Great talent is rare. But people who know how to spot great talent are even rarer. Why? Simply because of this age-old, unwritten paradox: “Game recognizes game.” It takes talent to spot talent. But, it’s not difficult at all. A slight change in perspective is all you’ll need to get started in the right direction.

This blog discusses how to cultivate this talent to spot great talent. Read on, and you just might find the next Mark Zuckerberg or Elon Musk!

• Think different: It is a basic human tendency to get comfortable with people with similar tastes and worldviews – birds of a feather flock together. This often hinders the ability to spot great talent. More often than not, talented people are inherently different. In a way, them not allowing themselves to think conventionally sets them apart from everyone else.
  
  Hiring managers need to understand that progress comes from change, and change comes from people who think differently, people who challenge the status quo. This is why big and successful companies like Google and Facebook insist on diversity. The more diverse the background of people in a team, the more different each one thinks while attacking the same problem. This results in solutions that are extremely difficult to replicate or break.
• Start building a robust network of talented individuals: Do this if you haven’t started already. Start creating different communities of engagement online. Allow them to know what your company does and display your work culture. We as humans have a natural tendency to inspect any new thing or place before we are sure that it is good for us. Online communities serve this exact purpose where talented people can come together and warm up to the idea of working for your company.
  
  While it is good for them, it’s great for your hiring managers too. With a tightly knit, highly engaged community of talented individuals, you always have a go-to place ready from where you can find the best talent for free whenever you have an opening in the future, without relying on incompetent sourcing strategies. Don’t start digging a well when you’re thirsty!
• Look for the right traits: Most hiring managers focus too much on resumes and past experience. Although it might give some insight into how an individual performs, it is often a poor indicator of talent and individual thought process. For certain skill-based high-risk/high-pressure jobs like surgeons or pilots, it is 100% acceptable and required to factor in past experience as it is the only thing that counts.
  
  However, for most modern, sedentary jobs that mostly require a healthy mix of critical and lateral thinking, focusing on resumes and past experiences might not be an ideal judging process. Instead, focusing on specific foundational traits like learnability, emotional intelligence, drive, communication, collaboration, persuasion, public speaking, brevity, mental organization, resource management, and time management can be a far superior method of judging and locking in talented individuals. And with artificial intelligence on the rise, these irreplaceable and innately human foundational traits have a greater demand now more than ever while continuing to rise in the future.

Also read: Will HR Outsourcing Be Feasible After Pandemic Ends?

Exela HR Solutions is an industry leader in recruitment outsourcing, and we deploy many more smart tactics like these to find great talent for your business quickly. HR is what we do — day in and day out. We have a team of experienced HR professionals, each an expert, dedicated to their slice of the HR pie to make sure all your HR tasks are carried out correctly and on time. Not only that, but we bring the best HR practices and robust HR technology to your company that minimizes employment-related risks and helps you take even better care of your employees.

• Fast and Efficient Talent Acquisition Process: Our well-built networks over the years allow us to find the right talent for your business as quickly as possible. This includes requisition management, sourcing and applicant tracking, interview assessments, offer management, onboarding management, and more.
• Global Payroll Processing & Full Employee Benefits Administration: Our powerful HR technology that will back your organization can to deliver payouts globally and on time. We also manage employee benefits like variable-component, hazard pay, overtime, etc., so your employees never get less than what they deserve.
• HR & Business Partner Services: Dedicated HRBPs for your employees to make sure every issue or concern of theirs is addressed effectively and on time. This includes grievance management, leave management, engagement activities and surveys, travel and expense management, rewards and recognition management, workshops, coaching and mentoring, virtual focus and open house meeting management, and more.

Try Exela HR Solutions today!

Sources: shrm.org | hbr.org | reports.weforum.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.

An Alarming Trend in Employee Behavior

As an employee, regardless of industry or designation, what do you think is one of the most stressful parts of your job?

To an industrial electrician, replacing a damaged insulator on a 500,000-volt live electric powerline while dangling 300-feet above the ground could be stressful. To a CEO of a Fortune500 company, working on near-impossible-to-solve manufacturing problems could be stressful. But what is that one thing that is stressful for both? Hint: It comes once every year.

Yes, you guessed it right! Appraisals.

Since the 1960s, appraisals were conducted in the same way they are majorly conducted today – once a year, ending with disappointing results. Multiple researchers have consistently concluded that employees experience moderate to high stress before and during the appraisal process. One research done by the Neuroleadership Institute found that 90% of all employees said they felt discouraged after knowing their appraisal results which later resulted in diminished engagement.

