Close your eyes and go back to the times you’ve opened resignation emails from your most productive bunch. Remember those specific instances and try to recall the emotion that first cropped up. No, this isn’t a guided meditation. But, your trip down memory lane will lead to some conclusive revelations about you and your company’s talent retention ideologies.

Understanding your Attrition Control Strategy

Assuming it was your top performer who decided to call it quits. Yes, the same one who shouldered the team’s targets and ensured KPIs got met by averaging the team’s productivity at acceptable thresholds. What is your instant reaction? Do you:

1. Counter their new proposed remuneration till you get a favorable outcome?
2. Entice them with a role or designation swap?
3. Treat them like a traitor with poor work ethics and/or arrange for a loyalty convention program?
4. Respect their decision and let them know their contribution will be cherished?

What’s your Retention Strategy?

So, what did you choose? Would you snoop around precariously to figure out the benefits of their new offer letter? What's important to them and which of their priorities are being addressed by their desire to switch? If it's all about better pay, did it occur to you that maybe you should top that? If they want more flexibility such as work timings, shifts, or location-wise, are you willing to offer suitable options? Or maybe you could arrange for internal projects and upskilling programs that will enlarge their professional portfolio and quench their thirst for noteworthy experience. Or perhaps it's time to show them who's more powerful, the organization and the management or the ones serving at the organization? Connivingly put them on a guilt trip regarding dedication and loyalty, maybe? How about introducing a loyalty bonus for top-performing employees?

Sure, you have a plethora of other options too. But, these would have been the most likely ones. There's no wrong answer so please be as honest as possible when you introspect. It's normal and sane to wish your effective workforce stays with you. There is productivity-based loss, time-related losses, and you also have to factor in the costs of hiring and training newly onboarded employees to desired levels of competency. Yes, a big fat loss is lurking over the horizon! So, there's nothing wrong with wanting them to stay. Talent retention and attrition control are vital to an organization’s sustenance and growth. But, if you react in a way that upholds their dignity and respects their decision after previously exhausting the other options, you're probably a Type 1 company.

Type 2 organizations tend to make decisions based solely on the effect on their organization. Bottom line and the company matter alone. Nothing else matters. Jobs get done by hook or by crook. But, if your answer was option 4, you’re a Type 1 organization. Type 1 organizations understand the value human capital brings in and prioritizes employees. They craft policies and workflows while considering the well-being of their employees. They're not necessarily charitable institutions; it's just that they realize the competitive edge and value that skilled and proficient labor carries. Not just that, they act upon that realization and proactively formulate employee retention strategies to hold on to their competent staff.

Also Read: Negative Attitude in the workplace? Effective HR Solutions That Work!

Effective Employee Retention and Attrition Control Strategies 

So, back to the example we began with, why would Type 1 companies do nothing significant and let their staff walk away? The answer is very simple. Type 1 companies pay their employees based on the prevalent market rate and their specific individual market value. Unlike most companies that offer compensation based on what a professional was earning in their previous organization, a Type 1 organization factors in other computable factors affecting KPIs apart from an employee’s last drawn CTC.

Every company has an appraisal limit. This usually averages around 10-20%. But, the hiring policy allows for an increment varying from 30% to a steep 100% hike. Instead of being rigid about these policies, Type 1 companies factor in productivity and profitability-based values that individual employees bring in. This keeps the workforce highly motivated, engaged, and loyal to the company. Employees understand although they're working for a salary, that salary is based on their potency and contribution, and their company values their efforts proportionately. If any employee still finds a reason to leave the organization, Type 1 management must move past talent retention and respect that decision.

Okay, let’s not cry over spilled milk now; it’s time to react. Your star performer wishes to bid adieu. What next? How do you deal with the vacuum that is created after your star employee leaves? Do you:

1. Fill in the slot with someone who has an upgraded set of skills?
2. Hire someone with skills and qualifications on par with your former employee?
3. Or maybe go the cost-effective way and hire an absolute rookie with no experience?

If you chose option 3, you clearly belong to the Type 2 category. A Type 1 organization will always try to fill the open position with someone who has a better skill set. It is but consequential that this type will enjoy an overall boost in productivity, enhanced and more effective customer service, and a bump in revenue due to their decision to scout for better talent. Type 2 on the other hand, with their poorly skilled recruit, is more likely to lose revenue and talented employees to their competition. Not just that, it paints a poor image among all the other employees watching their actions. Staff begins to realize that productivity does not matter and probably goes away unnoticed. So the remainder of your competent employees within that specific team may begin to feel demotivated. Soon, this attitude spreads like a contagious disease and your entire work culture will reek of indifferent staff.

Employee Retention strategies to Future-proof your talent pool

Let’s say, you managed to find a suitable candidate that matches your requirement. Phew, that was tough. This realization perhaps prompts you to safeguard your company from similar separation shocks in the future. Sure, forecasting and strategic planning are essential staples in every business toolkit. But, how do you wish to go about it?

1. Wait for background check calls to provide maleficent reports regarding your employee who wishes to sever professional ties?
2. Revise your company’s HR policy stretching the notice period for high attrition level slabs to an unviable six months?
3. Train the rest of your team members well enough so they can fill in for each other and switch roles in the absence of a colleague?

If you chose options 1 or 2, sure, that ought to deter them! That’s quite a vindictive shock absorbent suspension buffer. But, a Type 1 organization would never do that. That’s because Type 1 realizes that both the company and its people are vital to the survival and growth of any company. Instead of chasing former employees, it would be prudent to allocate your time and resources towards formulating a backup strategy that stands to improve the general productivity of the entire team. That’s option 3, by the way.

Okay, enough with the attrition control nightmares, let’s consider another situation. How does your organization deal with employee feedback? Which of these responses best conveys your strategy?

1. Say what now? We’re listening to the worker bees; what for?
2. Of course, we have office picnics and an annual festive meet where employees usually compliment us on the arrangements and are very grateful for the celebrations.
3. We schedule monthly/quarterly/annual employee engagement meetings where top-level management is accessible to all employees. The minutes are recorded and every matter is pursued with appropriate solutions and active status tracking.

Making employees feel heard is only half the battle won. If you stop there, you’re a Type 2 organization. Making employees feel heard is good but if you are not reinforcing that with concrete change, your employees will put you in the Type 2 bucket. But, what's wrong with being labeled as Type 2, you ask? It's just that Type 1 is a more sustainable business model. In this case, feedback that is actioned builds trust among the workforce, which contributes to building resilient teams that stay loyal. It’s relatively difficult for a Type 2 model to sustain the test of time because employees blow where the wind takes them. It’s all about the wages then, period!

Is Redemption possible?

So, what if you’re the classic example of a Type 2 organization? Fret not! Type 2 organizations can easily convert to Type 1 structures with a little tweak in management vision and company mission. It’s all about genuinely attempting to put employees at the forefront of decisions, which is understandably hard. We're not saying thou shalt pamper thy employees. Sure, nobody is indispensable. But, Type 2 organizations have a rather extremist opinion in this sphere. Type 1 is more practical and balanced in its approach.

Trying to find Balance?

Exela HR Solutions offers end-to-end expert HR services to businesses across different locations and industries. We have technical as well as value-based customized solutions that can bring about as much transformation as you require to future-proof your workforce and facilitate employee retention. Get in touch to learn more about our offerings.

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.

Employees aren't robots! They're humans, and humans are social beings with interconnected limitations. We are not pre-programmed to function per optimal conditions suited to a particular job profile. We have inhibitions, strengths, motivations, goals, boundaries, families, social networks, weaknesses, concerns, and challenges. That doesn't mean we cannot be productive. It simply implies that if you want to maximize productivity out of your bunch, you need to consider these influencing factors. While you cannot reduce the scope of these influences, you certainly can award employees with some workforce flexibility to cope with these external influencing factors.

So, what exactly is Workplace Flexibility?

In general, flexibility refers to the ability to effortlessly adapt to new or sudden changes as and when they pop up. An employer who offers flexible working may allow staff to work at their convenience as far as timings and venue are concerned as long as tasks are accomplished. On the other hand, an employee may respond to such leeway by offering employers the flexibility of working at short notice on some project that may require immediate attention or even working overtime because he trusts the employer to compensate with time off or additional pay. Flexibility by the employer will result in flexibility by the staff. It's a circle! If you give your team the freedom to work according to their preferences, they'll respond by working more efficiently and better than the outcome of dictated terms. So everyone wins!

And what all does workforce flexibility encompass?

While the pandemic highlighted 'remote work,' this isn't the only form of flexible working. If the 'where,' 'when,' and 'how' are adjusted to suit both employer and employees, we can assume some degree of flexible working is happening at the organization. This means staff gets more room to choose:

1. From where they wish to work:

   This can be from the office, home, or even a café. They could even work from another continent if it pleases them and is feasible for operations. At the end of the day, it's not about where you work from if you consistently deliver quality work. If your staff is happy sitting under a banyan tree amid a circus and that environment is conducive to their creativity, let them decide what's best as long as the job gets done! If a mother feels more productive working from home where she can attend to her little ones simultaneously, it shouldn't bother anyone as long as she matches the productivity levels that would have accompanied working from a desk.

