fall under this group are not actively looking out for newer opportunities. Targeting this group sure sounds counterintuitive, right? It is, yet it is often recommended we pursue such talents. Why? Because the biggest upside to targeting passive candidates is that they are isolated and are not aspiring to pursue any other offers or companies. Half the battle is won right here. The other half is generating curiosity and interest in the minds of the passive candidates. The initial contact can be soft and informal to let them know about your company as well as the reason why you chose to contact them. Appreciate their past experiences and let them know how your opening is relevant to their experience. This definitely generates curiosity and interest. Once this aura is established, it becomes easier to ask them to be available on a video or audio call to have a quick chat.

Another great way to tap into the “untapped potential” of passive candidates is through referral programs. Existing employees are already interested in bringing over their talented friends and colleagues to your company. The cost of acquisition is zero, and you build a well-balanced work culture, an overall win-win.

Exela Technologies is a leading global recruitment process outsourcing company. Our robust HR tech and well-built networks can help you find your next candidate without any hassle. Our expert HR professionals are well-versed in attracting all types of candidates and can help you source the right talent for your company at the right time.

Learn more about our Offerings.

Sources: google.com | en.wikipedia.org | linkedin.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.