So, in simpler terms, appraisals may be defined as a psychological machine that takes in happy, motivated employees and churns out discouraged, stressful, and unengaged employees. This is a huge problem.

THE TREND (A PROBLEM)

For the past 60 years, everyone was more or less okay with this system. Everyone did their best and didn’t think much about how things work. However, in recent years, a trend emerged in the markets that bypassed the system; finally freeing employees from the shackles of despair and unhappiness.

“Landing a new job before their performance could be evaluated at the old job.”

On the surface, this could be viewed as a big win. Employees stay happy and motivated and give their best without worrying or stressing about a raise or a promotion. That’s what any company would want, right? Happy employees, who give their best? Sometimes, yes. But most of the time, this is a clear indication of an oncoming disaster. Especially for companies that are small, new, and growing.

Companies spend a lot of time and resources on new hires. Weeks of training are usually given to new hires to ensure consistent, high-quality output, and it can take months before the employee becomes fully autonomous and efficient. After an employee has reached this stage, it may take a few more months to get a full return on investment – time, money, and efforts invested in making that employee fully capable of performing their job. This is called “the gestation period”. This gestation period can easily take more than 1 year, as it does in most cases.

If an employee leaves in the middle of this phase, the investment is considered a loss. If this pattern continues unchecked for a long time, the business at some point in the future suffers tremendously.

The second big problem with this trend is that attrition rates go through the roof – attrition rate is the rate at which employees quit. This attrition situation not only affects the business but affects other employees too. Work culture is disrupted, existing employees are over-burdened, and morale is reduced, causing stress and burnout. All these factors impact the business severely.

THE SOLUTION

Employers have found a solution to this problem, but there’s a catch. The solution is simple: break the 1-year cycle. Big giants like Adobe, Google, Microsoft, GE, and Accenture have successfully replaced the yearly appraisal process with a more frequent and less formal "check-in" process that usually happens every quarter or two months. This “check-in” covers all the essential topics like expectation, feedback, growth, and development. This worked wonders for Adobe.

The catch here is implementation. It’s a new and difficult change that needs to be implemented correctly. If not, it can most certainly come across as micromanagement.

Exela HR Solutions can help you implement this change because we know exactly how it’s done. HR is what we do — day in and day out. We have a team of experienced HR professionals, each an expert, dedicated to their slice of the HR pie to make sure all your HR tasks are carried out correctly and on time. Not only that, but we bring the best HR practices and robust HR technology to your company, minimizing employment-related risks and helping you take even better care of your employees.

• Fast and Efficient Talent Acquisition Process: Our well-built networks over the years allow us to find the right talent for your business as quickly as possible. This includes requisition management, sourcing and applicant tracking, interview assessments, offer management, onboarding management, and more
• Global Payroll Processing & Full Employee Benefits Administration: Our powerful HR technology that will back your organization, has the ability to deliver time global payouts. We also manage employee benefits like variable-component, hazard pay, overtime, etc., so your employees never get less than what they deserve.
• HR & Business Partner Services: Dedicated HRBPs for your employees to make sure every issue or concern of theirs is addressed effectively and on time. This includes grievance management, leave management, engagement activities and surveys, travel and expense management, rewards and recognition management, workshops, coaching and mentoring, virtual focus and open house meeting management, and more.

Try Exela HR Solutions today!

How are businesses thinking now?

The COVID-19 pandemic, fortunately, or unfortunately, shattered all fundamentals of doing business, fundamentals that were put in place and practiced religiously for more than half a century! Businesses tried hard to keep their heads above the water, and most of them made it to the other side, barely surviving.

The pandemic forced us to work remotely, collaborate over Zoom, and socialize awkwardly from our bedrooms. But on the contrary, it also forced businesses to rethink operational efficiency. As a result, businesses are now looking at things from a fresh perspective, which favors optimizing efficiency, productivity, and expenses.

A blessing in disguise?

HR outsourcing is not a new concept; it has been around since the 70s. Businesses worldwide have been using specialized HR outsourcing services to help in-house management executives focus more on revenue-generating activities like marketing, sales, and networking. But for businesses that never felt the need to move their HR function elsewhere, may have been presented with the perfect opportunity to take this leap of faith. Better technology, higher efficiency, and most importantly, normalization of remote work has inadvertently laid the groundwork for such companies to reconsider outsourcing their HR functions.