2. When they wish to work:

   If employees meet deadlines, why should employers care if their staff choose to work all night against the circadian rhythm? If employees are available to attend to work calls and complete their assignments without hampering any workflows, an employer may consider allowing them to begin their work day when the staff deems it best. Some companies don't care when you begin your work as long as you clock in eight or nine hours daily. Some organizations also allow employees to do split shifts. And some companies even allow staff to choose their off days and work rotational shifts to better plan and save their leaves.

3. How they wish to work:

   Some companies allow professionals to take a brief sabbatical beyond the minimum maternity and paternity leave. Or even if an employee wishes to study further and upskill, on returning, these employees are welcomed with the same benefits they were accustomed to without having to worry about having a break in service or losing out on loyalty benefits and job assurance. Some workplaces even offer a 4-day work week with extended shifts so staff can enjoy a more satiating weekend and return refreshed and rejuvenated to be their productive best. If you find top-quality talent who wishes to devote their time to multiple sources of income, you may offer them a freelance or part-time option, so you don't lose out on good talent. Of course, all this is subject to operational feasibility and depends on the type of industry, company, size, market, and specific conditions.

Also Read: 9 Incredible benefits of Integrating Cloud Computing With Your HR services?

Defining the terms of Flexible Working

As you can see, flexible working encompasses a broad spectrum of work arrangements, making it essential to define the terms in advance. So, you and your staff must thoroughly comprehend the expectations, responsibilities, mode of delivery, conditions, and policy retraction, leaving no room for disappointment.

Benefits of supporting Flexible Working

1. Attracts Talent:

   Why limit candidature to a specific location when you can increase your chances of successful hiring by broadening the horizon? In fact, by offering flexible and remote work, you are certain to attract top-quality, sought-after talent with a dearth of other options. For instance, certain states produce more IT graduates than others, while some are better known for churning out more hospitality professionals. If you open the doors to hybrid work conditions, you'll gain access to a better choice of top-notch talent without succumbing to geographical limitations. This will also bring a diverse work culture into play, so you'll easily comply with several labor laws and get better help ideating.

2. Improves Retention:

   If you had to ask your staff what they'd prefer from a choice of several perks, most of them will likely pick flexible working. This has become even more prominent in recruitments since COVID. Professionals have gotten accustomed to remote work and the likes and are unwilling to give up such jobs. In fact, studies reveal that several loyal professionals have also begun job-hunting in an attempt to switch to companies offering flexible working conditions.

3. Increases Productivity:

   Picture these situations now: what if you had an ailing child that could not go to school and needed to be monitored by an adult? Do you take a day off? Do you lie and make up dramatic excuses? Do you go to work all the while feeling guilty about abandoning your child at the mercy of some caregiver who volunteered last minute? And if such incidents occur a little more frequently than you wished, do you quit your job, citing an inability to cope? Or what if it's raining cats and dogs at your end, but all your colleagues, fortunately, live in an area that never gets water-logged, or maybe it didn't rain around your workplace? Do you feel terrible about missing a crucial meeting while someone else swooned in to charm in for your spot? Or maybe you're the best candidate for the job, but you're just too exhausted commuting to and fro for hours daily!

   Remuneration is why most people wake up and get going, but motivation is what makes and keeps professionals productive. Staff who have access to flexible working have better work-life balance and a greater chance of being productive, having job satisfaction, and remaining loyal. Lesser compromising on other fronts means lesser guilt and more peace of mind, all of which contribute to a healthy work environment. Unfortunately, many employers are skeptical about breaking the barriers that welcome workforce flexibility simply because they believe in conventional methods of minding their staff like a teacher would a class!

   Although you don't get to monitor every move or control the work environment in remote work conditions, why should it matter? If your staff are more comfortable working in their pajamas, so be it; only their performance matters. You will realize more productivity when you become accommodating to the external influences in your employees’ lives. They’ll feel more respected, appreciated, and personally invested in the well-being and success of the company. They’ll take pride in their contribution and will ensure they give their very best in return for your kind consideration.

4. Is Eco-Friendly:

   Unless you huddle up your entire team and offer lodging within the office premises or in quarters nearby, your employees are shuttling to and fro work and home. They're probably using multiple transport means and routes to get to the workplace. Can you imagine the traffic they're causing and the fuel they're burning unnecessarily? If you offer workforce flexibility, you eliminate or diminish the need to commute regularly, significantly reducing the load on the environment. In addition, big, spacious offices consume much power with centralized air conditioning and highly lit-up corridors, lobbies, and pathways. You can cut down on all these and use just as much as is required with a lesser reporting headcount.

5. Is Cheaper:

   When we shift to sustainable working, the cost factor inadvertently reduces. Sure, your staff save on transport costs, maybe even on purchasing food and professional clothing, but even you save a lot of money. Here's how: firstly, you may not even require a physical office. Cloud computing and IoT allow storing all work-related information, files, and documentation in easily accessible intangible locations. So, you'll be saving big bucks on commercial real estate or rent with remote work.

   Additionally, you can reduce all expenses towards replenishing and maintaining stationery, toiletries, and sundry. Besides, you can drastically diminish your electricity and water bills. And you either won't need to maintain a cafeteria or can reduce the commercial space dedicated to it. Even administrative staff that are required to manage these and your facility will not be necessary, so you don't bear the burden of extra overheads. Instead, you can dedicate these resources towards hiring quality talent, progressive training & upskilling, and employee engagement programs directed towards making work something your staff looks forward to.

As the working conditions around the globe continue to evolve, the fact remains that unless it is imperative for your staff to be physically present at the workplace, professionals are looking at workplace flexibility as a determining factor while accepting jobs. So the question of whether you are agile enough to support workplace flexibility is one you need to answer. Given the right tech tools and support, you can set up the most productive and efficient flexible workforce.

So, talk to one of our experts at Exela HR Solutions today to discover the secrets to building an infallible workforce!

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 our previous blogs, we covered the topic of HR outsourcing and the common benefits that businesses experience after they choose this solution. Today, we will be looking at some of the hidden and uncommon benefits that businesses experience after delegating either some or all of their HR functions to an expert HR solutions provider.

What Functions Come Under the Umbrella of Human Resources?

• Recruitment:

This is probably the biggest, most important function of any human resource team, which is why it also demands a huge chunk of their attention as well as resources. Most businesses outsource recruitment to experience great benefits in terms of time and money saved. Outsourcing recruitment changes everything for a lot of businesses. They find more time to solve complex business problems. They save a lot of money. They get easy access to top talent networks. They can upscale or downscale their hiring on-demand, overnight, without paying extra. The list goes on. Global competition for most businesses is fierce. Therefore, businesses take advantage of areas they can leverage to improve efficiency and reduce costs to allow more time and human resources to focus on revenue-generating activities.

• Payroll Processing:

Payroll is not something that most HR teams are required to take care of, but it can very well be an integral part of some HR teams that are tasked with processing payroll. This scenario is usually seen in companies with fewer employees. HR generalists are required to calculate and process payroll for those employees every pay cycle. The biggest disadvantage such companies face in these scenarios is poor compliance management. Every established state/nation has its own set of employment-related laws and regulation laid out that have to be complied with if people who work in those states and nation work for your business. With constantly changing regulatory laws, it becomes extremely challenging for HR generalists to keep up with them. In the case of an audit, any inconsistencies can result in huge fines that have to be paid by the business in full and within a specific period.

• Compensation and Benefits:

Compensation and benefits are probably the most critical function of any business. The way employees are compensated and benefitted is directly related to business growth and individual productivity. Bad compensation and benefits management can be because of various problems in an organization – negative work culture, high turnover, dropping productivity, low employee morale, etc. To add more complexity to these problems, it can be very difficult to detect and resolve a C&B problem because solutions that work for one organization do not necessarily work in other organizations. People behave differently in different environments and circumstances, which makes problem-solving even more difficult than it seems to be.

• HR Business Partner Services:

HRBPs are the oil that keeps the engine running smoothly. Their areas of expertise include grievance management, leave management, coaching, regulation, compliance, organizing engagement activities, travel and expense management, and much more. They act as a direct link between employees and the HR department, which is why it is so important to hire the right HR Business Partners who have the right type of experience in managing people. One Gartner study also found out that organizations that hire high-performing HRBPs improve employee retention by up to 24%!

• Learning and Development:

This is a new function that has taken off in recent years. Business growth has skyrocketed in almost every other industry in the past decade or two, thanks to constant improvements in technology. This growth in business resulted in competition getting fiercer. This eventually led to the boom in implementing learning and development programs for employees because businesses quickly realized that they could gain a real competitive edge if their employees kept learning and sharpening their skills as time progressed. Today, learning and development is a $400 billion dollar industry that keeps on growing. HR teams, outsourced or otherwise, all around the world hire top-notch L&D professionals, as they are called, to conduct training sessions and courses to keep their employees in sync with the progress that happens in the industry.

