Large companies that have multifunction HR departments outsource HR processes to companies that specialize in HR services. They are capable of handling these specific and often complex tasks. To overcome this issue these large corporates often consult “HR Doctors”. These are third-party companies that are trending in the urban corporate world. It is often referred to as HR shared services or HR Service Delivery. Some examples for HR Shared Services include talent acquisition, human resource management. These also include data analysis, payroll, human capital management (HCM), etc. It also includes employee sentiment prediction software, payroll outsourcing, policy, and process formulation, changes management. A shared services model for human resources is about centralizing services across different parts of the business.
An expanding company must have an HR team on board with it. If absent the company could face a drop in inefficiency. Worse, it may face shut down due to lack of HR management. Under a shared services approach. The tasks that require such an action can be transferred to people within the HR hierarchy. It is capable of handling such duties. One such example would be payroll processing. This reduces the burden from other HR professionals on the team. It enables them to pay more focus on people and talent pool development.
An HR shared services strategy allows companies to pay more attention and focus on areas such as human resource management, talent acquisition, and retention. All such processes enable a company to build a better business structure and increase positive business outcomes, which is important for the company’s overall growth strategy.
Consistency is positively related to the growth of the business as it brings uniformity in the actions required for the process each time. This is crucial, especially when talking about the importance of compliance.
HR shared service strategy enables companies to avail faster service. In other words, employee requests are met more effectively and efficiently. This type of model leads to employees having positive interactions with HR. Promoting positive interactions between employees and HR creates a better employee experience in the organization.
A policy refers to a guide for repetitive action in key areas of business. It is a statement or a strategy of commonly accepted understanding for decision-making criteria. Policies are set up to achieve benefits from the various business processes. Every company needs policies to ensure consistency in action and equity in its relationship with employees. Organizations providing HR shared service formulate policies for their clients to enable them to achieve organizational goals efficiently and effectively.
An SOP is a process specific to operations that describes the activities important for complete actions guided by industry rules and regulations, country laws, or just by how a company wishes to set up standards for running the business. Under the HR shared service approach the company gets relaxation from the time and effort required for the process of setting up SOPs and gets to enjoy the final fruit. This way the management team can pay more attention to the key areas of the company.
Payroll administration refers to the process of keeping records of the working hours of the company’s employees. It involves putting an effort into keeping an elaborated record of employees’ cash flow. In big companies, the process becomes more cumbersome and hectic. By using HR shared service strategy companies can save on the time and effort required for such a tedious task and rather devote this saved time and effort to important functional areas.
Statutory compliance with respect to Human resources refers to a legal framework within which an organization must operate while dealing with its employees. A lot of the company’s effort and money goes into ensuring compliance with these rules and regulations which could cater to a range of issues, including the payment of minimum wages, maternity benefits, and professional taxes. Therefore, for working with statutory compliance companies should be well-versed with the various labor laws and regulations in their country. HRSS model drives efficiency and reduce cost in the statutory reporting process through centralization and standardization, especially by overcoming common challenges faced by all companies in the same industry.
Employee engagement refers to a workplace approach that results in the right conditions for all members of a company to contribute their best each day, committed and loyal to their organization’s goals and values, motivated to contribute to long term success, with an enhanced sense of their well-being. An employee evaluation is the process of assessment and review of an employee’s job performance. Most companies have an employee evaluation system wherein employees are calculated and evaluated regularly. Such tasks require intense amounts of time, effort, and cost, which prevents a company to pay more attention to the key areas. The HR shared services strategy eliminates such hindrances for smooth and efficient functioning.
Succession planning is a regular process that identifies important competencies, then works to assess, develop, and retain a talent pool of employees, to ensure a continuity of leadership for all critical positions. This Succession planning refers to a specific strategy, which lays out the specific steps to be followed in order to achieve the goals and efforts identified in workforce planning. It a plan that managers can follow, implement and customize to meet the needs of their organization, division, and/or department.
Exit Management also known as employee offboarding refers to a process that includes management of the full and final settlement of employees when they take leave from an organization. When an employee is in the exit phase from a company due to various reasons, the paperwork and formalities related to employee exit are required to go through a systematic process. There are various exit formalities such as exit interview, clearance from various departments, replacement of the departing employee, full and final settlement of employee dues. The HR department has a lot on the plate during employee offboarding. By opting for an HR shared services model a company ensures smooth functioning and efficient management of the human resource in the transition phase. So, if you want such HR Shared services in Delhi, Gurgaon, Mumbai, Pune, Hyderabad, Bangalore, call Concat 955-562-6260.
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