Savings

Maintaining an HR team in-house means spending time and money on recruiting, onboarding, training, payroll processing, understanding and implementing the constantly changing labor compliancy laws, and most importantly, paying all HR staff hefty salaries. Savings can also be realized when it comes to office space and equipment reductions. A recent study conducted on CEOs of Fortune 500 companies concluded that only 7% of them thought they would need more office space than what they had before the pandemic. Half of them thought they would need significantly less space after returning to regular work life. With the absence of an HR team, businesses save tremendous amounts of both time and money on such expenses, which can be diverted to more efficient and revenue-generating functions like sales and marketing.

How Exela HR Solutions is helping businesses come out stronger after the pandemic

At Exela HR Solutions, HR is what we do — day in and day out. We have a team of HR professionals, each an expert, dedicated to their slice of the HR pie to make sure all your HR tasks are carried out correctly and on time. Not only that, but we also bring the best HR practices and robust HR technology to your company that minimizes employment-related risks like accidental non-compliance and compensation miscalculation and helps you take better care of your employees.

• Fast and Efficient Talent Acquisition Process: Our well-built network over the years allows us to find the right talent for your business as quickly as possible. This includes requisition management, sourcing and applicant tracking, interview assessments, offer management, onboarding management, and more.
• Global Payroll Processing & Full Employee Benefits Administration: Our powerful HR technology that will back your organization can deliver payouts globally and on time. We also manage employee benefits like variable-component, hazard pay, overtime, etc., so your employees never get less than what they deserve.
• HR & Business Partner Services: Dedicated HRBPs for your employees to make sure every issue or concern of theirs is addressed effectively and on time. This includes grievance management, leave management, engagement activities and surveys, travel and expense management, rewards and recognition management, workshops, coaching and mentoring, virtual focus and open house meeting management, and more.

Try Exela HR Solutions today!

In the 1970s, just a few years before the digital revolution started to materialize, two particular companies, “Heidrick & Struggles” and “Korn Ferry,” started thinking in a unique direction, a direction that was never explored before.

Their thoughts quickly took shape, and soon after, they were fully ready to provide the world’s very first recruitment outsourcing service. This was the beginning of the human resource outsourcing industry. As years passed, the digital revolution came along, and with it came a huge demand for human resources. The stupendous growth of the tech industry automatically translated to massive growth in both the number of businesses and their sizes. A well-off company with, say, 2,000 employees now could reach many more customers in different geographies. This meant opening up newer offices and stores in newer locations with say, an additional 2,000 employees.

This change in pace instantly introduced another big problem for almost all businesses: How to manage thousands of employees across different locations efficiently?

Today’s human resource outsourcing solutions are undeniably more superior to what Heidrick & Struggles and Korn Ferry started with, in the 70s. A single group of HR professionals sitting in India or the Philippines can fulfill the HR needs of millions of different employees for tens of different organizations worldwide without breaking a sweat. After all, what supercharged this development? What made it so efficient? And why exactly did the demand for this service grow with each passing year? Let’s have a look.

THE HUMAN RESOURCE PROBLEM

Take any business as an example. Imagine a legal firm that has thousands of employees on its payroll. From lawyers, paralegals, legal secretaries, record clerks, and bookkeepers to IT professionals, management, and HR professionals. For any legal firm, in fact, for any business, to be successful, it has to have two primary objectives:

1. Retain existing clients + keep getting more clients to make more money
2. Keep the cost of running the business as low as possible to make more money

As newer businesses kept popping up during the digital revolution, competition increased drastically. As a result, more businesses were solving the same problem for more or less the same number of people. Therefore, in such markets, objective #2 became way more important than objective #1: Keeping expenses low.

The HR function of any business is a non-revenue generating department. Such departments do not directly contribute to getting more business for the company. These departments, although being 100% essential, cannot be confused with redundancy. But at the same time may not be allowed to operate at such a high cost. According to 2017 research, it was observed that businesses with at least 2,500 employees were spending almost $600 per employee per year on just their HR function. Surprisingly enough, it was further observed that smaller businesses with fewer than 250 employees were spending a whopping $2,375 per employee per year on just their HR function! Such expensive problems could easily bleed a company to death within a matter of months if not realized and addressed on time.

HOW EXELA HR SOLUTIONS IS HELPING BUSINESSES CONTROL OPERATIONS & GROWTH

At Exela HR Solutions, HR is what we do — day in and day out. We have a team of HR professionals, each an expert, dedicated to their slice of the HR pie to make sure all your HR tasks are carried out correctly and on time. Not only that, but we bring the best HR practices and robust HR technology to your company that minimizes employment-related risks and helps you take even better care of your employees.