Also Read: RPO: Is It Right For Your Business?

Hidden Benefits Businesses Experience After Outsourcing Their HR Functions

• Turning Variable Costs into Fixed Costs:

Having this ability is no less than having a superpower, especially for businesses that are newly starting up or for businesses that operate on very tight budgets or time constraints. First, let us define what cost means. Investopedia defines cost as “any expense that a business incurs during the manufacturing or production process for its goods and services. Put simply, it is the value of money companies spend on purchasing and selling items”. Furthermore, fixed costs are costs that do not change with a change in production output, while variable costs are costs that change with a change in production output. Putting these definitions in the context of the human resource department and its functions:

Example: Your business has 5 HR personnel to manage 100 employees who produce 500 units per month. Your business grows with time, and now you have to supply 1000 units per month, which automatically means that you will need 200 employees and 10 HR personnel to meet that monthly demand. Therefore, the time, money, and resources you will spend on your HR team will increase drastically with respect to the increase in output. This is a variable cost. When HR is outsourced, this variable is cost converted to a fixed cost depending on the rate of change.

• Generate Cash by Transferring Relevant Assets to the Providers:

In some outsourcing arrangements, cash can be generated consistently by transferring relevant assets to the outsourcing providers.

Example: Assets like data centers and highly-specialized, custom-built proprietary software applications can be leased out to third-party outsourcing providers in order to get the job done for your own employees as well as other clients that the provider may have.

• Gain Market Access and Business Opportunities through the Provider’s Network:

Wikipedia defines the network effect as a “phenomenon by which the value or utility a user derives from a good or service depends on the number of users of compatible products. Network effects are typically positive, resulting in a given user deriving more value from a product or a service as more users join the same network”.

Example: Many businesses that have never experienced the wonders of recruitment outsourcing never realize the doors that open for them once they choose to outsource. As the Pareto principle dictates, a typical recruiter will do 80% of manual labor in searching for great candidates, which will result in a 20% success rate. With an outsourcing provider, your business gains instant access to hundreds of exclusive talent network pools that were/are carefully developed and maintained over the past few years or even decades.

• Reputation Gain Just by Association:

This is a powerful yet hidden benefit that many businesses experience when they choose to outsource. Working with a prestigious partner automatically improves the reputation of every other partner that works with them in a business setting.

Conclusion

The formula for the successful functioning of an HR outsourcing partnership is based on communication, commitment, and mutual trust. Outsourcing some or all HR functions could mean more costs but outsourcing to a skilled vendor like Exela HR Solutions, and using the services of that vendor correctly, can save an organization a lot of time, money, and resources in the long run. The key is to manage the relationship well. This requires establishing a collaborative method of working with your outsourcing partners to build trust and open communication. It can be difficult sometimes to get started, but it is definitely achievable by setting forth all expected benefits in a written business case that includes qualitative and quantitative targets and by using practices that have had a history of producing successful outcomes consistently and accurately.

Need help in HR outsourcing? Exela HR Solutions offers world-class services in recruitment, global payroll processing, compensation and benefits, HRBP service, and learning and development outsourcing. Get in touch with our experts today to learn more.

Sources: google.com | en.wikipedia.org | reddit.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 banking industry is one of the few industries not known for “openness to fast change,” technological or otherwise. This is because banks deal with a lot of sensitive information, so it makes more sense to go with what works best – examples: people strategies that have worked flawlessly in the past, technology that has worked flawlessly in the past, etc. Change is the last thing they usually look out for.

But this changed with the pandemic. The pandemic forced banks to go through some crucial changes that were not all usual for them. HR leaders in these banks were forced to lead remote teams, IT heads were tasked with providing top-notch security and equipment for these employees who worked from home, and the employees themselves were pushed to adapt to the new normal.

These circumstances gave birth to newer challenges that the banking industry faces today. Let’s find out.

Problems with implementing HR solutions in the banking industry

Feeling Continuous Strain:

Pandemic stress, as an emotion, has turned out to be a common problem for employees in many industries. Especially when entire families spend time working and learning in close quarters and under uncertain economic conditions, it is bound to leave members of that family feeling anxious. In addition to this problem, banking workers have also been unsettled by volatile markets and a futuristic trend that is pushing the industry towards automation.

According to an independent study performed by meQuilibrium in eight different industries, employees working in banking or other financial services companies reported the second-highest level of sleep disorders and job stress (only behind tech industry workers). This is a concerning statistic. Furthermore, according to this study, employee motivation also dropped 30% in employees who worked in financial services.

The pandemic has acted as a catalyst, speeding up changes in the banking services workforce that were going to be inevitable. Remote working, adopting better tech like AI, and focusing on accurately matching the skills of their employees to their actual jobs were just some of the changes that would be implemented sooner or later, irrespective of a pandemic happening.

Virtual Connections:

According to PwC’s Remote Work Survey, just 30% of financial services companies had at least 60% of their employees working from home once a week or more before the COVID-19 pandemic began. Today, this rate of remote work has not only gone up, but the trend of working remotely is likely to continue with industry forecasts predicting at least 70% percent of companies to have more than 60% of their staff continue working from home at least once a week after the pandemic settles down.

Upper management was also on-board with this arrangement because remote work increased productivity, according to the same survey. Moreover, 88% of banking employees identified WFH arrangements as the most helpful form of support they received from their employers, according to meQuilibrium, a digital coaching platform.

People appreciate getting connected. Setting up employee resource groups around common interests like pets, knitting, exercising, Lego building, films & television series, parenting, minorities, veterans, LGBTQ employees, women in leadership, etc., provides a chance for employees to connect, share advice, get to know each other better, and form strong bonds with each other, especially in a high-stress banking work environment.

Everyone is great at doing something. Such resource groups and platforms allow people to mentor each other on subjects that could be useful for a lot of people, like meal-prepping or maximizing banking credit card points, etc.

Such connections are difficult to form in an office-based setting which can be a problem when it comes to forming deeper connections with other employees.

Also read: RPO Is It Right for Your Business?

Valuable Employee Support:

Studies have shown there is a strong correlation between the mental health of employees and how much support they felt they got from their employers or direct managers. Like many industries, in banking, employees are stressed out, which causes them to struggle and burn out eventually. Therefore, the value of employer support is much needed, which can be highly impactful.

Something as simple as giving the rest of the day off or offering full reimbursements for mental health therapy sessions, elder care, or childcare has the ability to have a tremendous impact on some people who need it the most. Most employers will have the bandwidth to offer such concessions, but the biggest problem is that they do not take the initiative.

If a desperate employee comes to ask for help or concession, they will happily move forward with their request, but they will never announce to everyone the availability of such help. This is a classic case of caveat emptor – let the buyer beware. This benefits employers and hurts employees because most employees assume that they will never get the help they need from their employer or are too fearful or shy to ask for help. This pushes them further down the road they try so hard to come out of.

Upskilling Existing Talent:

As technology and financial markets evolve rapidly, many banking companies have experienced a struggle to keep employees updated. Such employers need to invest heavily in cybersecurity training and data visualization courses because of how more and more banking business is conducted digitally today. At the same time, HR managers need to create more upward mobility within companies, which helps in minimizing onboarding and recruiting costs.

Upskilling often means reducing the existence of manual tasks and using technology to automate more processes within a function. HR, especially in this context, needs to upskill itself on digital tools to serve employees and candidates better. HR also has an important role to play in ensuring that new talent does not get impatient and bored in the very formal culture of the banking world.

The millennial and Gen-Z generation of employees is thinking more than ever about their own careers, the skills they need, and the popular training. Providing such opportunities to your employees is a highly effective way to retain top talent in an industry where people are the only variable that makes your business a success or a failure. Invest in strategic HR by placing a high value on attracting and retaining top talent. If employees are well taken care of, clients will always be well taken care of too.

Conclusion

The financial services sector consists of a wide range of businesses that include banking, insurance companies, credit unions, mortgage corporations, investment funds, and stock brokerages. The years following the 2008 financial crisis have seen this industry forced to deal with increased regulation, higher capital requirements for banks and insurers, and the need to implement robust processes across the board. Furthermore, customer expectations regarding service quality have skyrocketed. Against this backdrop of rising compliance costs, capital requirements, and customer expectations, we will be looking at human resource outsourcing as a strong contender to combat the problematic HR issues that plague the financial services industry today.

The case for outsourcing your human resources has three main arguments:

• The swelling pressure on operational margins meant that it made financial sense for firms to outsource non-strategic functions to specialist firms. These specialists leveraged economies of scale, deep functional expertise, and lower labor costs to deliver savings.
• Best-in-class service providers can add value by actually implementing and managing industry-standard processes for support functions such as HR – a boon for large financial institutions with operations in far-flung corners of the globe, as well as for small and medium-sized enterprises which lack the resources and/or expertise to manage these areas effectively.
• Outsourcing enables businesses to focus on their core competencies. The argument is that shareholders will be better served if the business maintains a laser focus on what they do best while outsourcing the rest to “specialists,” who will likely do a better job than the firm.

High-level thoughts to guide the outsourcing decision

The primary aim of the decision to outsource is often margin improvement by cutting costs. Outsourcing partners are further expected to bring in process efficiencies or improvements by virtue of their domain experience while keeping customer experience intact. Bearing in mind these three criteria – cut costs, improve processes, improve, or at least maintain customer experience – will help firms identify activities that are most apt for outsourcing and effectively administer outsourcing programs.

Need help? Exela HR Solutions offers world-class HR outsourcing services to businesses across multiple geographies and industries. Speak with our experts to learn more about our offerings.

Sources: google.com | en.wikipedia.org | reddit.com | shrm.org | gep.com | scirp.org

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.

For most small businesses, HR services are like a seatbelt. You only realize its worth after catastrophe strikes. Indeed, most present-day cars have seatbelts installed, and it is mandatory by law for occupants to fasten themselves when the vehicle is in motion. But of course, it wasn’t always this way! It took years of road accidents and mishaps for the general population to make it a conscious routine to buckle up.

Likewise, as an SMB, HR services and functions are the least of your priorities. You want to develop your product and concentrate on your core functions while HR takes a backseat. But what if the ride gets bumpy? However good your foresight and analytical skills, the road is full of pedestrians and automobiles you have no control over. Likewise, there are many external variables in business: the market, the economy, and competitors. For instance, nobody could have predicted COVID-19! Is your business equipped with the right HR solutions to combat a crisis? Or will it crumble when the waves of adversities emerge?

What could ever go wrong with simple HR functions, you ask? Well, there is a long list.

• Tight-fisted budgets may lead entrepreneurs to delegate HR functions to managers who do not have training or experience in the field.
• The wrong recruitment could place your SMB in a precarious position.
• You may not even be on the radar of good talent if your Recruitment Process is not updated.
• What about your employees being in the dark about your company's policies?

This list goes on. Undoubtedly, cutting corners and compromising can help SMBs. But, some functions work out cheaper when you outsource them. HRO does not just help save pennies but also saves person-hours that can be dedicated towards crucial roles that cannot be allocated to external sources. But why hire external assistance when you can just about manage and get away with it? Well, the idiom jack-of-all may be able to convey the reason. You simply cannot afford to underestimate how vital HR services are for small businesses! So, let's delve into specific HR services and functionalities to comprehend the significance of these HR services and how small companies can still provide great HR services.

1. Staffing:

HR will always be synonymous with talent, namely - acquisition, development, alignment, and retention. Staffing is an HR function that includes integral roles such as HR planning, recruitment process, onboarding, placements, transfer management, promotions, team bonding, and employee engagement. Here are a few tips on how you can improve your HR staffing functions:

• A single lawsuit holds the potential to annihilate even the most promising small business. Therefore, you must consider a state's employment regulations while formulating HR policies. A general manager without a background in HR solutions may not get it right or may look over something critical. Therefore, it is vital to assign HR service functions to employees who have the proper training and experience to drive the company forward.
• Legal hassles can drain a company's resources if not handled efficiently. Ensure the employees handling recruitment roles familiarize themselves with the fundamentals in this sphere to indemnify your company and all associated assets.
• Diversity laws become applicable as you expand and cross the prescribed employee strength threshold. These vary by location. As a rule of thumb, ensure your workplace embraces diversity and has representatives across demographics.
• Make it a habit to reward performance in an unbiased work environment that promotes mutual respect.
• Your business cannot thrive on a great concept and product alone. You need equally great people to propel your vision. If you begin by hiring right in the first place, maintaining and further developing a proficient workforce is far easier than attempting to align mismatched employees with your goals. It takes experienced HR staff to determine where and how to source competent professionals.
• Avoid open-ended JDs (job descriptions) and list the primary functions of a role in its entirety while scouting for talent.
• Pressure to fill vacant slots quickly may persuade indifferent HR service providers to hire substandard quality talent. How reliable is your HR? Ensure that your Recruitment Team only gets the best talent through thorough research and interviews.
• Bear in mind that a vast list of qualifications or experience does not guarantee exceptional results. Your focus should be on acquiring suitable talent for the vacant roles. Over-qualified talent may burn a hole in your coffers or join you as a stop-gap and leave when they find appropriate placements.
• Conduct applicant screening thoroughly and determine a candidate's suitability during the interview process. Skilled and experienced HR personnel are essential for this task. As an SMB, you may be tempted to neglect background checks, but RPO (recruitment process outsourcing) can empower you in this regard.
• Even after hiring competent staff, you still have to get them oriented with your company's work ethics. Remember what they say about first impressions? Efficient onboarding is a game-changer!

• If a new entrant's joining formalities are conducted haphazardly, they are almost certain to emulate those ideals, which will result in shoddy work. That is why it is crucial to set the tone right from the very beginning. On the other hand, professional staff may be repulsed by shoddy onboarding and begin looking for better prospects.

  

2. Training and Development: Most L&D (learning and development) functions such as training, upskilling, reskilling, performance evaluations, and transition planning can be placed under this category of HR services. Here are some HR solutions for productive L&D:

• Compliance courses are looked upon as tasks that just need to be ticked off the list. But they allow you to convey your expectations and help new joinees transition and introduce them to your company's work culture. Be professional and set clear boundaries with harassment, intellectual property, working hours, etc.
• It is essential to be in sync with market trends. Hence, to truly blossom, staff must be trained to maintain, update, and develop their skills and knowledge. Hiring the right talent is vital, but you must also maintain your talent pool.
• Employees realize that upskilling is needed for their success, so consider offering training courses that simultaneously benefit them as well as the organization.

Also Read: 5 Ways HR Services Outsourcing helps Small Businesses Save Money

3. Compensation: Several critical functions such as payroll, salary remuneration, insurance and benefits, bonus, incentives, job market evaluation, and resource allocation fall under this heading. Follow these tips while computing and attending to compensation workflows.

• Remuneration is one of the most significant determining factors when accepting a job. Therefore, your compensation offers must be at par with market standards not only to attract new hires but also to motivate loyal staff and prevent attrition.
• It is not necessary to break the bank to hire quality talent. Skilled HR recruitment personnel will be able to scout for worthy talent at a reasonable budget. Hence, it would help if you had an efficient HR team to ensure that your staff is top-notch.
• Likewise, perks and benefits must be carefully researched and structured to retain competent staff. For example, a manager who is multitasking roles at the workplace may close strategic business deals, but negotiating insurance cover and other benefits requires experience and skills only seasoned HR personnel have. In fact, HR outsourcing or partnering with a reputable HRO or RPO (recruitment process outsourcing) provider may allow you to entice job applicants with lucrative perks that are only possible with heavy business volumes.

4. Administration: Workplace safety, leave policies, office hygiene, welfare, labor & union relations, personnel record maintenance, audits, risk management, crisis management, and grievance handling are some of the many HR services that are administrative in nature. Let’s review some ways to reinforce these.

• Create and maintain a fair, iron-clad HR policy, including all essential data such as company overview, vision, mission, code of conduct, agreements, and policies on non-disclosure, media, confidentiality, safety, T&E (travel & expense), L&D, safety, discipline, contracts, termination, probation, leave, appraisal & performance, discrimination, harassment, intoxication, etc.
• Ensure you cover all aspects with due diligence from expert legal professionals.
• Review and update these HR policies annually.
• Your employees must have instant access to this handbook if they need clarification.
• Conduct regular performance appraisals to classify and grade your employees periodically. Update the revised benefits by the effective transition date.
• Maintain personnel files of all staff and keep these up-to-date.
• Small companies are not exempt from the obligation to provide a safe workspace. The office premises must not pose a threat to the safety and dignity of any employee irrespective of the size and structure of your firm.
• Instilling loyalty through engagement programs and team bonding should not be ignored. Staff is productive when they feel connected to the team.
• Chalk out a conflict resolution strategy even if you do not anticipate any at this stage. Always consider your expansion plans and have HR policies inked on paper beforehand.

• Some HR services can be pretty mundane in nature. HRO service providers with HR solutions software can automate these functions for you. Think about basic functions such as attendance regulation, time tracking, task allocation, and even employee lifecycle management, compliance, L&D, T&E, and salaries that can be managed better by an HRO company. This frees up your schedule to concentrate on your USP and core functions while gaining access to MNC and enterprise-level services and benefits.

  

Most SMBs are adept at multitasking roles, with all employees pitching in to constantly switch gears across a vast array of tasks. Initially, it may be possible to swap portfolios diligently; however, multitasking may hamper your productivity as your business expands. And increasing employee counts require dedicated HR services. Of course, you can use the above tips to streamline HR service responsibilities through your in-house HR team, but there is so much more that an HR team handles that can only be done with the help of dedicated HR personnel.

It’s time to switch seats!