• Fast and Efficient Talent Acquisition Process: Our well-built network over the years allows us to find the right talent for your business as quickly as possible. This includes requisition management, sourcing and applicant tracking, interview assessments, offer management, onboarding management, and more.
• Global Payroll Processing & Full Employee Benefits Administration: Our powerful HR technology that will back your organization has the ability to deliver payouts globally and on time. We also manage employee benefits like variable-component, hazard pay, overtime, etc., so your employees never get less than what they deserve.
• HR & Business Partner Services: Dedicated HRBPs for your employees to make sure every issue or concern of theirs is addressed effectively and on time. This includes grievance management, leave management, engagement activities and surveys, travel and expense management, rewards and recognition management, workshops, coaching and mentoring, virtual focus and open house meeting management, and more.

Try Exela HR Solutions today!

Sources: hrotoday.com | cogneesol.com | talentintelligence.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 human resource department deals with various tasks like talent acquisition, employee retention, benefits & compensation, employee records, payroll processing, and ensuring compliance with a long list of laws & regulations so that your company doesn’t get sued. Out of all these core functions, if your business were to compromise on any front, it would stand to lose out on its culture, scaling capacity, retention of talent, and more. Since neither of these is something any business would stand to lose, how do businesses with tight budgets manage to get it done?

It’s simple, they outsource it to third parties, and here’s why. It’s a competitive world out there. Companies cannot afford to compromise on benefits or any other facilities and functionalities in this day and age. That is why having good HR in place pays subtle dividends in the long run. And to know how small businesses manage to get it done, we will need to learn how they are different from big conglomerates.

THE DISTINCTION BETWEEN WHITE-COLLAR BEHEMOTHS AND SMBS

The first and foremost thing that sets big corporations apart is the budget and resources they have at their disposal. Looking at the limitations faced by small businesses, the systems, resources, and scale of their operations are modest. These situations demand the HR personnel in SMBs to get creative in terms of employee retention, talent & skill development, benefits, recruitment, maintaining core values, and developing policies.

Some small businesses can’t afford to appoint dedicated people for specific HR tasks and processes. Such organizations don’t believe in single-skilled specialists. This is where generalists are preferred over specialists. In emerging companies, the company owner or the manager has to play multiple roles other than their core responsibilities and take up HR activities like recruiting, creating policies, and managing payroll. Now that the distinction is clear enough, the next question is: Are SMBs at a disadvantage?

Restricted budget and resources, along with other constraints, may paint a negative picture of small businesses, but it cannot be farther than the truth. SMB’s may not have significant retirement plans or a long list of benefits for people to choose from, but people still prefer to work for such organizations nonetheless. It is because they trade benefits for perks that are hard to resist. Perks such as flexible working, casual dressing, and mentoring opportunities compensate for goodies and other amenities that one might get in large corporations. In addition, most SMB’s ensure compliance to the mandatory laws & regulations by outsourcing the compliance and other HR processes to third-party service providers. This makes for a laid-back yet work-focused work environment.

CONCLUSION

In the long run, when it comes to HR management in SMBs and big corporations, both of them are practically the same story, narrated in different languages. Even though SMBs operate with tighter budgets and resources as compared to the big leagues, they simply get the HR work done by either a third-party or by repurposing their current expertise. Either way, HR has become absolutely necessary and emerging enterprises are not compromising on that front.

Source: connecteam.com | study.com | globenewswire.com | fool.com | shrm.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.

Inclining towards more sustainable, transparent, and automated solutions for your businesses’ growth is a vital transformational switch to bridge the gap and restore agility in a changing market environment. Human resource outsourcing (HRO) is one such solution, enabling you to switch to a faster, smarter, and better approach to manage your finances, technology, and human resource management. In the tussle between strengthening your organization by getting involved in foundational processes and looking out for ways to bypass tedious organizational processes, technology-backed outsourcing services offer the perfect solution. Using such services, businesses can outsource some of their most peripheral yet crucial responsibilities to curb costs, increase productivity, and improve their workforce quality. The only challenge that then needs to be taken care of is aligning with the right outsourcing partner. 

HR INSOURCING

For established firms and big conglomerates, managing their employment journey and handling the backend requires a full-fledged HR department with multiple teams working in tandem. Businesses with well-equipped and trained human resource teams that address all these tasks in-house usually have the needed funds and resources to set up and execute all functionalities from scratch. The bright side to having an in-house team is that the coordination is seamless.