No more unwarranted pit stops! With a dedicated HR task force backing you, you can get back to the driver’s seat, rev that engine, and drive your company to the zenith of success!

Exela HR Solutions is a world leader in HR solutions for businesses of all sizes. Exela understands that every entrepreneur has expansion goals and may not be backed by the infrastructure and resources to accomplish them. Partner with us and fuel your SMB with the horsepower required to steer your vision! Find out more about 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.

According to the world staffing association, more than 3 million temporary and contract employees work in hospitals during an average workweek. The use of temporary staff is no longer limited to clerical, manufacturing, and warehouse work. While staffing firms have always had a presence in the healthcare field - nurses, for example - the growth in temporary healthcare staff has accelerated over the last few years. These firms employ not just nurses and doctors, but also a full range of healthcare professionals. Generally, hospitals rely on staffing services to find reliable and reputable healthcare workers. In addition, hospitals can use temporary healthcare staff to fill roles for a short period while they focus on other critical responsibilities. Because of these and other benefits to the healthcare industry, there has been a significant increase in the demand for temporary employees.

What would motivate anyone to work temporarily? Many people would claim that it is irregular or even risky at times. However, that's not entirely true! You may not be aware, but there are several benefits of temporary healthcare employment. If you’ve been toying with the idea of looking for a temporary healthcare position or if you are in the healthcare business, read on to find out some of the most significant benefits of this growing trend:

More Opportunities

Temporary medical positions are an excellent opportunity to get your foot in the proverbial ‘door’ while meeting new people. You can interact with people from varied backgrounds by traveling to various locations or working in different facilities. This can help you with networking and future employment.

Medical staffing services simplify discovering a range of different career opportunities in hospitals, clinics, schools, physician's practices, and rehabilitation centers.

Healthcare will never stop evolving, and as new opportunities and requirements keep pouring in, so will job vacancies.

Scheduling Breaks

Healthcare is too important to be short-handed - staff getting sick, family emergencies, and childcare can result in a decreased level of care for patients. By utilizing temporary healthcare staffing, those positions can be filled, and patient care is not compromised. This allows for the facility to continue to run smoothly by dipping into a pre-existing pool of professional nurses or doctors on-hand that have already been screened by the temporary staffing agencies.

Growth

As a temporary staff member, if you stay with the same institution for a while and perform well, chances are they will choose to promote you to another position instead of looking for a new hire. Moving up in the same company can give you success without the hassle of job hunting and interviewing.

Pay Scale

Most temporary jobs pay a higher hourly rate and may even include a housing allowance or other living arrangements. Some hospitals are in such urgent need of temporary health care workers that they may even give temp staff a bonus as an incentive to keep returning. Most temporary healthcare staff will also receive full-time benefits without being required to work those same hours. Some full-time and part-time staff also work per diem to increase their income.

Also read: 8 Recruiting Hacks That Recruiters Know They Must Use but Don’t

Broaden Your Skillset

Moving from one hospital to another can give you a whole new world of learning opportunities. According to studies, changing your job at regular intervals helps to improve your ability to appear confident.

Healthcare is a constantly evolving profession, and there are always new things to learn. A new facility may offer you something new to learn, or you may get the opportunity to work with a different range of patients. Additionally, each company presents the opportunity to work with innovative methods and technology. If you work in a big hospital, there is likely a more significant division of labor, which means you may have the opportunity to enhance your knowledge within your specialty. On the other hand, a smaller institution with fewer resources may teach you how to handle many roles at a time. As a result, you expand your knowledge and break out from your "regular" routine.

It's Not Permanent

If you are assigned to a position that you do not enjoy, you are not bound to stay there indefinitely. It will be considerably easier to leave if you are unhappy while working as a temporary team member. Having said that, it is important to stay mindful of the number of times you can jump jobs. Too much of it, and employers may think your career chart lacks stability.

Temporary Healthcare Staffing Market Trends

One of the primary reasons supporting market expansion is the growing population of senior citizens. Besides that, increased knowledge about the benefits of temporary healthcare staffing, job-related incentives, and the availability of chances in many locations are other reasons supporting the market's growth.

Additionally, healthcare staffing services are increasingly employed due to the evident dearth of healthcare workers. Travel options, short-term assignments, flexible work hours, and clinical experience at various locales are also available. This upward trend of temporary healthcare staffing needs better ways to scan and hire these workers. Healthcare Recruitment Process Outsourcing or HRPO is the perfect, most efficient way to recruit healthcare staff. HRPO is the process of finding, assessing, and hiring healthcare professionals for a company or organization. Most HRPO solutions are fast and allow you to recruit from staff worldwide, delivering a diverse range of candidates with varied skill-sets.

How can Healthcare RPO help the Challenges Faced by Temporary Healthcare Staffing?

According to some studies, temporary health workers are more likely to get hurt on the job, particularly when it comes to specific jobs that are inherently dangerous. Hiring a steady stream of new employees to work with your equipment and machinery can be risky. Before starting, you need to ensure that your temps are fully trained on health and safety.

Additional Training Time

Temporary staffing is just that: a quick fix. Unfortunately, the more you rely on temporary labor, the more people you have to train and the more time you have to invest in, ensuring the work is done correctly. After a certain point, it becomes ineffective to keep training temporary people for a job that should be a permanent one. This is one of the easy challenges that HRPO can solve quickly. By identifying the best candidates, recruitment process outsourcing can access a large database of qualified candidates and screen resumes to find a suitable candidate for the position. This will save your business training time and money spent on employee training purposes.

Less Time to Vet Candidates

Since you're not making a long-term commitment to a temporary employee, you may be less inclined to spend as much time screening and certifying them as you would on a full-timer. As a result, you may accept someone who is only "okay" for a job rather than waiting for the perfect match. In such circumstances, this is an acceptable trade-off for the ability to move quickly and fill staffing gaps.

In this case, HRPO is the solution. There are several reasons a healthcare organization might choose to outsource its temporary staffing process to an HRPO. Perhaps they don't have the time or resources to do it in-house or may not have the expertise to vet candidates effectively. By outsourcing tasks like recruitment and onboarding, an organization can spend more time on crucial tasks such as improving processes and systems, enhancing patient care, etc., saving the organization time and money while providing top-notch healthcare services.

Culture Fit Can Be a Challenge

Another downside of rapid recruitment of temporary healthcare staff is that they may not all be a good fit for your workplace culture. This may result in some temporary employees who do not fit in with your workplace atmosphere or struggle to collaborate with other team members.

This worry may be removed by picking a qualified staffing partner like HRPO who will consider your corporate culture by selecting temporary staff to send your way. HRPO can help bridge the gap between the employer and the candidate by providing a more personalized experience for the candidate and helping assess the candidate's cultural fit, and making sure that they understand the company culture.

Long-term Planning is More Difficult

Commonly, new hires take anywhere between a few months to a year to become proficient enough in their position to make substantial contributions to the organization. Unfortunately, temporary employees frequently require more time to meet this standard, making it difficult for them to become essential members of your team. As a result, long-term planning in processes and team member duties might be complex. HRPO can solve this problem, too. It works with the healthcare organizations to create a long-term staffing plan by helping their HR identify the best candidates.

As is evident, temporary healthcare staffing can benefit any healthcare organization, whether a big hospital or a small independent clinic. It can be a quick solution to a staffing shortage, and it can also provide a long-term solution to growing your company. In addition, using temporary healthcare staffing can ensure that your company has the resources it needs to succeed.

Exela HR Solutions Offers a variety of end-to-end Recruitment Process Outsourcing services for temporary staffing. You can choose to outsource as many HR functions as you deem fit. With years of experience, Exela is the market leader in Business Process Automation.

The Exela HR Solutions team can help you focus on your business and scale up while your HR functions like Recruitment are managed on time, with precision and consistency. Partner with the right team to solve all your recruitment problems! Find out more here.

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.

Most adults have a preference for hot beverages. Depending on where you hail from and your palate, there's a high likelihood you'd choose either tea or coffee. Many of us are so habituated to our morning cuppa that we cannot even imagine beginning the day without a few sips of caffeine. Caffeine, found in tea and coffee, increases concentration, improves mental functioning, decreases fatigue, speeds up your metabolism, alleviates fatigue, and gives you an instant influx of energy. Sure, we don’t ruminate about why we're so attached to our choice of brew. But admit it, that hug-in-a-mug makes your day brighter! Likewise, for an entrepreneur, a concoction of expedient technology can really stimulate your business. Just like your morning chai or coffee injects vigor into your day, a good blend of the right technology has the capacity to improve your TATs, enhance efficiency, and reduce costs exponentially. Let's look at the tech tools that can fuel your efforts. Since every business is unique, the ones listed below are rudimentary tools you just cannot afford to ignore. Depending on the variables of your operations, you can expand your portfolio.

1. Social Media:

With billions of active social media users worldwide, social media is first on our list of tech toys. Within seconds of publishing something, you can reach a massive audience. You can create and increase brand awareness, interact with potential clients, sift your target market, generate more leads, convert them into sales, conduct transactions, connect with loyal customers, and increase business goodwill all on the same platform. If harnessed properly, clever use of social media can take your business to astronomical heights. And, much of it is free! Make sure your company has active accounts on all current social media handles. Businesses today cannot afford to neglect this potent tool.

2. Company E-mail:

This is a vital tool in the present day, especially since many workflows have moved towards location-agnostic workflows. It's best to sign up for a professional e-mail account that comprises your company name or a custom domain. When potential clients and customers encounter an e-mail address that is not registered to your domain, they may doubt the authenticity of your business. Invest a little in a corporate e-mail service that serves as a brand reminder and a source of identification. Ensure you have some basic firewalls to protect the information exchanged therein. It would be great to have an in-built planner with reminders and push notifications for assigned and saved tasks.

3. Communication and Meetings:

Face-to-face meetings and conferences have been on the decline since the onset of COVID. Even with many states easing out norms, the preference still lies in online video calls and conferences. Organizations have realized businesses can be conducted more swiftly and economically by eliminating travel, accommodation, and planning costs from in-person meetings. Several free applications are readily available and very user-friendly too. Free versions usually limit the number of participants up to a hundred or so. Try a paid version if you aim to get a large team together for conferences. These platforms bridge gaps by allowing the hosts to deliver presentations and share a view of their screen as participants can join in and collaborate from the convenience of their location. Many of these apps permit recording of the session with a ready transcript so you can easily access the matter discussed. Some of these have limitations on duration or data, so check the specifications before zeroing in on one. (can be used for Webex/GTM later)

4. E-signature Platform:

Electronic signatures permit users to sign documents online as if they were handwritten signatures that are legally binding on all consenting parties as per the terms in the document. This alternative is highly cost-effective when considering all the resources saved in the bargain. It expedites the signing process by eliminating the need to seek appointments, engage in follow-up reminders, and mail documents. And all this efficiency comes along with enhanced security. It is, therefore, no longer a privilege accessible only by the technologically savvy sectors but a necessity for businesses of this era. Encrypted digital signature technology provides the security, stability, and flexibility that the ongoing crisis demands. Most companies have adapted and shifted to digital workflows and automation, but they take a beating at the final stage when it comes down to sealing the deal with an attestation. Team up with a reliable e-signature platform such as DrySign, and you'll never have to wait for signatures again!

5. File Transfer, Sharing, and Storage:

With staff working from home these days, you can no longer walk from one desk to another to share documents. And sometimes, large documents do not fit the size limitations set up by e-mail service providers. Hence, you may require a file transfer application, preferably one that stores information on a cloud so authorized users can access it from multiple locations. If you already have a cloud-based e-signature partner like DrySign, you can share and store signed documents digitally and access them as required, eliminating the need for additional apps.

Also Read: 8 Recruiting Hacks That Recruiters Know They Must Use but Don't

6. Travel and Expense Management System:

Finance teams are constantly attempting to curb the phenomenal costs arising from corporate travel and associated expenses. Business trips and face-to-face meetings add value to certain propositions, but one must be able to justify the cost. Investing in a good travel and expense management system such as PERI ensures budgets are maintained. Some of these applications allow users to scan their invoices in multiple formats as AI extracts all the necessary information from these bills. You can incorporate your company's travel policies and entitlement benefits so your employees stay aware of these while on the move. If they are in danger of going overboard, the system warns them and does not permit such transactions. If your employees are assigned travel or corporate expense cards, these can be integrated with your travel management system while it auto-tracks expense records. Some advanced software permits advance cash and trip requests, so employees don't have to wait in anxiety for reimbursements while they maintain the approved budget.

7. Learning Management System:

Employees need to stay abreast of product updates. Their skills also need to be synced as per market preferences and the shape of the economy. You may have hired a competent workforce, but ensuring they remain proficient is equally crucial. That is why you need a good LMS such as Lynx, which, unlike other platforms, allows you to create customized course content in various formats. This way, you ensure your team is always ahead of the game, armed with knowledge and skills to conquer. Look for applications with gamification features that can make corporate L&D (learning and development) fun and interactive, which improves recall and implementation of those skills. Companies with a plan to scale must invest in an LMS.

8. HR Solutions:

Having an in-house HR can be a burden in many ways. One of the biggest reasons many startups are outsourcing this function is that it is not cost-effective. As a startup, many of your tasks can be outsourced and automated. This move can save you time and money. It is easier to partner with a good HR Service provider like Exela's HR Solutions. You can outsource as many functions as you deem fit. From talent acquisition and payroll processing to employee life cycle management, outsourcing HR can take the burden off your chest, leaving you ample time to focus on your core functions instead. The mantra here is simple – do what you're best at and outsource the rest!

Some prefer their coffee with milk, cream, soy milk, almond milk, or low-fat dairy, while others like it black. They may add a sweetener, maybe cane sugar, beet sugar, sucralose, aspartame, jaggery, honey, or even stevia. Some like it hot; others want it cold. You may enjoy your cappuccino while someone else relishes an espresso. The same goes with tea; chamomile, green, ginger, lemon, spiced, CTC, dust; the market is flooded with variants! Likewise, technology is constantly evolving. There are many exceptional tools available today. Surely, you could over-indulge and overburden your staff into adapting to modern techniques and swanky automation. But, it's wise to abide by this list and prudently incorporate technology as the need arises.

Numerous mechanisms can digitize every aspect of your business. It is easy to get enchanted by the several features and benefits of available technology in the pursuit of streamlining tasks. But, the fact remains: tools are just instruments or a means to a solution; they're not solutions. If used appropriately, they can transform your business, company image, and even help scale your firm. But their value depends on your application and specific use cases.

Do not spend money or even time on free software that may over-complicate your business. The motive is to accomplish and strike off those mundane or time-consuming tasks with minimal intervention. This gives you and your workforce time to concentrate on your core functions. So, select software and services that aid or completely takeover organizing functions.

With streamlined processes and seasoned staff adept at handling HR functions, Exela HR Solutions efficiently manages all your HR needs. Whether you have contractual, part-time, or full-time employees, irrespective of the industry or field, Exela excavates, develops, and maintains the most productive talent for your business! Exela is a market leader in BPA (Business Process Automation) and digital transformation. With end-to-end solutions and customized plans available, Exela’s HR Solutions is a must-have on your tray of paraphernalia for a perfect business brew!

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.

If you want to know one of the most effective ways to motivate your employees, give them a sense that you value their input by setting up an employee suggestion box. Employees who feel they are part of a company are naturally less likely to leave than those who are unhappy and feel isolated.

Setting up an employee suggestion box can be a great idea. An employee suggestion box helps obtain employee input to improve internal processes, allowing employees to participate in workplace decision-making. As a result, your people feel more empowered and take greater responsibility for their job.

Employee suggestion boxes are the foundation of successful employee guidance programs.

“Great things are never done by one person. They are done by a team of people.” – Steve Jobs

What is the Purpose of An Employee Suggestion Box in the Workplace?

An employee suggestion box can be invaluable for businesses looking to improve employee engagement, especially if employees are permitted to retain anonymity. For example, employees can offer their input regarding work requirements, processes, HR, benefits, etc. They can also provide suggestions that can help their organization enhance profitability.

Here are some more benefits of having a suggestion box in the workplace:

Encouraging Innovation

Gathering innovative ideas from everyone in the workplace can help build a more creative atmosphere. Management teams and HR departments may quickly get multiple perspectives by allowing everyone to offer suggestions or feedback. This will introduce them to a unique set of strategies and ideas, encouraging a modern, evolving workplace.

Increasing Morale

People often feel better about their employment when they have a platform through which they can discuss their ideas about work. Hearing out employees' thoughts and considering their suggestions conveys that the manager and human resource department value their contributions. This encourages a culture of mutual respect and has the potential to increase productivity.

Addressing Workplace Hazards

Having a suggestion box in the workplace helps raise employee awareness of workplace challenges. A suggestion box, especially an anonymous one, allows users to easily express concerns that they’re probably not comfortable expressing publicly. As a result, your HR Department can identify workplace concerns and resolve them early on, preventing more critical issues from arising.

Increasing Participation

Employees may feel more engaged and responsible in their job if management implements suggestions from a suggestion box. They can feel happy that their contribution resulted in a positive change in the workplace, inspiring them to be more proactive and seek more opportunities to progress in their role. When other employees observe that one individual has made a difference in the workplace, it may inspire them to take greater responsibility for improving their environment.

Increasing Self-Assurance

An employee suggestion box can provide a secure environment for the staff to express their ideas and boost their confidence in their professional contributions. Some employees may feel shy or nervous about expressing their views with co-workers during meetings. Being able to write and offer suggestions might be a low-stress approach to cooperating with the HR team.

“Turn ideas into reality”.

How to Encourage More Suggestions from Employees?

Any organization's HR department needs to understand that employees most likely have something to say even if they are quiet at weekly or monthly meetings.