However, this may not be a viable option for every business out there. Businesses that run on a slightly tighter budget may find it challenging to put together the funds, time, and resources to manage all tasks and initiatives in-house. In this day and age, not having an adept HR team is a massive setback for any company. Therefore, to procure the necessary expertise and avoid missing out on all the benefits without spending a fortune, such businesses opt to outsource these processes to a third party.

HR OUTSOURCING?

Outsourcing any process initially may seem like a leap of faith, but when you get the right people with the right technology to do your bidding, the dividends are enormous and recurring. The same logic applies to outsourcing HR processes. The thing that sets a great HR outsourcing partner apart from the rest is the approach they use. The ones who employ the right talent and have the best technology in place would be the ones to go with. In addition, letting such HR firms take over specific operational tasks would help you save funds and other resources to strengthen your core functionalities.

One of the biggest myths associated with outsourcing HR processes is that you don’t need any HR expertise of your own after the handover. The truth is that once you outsource your processes, you will still need an in-house expert to coordinate with the partnering HR firm. You would need a strong and established person of contact to keep all the HR specialists from the 3rd party firm on the same page about essential policies, culture, and core values. When you take care of this front, your company will find outsourcing feasible and cost-effective.

CONCLUSION

HR outsourcing not only benefits small businesses but also lessens the administrative burdens of big conglomerates spread across multiple locations. Irrespective of your businesses’ size, strength, and scale, unless you have the needed funds, time, and resources to run your in-house HR department, HR outsourcing is the best option. When you find the right partner that fits your requirements, budget, and technology and perfectly aligns with your goals, your company is prepared to scale itself as you take off and grow.

Sources: investopedia.com | researchgate.net

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.

WHY OUTSOURCE?

Inclining towards more sustainable, transparent, and automated solutions for your businesses’ growth is a vital transformational switch to bridge the gap and restore agility in a changing market environment. Human resource outsourcing (HRO) is one such solution, enabling you to switch to a faster, smarter, and better approach to manage your finances, technology, and human resource management. In the tussle between strengthening your organization by getting involved in foundational processes and looking out for ways to bypass tedious organizational processes, technology-backed outsourcing services offer the perfect solution. Using such services, businesses can outsource some of their most peripheral yet crucial responsibilities to curb costs, increase productivity, and improve their workforce quality. The only challenge that then needs to be taken care of is aligning with the right outsourcing partner. 

BENEFITS OF OUTSOURCING

• Deliver quality services
• Focus on future/long term plans
• Save time, resources, and energy
• High regulation and transparency
• Better and affordable solutions to everyday problems
• Expert advice and consultation
• Increased efficiency
• Error-free management 
• Timely completion of tasks

WHY HRO?

The human resource department is the backbone of any (small-big, local-global) organization, providing essential services by fulfilling various heterogenous roles. However, many expanding and aspiring businesses tend to suffer due to inefficient, overburdened, or uncompetitive HR teams, slowing down their processes and overall growth. Technologically driven HR outsourcing solutions can help organizations streamline and routinize their repetitive administrative tasks, thereby boosting their business and allowing them to spend their time, energy, and resources on core processes. Moreover, HRO is the most convenient and flexible strategic tool, assisting organizations of various sizes in achieving their desired goals and outcomes in a hyper globalized world.   

WHY EXELA HR SOLUTIONS?

Exela HR Solutions work like a support system from the outside yet as an extended part of your HR team, helping you ease out essential yet time-consuming formalities with the help of expert consultation and specialized services. Whether it is about the overburdening of your HR teams or lack or resources, Exela HR Solutions offers services designed to make your journey stress-free without compromising on quality and set standards. Exela understands your future goals, business standards, and work culture, allowing you to opt for customized services that are best suited for the smooth functioning and consistent growth of your business. We believe in inclusivity and respect diversity. Hence, regular feedback, equal and active participation, and active communication are key to a healthy and positive environment vital for enhanced performance and strategy initiatives. 

BENEFITS

• Exela HR Solutions offer a wide range of roles and services, including finance, legality, business, strategy, and technology.
• Payroll administration (time and attendance, monthly payroll, taxation and TDS returns, compensation management.)
• Recruitment outsourcing (recruitment support, background & reference checks, offers finalization, joining formalities, onboarding, separation management)
• Workforce Administration (performance management, learning & development, employee record management, benefits management, incentive plan design, HRIS, global mobility, call center services)
• Compliance (Filing of IT returns, license approvals, compliance management, contract labor management)

NOW IS THE TIME TO SWITCH AND SAVE

We drive you closer to your desired goals by fulfilling specific needs of your business/organization.