To encourage the use of an employee suggestion box, management should first ensure that employees know their ideas will be respected and not be judged and criticized.

So, how can you encourage your employees to give their suggestions?

Here are 5 tips that are guaranteed to work:

Listen

An excellent way to encourage your employees is to listen to them when they eventually speak up. Allow them to put across their points clearly and thoroughly, and ensure you do not misinterpret their comments.

When your employees are assured that you care about their opinion, you are encouraging them to communicate openly.

Be Approachable

Your staff will feel free to convey their thoughts or challenges to you only if they feel comfortable approaching you. Be more approachable at work; avoid blocks, and be more accessible. Doing this can yield a positive impact on the growth of the company.

Incentive Ideas

You can encourage your people to convey more at work by executing a non-punishable culture for speaking up.

Develop an atmosphere that rewards employees for sharing their ideas or bringing innovations. Employees are more likely to come up with good ideas for the organization if they know there’s a reward attached. Also, this promotes inclusion because brainstorming is not limited to the senior management.

Implement their Concepts

If you motivate your employees to speak up but fail to execute or implement any of their ideas, it may discourage them from sharing their suggestions. It would help if you used the feedback shared with you. This will make your employees feel like their ideas are worthwhile and valuable.

Is An Employee Suggestion Box Right for Your Business?

Having an employee suggestion box allows your employees to share exemplary ideas for workplace changes. In addition, it may create a happy and open working environment when done correctly.

However, before you commit to a formal employee suggestion box, there are a few things to consider:

• Transparency: For an employee suggestion box to work effectively, you must commit to transparency between employees and management.
• Monitoring: The finest employee suggestion box necessitates tight monitoring, including the time and resources required to follow up on exceptional ideas. You can assign ownership of the management and action to a team of HR employees.
• Preparedness: Suggestion boxes may lead to discovering some fantastic ideas; however, they can also reveal some unpleasant things. If you are managing a suggestion box, you must be receptive to any suggestion that comes your way.

Modern Methods for a Workplace Suggestion Box:

The first vision that comes to mind when we hear the word "suggestion box" is a wooden box with a slot at the front for employees to slip in their suggestions on a piece of paper and a small door at the side for the HR to access the same.

However, in this digital age, people are accustomed to sharing their thoughts via social media applications, emails, and only comments rendering physical suggestion boxes impractical. As a result, virtual suggestion boxes have become highly relevant in today's organizations to encourage corporate innovation and increase employee engagement. You may make an intelligent workplace suggestion box by:

• Using your workplace portal
• Encouraging anonymous emails
• Conducting pulse surveys
• Having an online form

How are Virtual Suggestion Boxes Better than Traditional Ones?

A well-constructed suggestion box can improve a business significantly. It can take an organization from point zero to a unicorn level.

Offering employees a way to voice their suggestions and concerns is critical to maintaining a healthy, productive workplace. While the traditional suggestion box has served this purpose for many years, it is a relic of the past. It's slow, cumbersome, and outdated. But with the advent of modern technology, suggestion boxes can now be virtual and tailored to your specific needs.

Virtual suggestion boxes are quicker and easier to use than traditional suggestion boxes and can also be customized to fit your company's specific needs. Additionally, virtual suggestion boxes are more secure and confidential than traditional ones. They can be password-protected and only accessible by authorized employees.

There are several reasons to virtualize your office suggestion box:

• Accessibility: Virtualizing a company's suggestion box is beneficial in a remote work setting. Employees may live or work in a different region or time zone. With an online suggestion box, they can submit input anywhere and anytime easily.
• Paper savage: There are several ways to go green in the office, and one of them is to use a virtual suggestion box to save paper. Employees submit suggestions, ideas, or complaints online using a form or email, so no paper is wasted in distributing or filing suggestions. In addition, employees can see the status of their submissions online, encouraging transparency and accountability.
• Anonymity: Anonymity is essential when collecting feedback. This is because responders need to feel safe and positive that their data will be confidential. Anonymous online suggestion boxes are necessary for building this trust. They also help remove biases, making the process fairer for everyone involved.
• Fast delivery: Virtual suggestion boxes are a great way to collect employee suggestions. They're faster than traditional suggestion boxes and can be set up to notify specific personnel in real-time when a new suggestion has been received.
• Qualitative and quantitative feedback: The data collected by online boxes can help the organization rebrand itself and improve while saving costs.

Finally, it is up to you to develop an employee suggestion box. However, remember that some of the best ideas come from unexpected places! Choose a small panel of judges, and if possible, rotate the members regularly to read recommendations every week or two. Give everyone feedback on why their ideas were picked or not picked, and begin to put suggestions, big or small, into action. Who knows where their ideas will take you if you get everyone motivated and follow through with results.

Using the proper tool goes a long way in inspiring your employees to give suggestions. However, some employees won’t provide any suggestions unless they are sure they can do so anonymously.

Want some more pro HR tips or guidance? Want to give your HR functions the edge to take on today’s competitive marketplace? Trust Exela HR Solutions to help your HR team focus on enhancing experiences for your employees. Exela HR Solutions is a global leader with decades of experience in providing holistic human resource solutions, right from payroll and recruitment to C&B, T&E, and HRBP services. Get in touch with our experts today to learn more about our offerings.

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

From tossing away floppy disks into the deep abyss of electronic trash, never to be resuscitated, we moved on to CDs. Thereafter, storage and memory further evolved as we paved the way for pen drives and external hard drives until we finally realized it's a lot easier to have your stuff accessible from everywhere without having to cart it along physically. Travel light, travel easy; and still carry all your work and history. How you ask! Well, just put it in a cloud!

As a result, HR solution providers have been combining cloud-based HR services and enterprise software for an enhanced service experience. So, instead of storing files and data physically on your laptop or traveling along with multiple devices, cloud storage enables you to save and, more importantly, access your information from a remote database. There are a host of benefits to incorporating these within your workflows, the most crucial being flexibility. So, as long as you have a web-enabled device with an internet connection, you can work remotely from your home, a café, or even a different time zone and still have everything you require at the click of a button.

One cannot restrict cloud computing to a single segment of technology. It is a multi-functional, complex web that somehow seamlessly simplifies applications. These can be classified as under:

1. Software as a Service (SaaS)

Licensed use of the software is provided as a pay-per-tenure or on-demand in this type of model. The service provider maintains the associated hardware, infrastructure, tech support, hosting platform, and other variables, making it extremely easy to manage with a meager investment compared to developing and maintaining an in-house system.

2. Infrastructure as a Service (IaaS)

IaaS is an excellent option for businesses that are averse to purchasing software but wish to outsource on-demand functions. In simpler terms, instead of owning the infrastructure, you can rent all the equipment required to run your applications. In this case, you do not own rights to the hardware or OS but have greater control to develop and manage your own applications. Needless to say, you need a tech-savvy team capable of handling such tasks.

3. Platform as a Service (PaaS)

There is a fine line differentiating SaaS and PaaS. Instead of delivering ready applications as in SaaS, with PaaS cloud computing models, businesses can merely purchase a platform that forms the blueprint for creating applications that can be transmitted and used online. The fundamental essence and software are hosted and managed by the service provider while you can focus solely on your specific use cases and scale in concurrence with your needs.

4. Business Process as a Service (BPaaS)

When you outsource a business process based on a cloud service type model, you engage a BPaaS model, a technology-driven form of Business Process Outsourcing (BPO). It may be interconnected to and based on a combination of the above-listed models. For instance, HR consultancy, payroll processing, compensation management, recruitment process outsourcing (RPO), onboarding process, staff training, employee learning and development (L&D), employee benefits, job evaluation functions when provided by internet-enabled service portals are all excellent examples of HR outsourcing services performed through BPaaS.

Now that you understand the basics of cloud computing, let’s figure out its relevance to your business and how you can benefit from cloud services as we walk you from 1 to Cloud Number 9:

Also Read: Pre-screening Strategies – Simple Recruiting Tips that Will Help You Filter & Pick the Best People

1. Maximize functional flexibility

In today's work environment, being location agnostic is highly preferable. Cloud computing service providers offer you precisely that privilege in abundance. You may not have realized it but checking and responding to your emails while on the go is a technological marvel facilitated by cloud computing. Can you imagine harnessing similar technology to ensure HR functions such as global payroll processing ensures your employees are always remunerated on time, every time?

2. Backup and Recovery for Redundancies

In the event of a natural calamity, you risk losing precious documents stored in physical form or even those in local desktops and similar hardware. But, if you secure your files in a cloud, recovery is easy even in case of a disaster. All you need is internet access. Your office could burn to the ground, get flooded, or be ripped apart by a quake. But, your documents will still remain safe as long as you team up with a reliable cloud computing service provider.

3. Saves valuable time

You can dramatically reduce your TATs spent in retrieving files from physical storage. With cloud computing services, authorized employees can easily access their work files from anywhere. This paves the way for swifter workflows, significantly noticeable when time differences and access to administrative staff and their respective working hour limitations may hamper productivity.

4. Reduces Cost-to-Company

When you team up with an HR consultancy service provider that integrates an enterprise cloud computing solution as part of their HR consultancy services, you automatically cut down on costs incurred from maintaining an in-house HR team and facility. When you use technology to automate specific HR processes such as employee leave management, employee L&D, candidate sourcing, shortlisting, screening, tracking, background verification, acquisition, interview scheduling, coordinating, assessments, offer letter management, onboarding, exit formalities, payroll processing, employee benefits management, attendance, employee separation, provident fund coordination, and many other HR specific roles, you avail all of these services at a fraction of the cost as compared to maintaining your own HR team. You can disburse the budget saved therein towards core functions and hire quality talent for prime operations instead.

5. Enhances Compliance

When you engage the services of an HR consultancy with cloud computing-backed systems, you can define your HR framework in a manner that the design ensures compliance as per the limitations set by you. In addition, an intelligent system has the capacity to recognize exceedances and thereby disapprove them, allowing you to streamline your HR tasks. Similarly, when you revise existing processes, an HR service provider using BPaaS has the added advantage of instantly updating all information and functions simultaneously across all locations by the effective date and time as provided and set by you.

6. Reduces excessive Headcount

Instead of dedicating time towards HR functions, your skilled employees can focus on their core functions. You can allocate roles more appropriately by eliminating the need for excessive staff while a dedicated HR service provider encompassing all HR functions available as a cloud model performs the mundane administrative HR tasks.

7. Become Environment Friendly

Some HR enterprise solutions integrate cloud computing not only for recruitment, payroll, leave management, and employee lifecycle management processes but also upsell additional features pertaining to employee L&D (learning and development) and electronic signature solutions, completely revolutionizing the documentation process. Incorporating such technology-backed, paperless HR services puts your company in the green circle. Being recognized as an environmentally conscious company with sustainable workflows allows you to conduct business with like-minded organizations that prioritize conservation. And, of course, you'll never be scrambling to locate missing paperwork.

8. Promotes Teamwork

Imagine the convenience and flexibility provided by files that can be accessed and altered by every authorized team member. Cloud applications allow users to create, edit, share, and save work. So, employees can put their heads together and collaborate simultaneously from diverse or multiple locations. Hence, your document does not have to go back and forth across desks seeking inputs, approval, or verification.

9. Increased Efficiency

With cloud technology providing accurate analytics, HR personnel can access insights that decision-makers can strategically use for better output functionality. For example, you can develop precise, situational-appropriate solutions if your HR service provider alerts you of alarming attrition rates within a particular department since the tenure of specific management personnel. Leave the guesswork out of professional tasks and watch your business improve in performance and productivity.

Running a business requires extensive multitasking. So why overcomplicate it when you have technology available to streamline functions! Neither you nor your HR team deserves to be overwhelmed with tedious workflows. With Exela HR Solutions, you have the power to cut right through the complexity reducing it to manageable bits that only a superior HR service provider backed by cutting-edge cloud computing servers enable. At Exela, we believe in reducing your staff's workload by striking off the mundane and administrative tasks from their lists, leaving them ample time to focus on core competencies.

It is essential to maintain your competitive edge with powerful insights backed by robust and reliable data analytics from industry experts who balance the use of technological precision in HR processes. With decades of experience in the BPaaS space, Exela provides customized end-to-end HR solutions to help your business succeed and scale to desired heights. Exela employs user-friendly, technology-driven HR strategies designed to accelerate growth, thereby transforming employee potential into measurable productivity through cloud computing HR services.

One cloud to sync them all!

Up here in the virtual cloud, you gain access to several related HR applications and tools to streamline multiple functions with real-time updates. It’s time to leverage the power of the cloud! Find out more about what Exela HR Solutions can do for your business 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.

Darkness cannot drive out darkness; only light does. Likewise, experienced HR service providers attest that negative attitudes cannot yield positive outcomes! Besides, behavior is contagious, be it positive or negative. The tentacles of negative attitude can grow and infect an entire team with negativity oozing into the whole office, jeopardizing your workforce's productivity if not halted in time.

But what constitutes a bad attitude? Gossiping, stealing credit, misusing privileges, inappropriate behavior, being perpetually late, not following the prescribed dress code, inability to accept responsibility, correction, or suggestions, insubordination, not maintaining decorum, recklessness with company property and facilities, inappropriate communication, selfish approach towards team tasks – these are all examples of negative employee attitude of varying degrees. It may seem absurd, but even some seemingly insignificant toxic acts can build tension between team members destroying their morale, leading to high attrition and loss of good talent, thereby incurring considerable losses. HR service personnel cannot afford to ignore such leaks. That's why we shall address how to bring in that ray of light that can reinforce productivity when faced with such situations. Here are some excellent HR solutions that can turn things around:

1. Define your Work Culture

They say prevention is better than cure, and with good reason! So, begin by chalking out excellent HR policies and hiring right. Your HR service provider must employ personnel that will contribute not only by their talent but also to the personality of the workplace. Some people have a charisma that brightens a room as they enter. Their perspective, approach, and interpersonal skills create a conducive vibe for teamwork, creativity, and productivity. Ensure your HR service team looks for that spark early on while recruiting candidates.

2. Set an Example

Your HR service team may have hired the best talent with the most suitable aptitude and soft skills that can genuinely elevate your work environment. But, business acumen demands constant evaluation and subsequent strategizing. So, one must take a peek within and introspect with an unbiased approach every now and then. As a leader, you and your managing team must lay the foundation stone for your company's work culture. Are you setting a good example for your team? Set the tone right and watch the cascading effects. If you consciously reward positive attitudes and performance, your employees will begin to produce outcomes in sync with your standards and expectations.

3. Emphasize on Teamwork

A competent manager does not fill in for everybody; instead, they empower the team to achieve targets and succeed. When you detect an attitude problem that hampers your team's productivity, you can begin by addressing it as a universal concept without accusing any particular person. Of course, be vocal about the changes you expect, but perhaps it would be polite to address attitude-related challenges as a team. Initially, use pronouns such as 'we' instead of 'you' that convey your expectations and corrections in a nicer way to the whole group.

4. Assign a Mentor

So many variables may interfere with your employees' attitudes and outcomes. Sometimes, a team member may be coping with external stress factors making it tough to switch and adapt to the work environment instantaneously. In such cases, a reliable colleague may be able to help them transition through a difficult phase. Additionally, as per this HR solution, working under close supervision of another staff or leader, preferably one they are comfortable with and trust, allows them to observe, learn, and adapt.

Also Read: 5 Ways HR Services Outsourcing helps Small Businesses Save Money

5. Introduce Changes 

At times, individual employees may be very talented and resourceful, but their team may not be the best fit to draw out or showcase their professional skills. Proficient HR service managers possess the knack to identify appropriate talent to swap positions and assignments accordingly. Perhaps these underperforming teammates may be their productive best in another role or when more suitable teammates are assigned. In fact, their inability to perform well because of unmatched placements may be the root cause of their bad attitude. An HR service personnel or a manager may attempt shuffling them a bit to watch if they are the ones influencing the environment or vice versa.

6. Recommend Corrective Training

When entrusting employees to the supervision of a role model proves insufficient, refreshing their minds with company HR policies and attempting to hone their soft skills may be beneficial. Ensure the progress of participating employees is well-documented during the course of their training. It may allow you to comprehend the crux of the situation and steer the employee towards a more productive path. A slight change in routine and environment may also help rejuvenate them, and they may return all pepped up with charming positivity.

7. Re-evaluate

The success of any training program depends on the ability of an employee to translate the skills learned therein into implementable actions. After enrolling your staff into corrective training, you must observe their progress upon completion. The attitude and behavioral problems that provoked remedial training must wear off. Don't wait for appraisal time; review their progress and convey to them if there is scope and need for further improvement. Ensure you document their path and progress.

8. Separation

This must be considered only as a last resort. Employee separation is warranted only in case of severe acts of misconduct such as gross violation of company policies, acts that threaten the safety of co-workers, office premises, or property. Inappropriate behavior that deliberately disregards the company's ethics are examples of unjustifiable attitudes that cannot be taken lightly. However, ensure your HR service provider has exhausted all other approaches to rectify the problem before arriving at this conclusion.

Irrespective of how profound the impact may be, continue to encourage the remainder of your employees while you deal with the specific staff simultaneously. Ensure the team’s morale remains high because motivated employees are far more productive than those who are disinterested. You should aim to contain the negativity as you treat it in a manner that is aligned with your HR policies.

With Exela HR Solutions, you can get customized HR service plans to help you acquire, maintain, develop, and motivate your workforce for maximum productivity. Exela is a market leader in BPA (Business Process Automation) and is well-equipped with competent HR service professionals and advanced software to stimulate your entire workforce. A team of dedicated and skilled HR service professionals with decades of experience across several industries can steer your employees to a path that not only motivates them but also encourages the growth and progress of all within the team. Find out more about what Exela HR Solutions can do for your business 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.