Shared services is
the link of business operations that are used by many parts of the same association.
Today, most companies employ a shared services model for finance, human
resources management and information technology.
The goal of a shared services delivery model is to
allow each business division to focus its limited resources on activities that
support the division’s business goals. Knowledge has often been the teamster
for shared services within an organization because it can be expensive to
purchase, maintain and train employees to use. Back in the 1920s, for
example, an Underwood typewriter cost $100 and typists were highly trained
employees. Instead of having each business division within the company
hire its own typists, a centralized department for typists was seen as being
more cost-efficient and the typing pool was born. Today, a entering pool
would be named a shared service center.
Basically put, HR Shared Services is a strategic
way to provide HR-related services to an ever-growing employee base. And
it comes with some advantages such as continuity and efficiency. Here are
seven advantages to following this type of strategy.
Consolidate
HR tasks and software
When a company
expands rapidly, leaders often find a fair amount of redundancy in the HR
department. In some cases, work is duplicated over numerous people or
different departments, and sometimes, these different HR units are using
different software to manage the same task. By consolidating these tasks
and software under one HR shared services team, most companies will see an
increase in efficiency and cost savings.
Optimize HR
operational efficiency
A rising company must have an HR team that drives
with it. If not, most will see a drop in efficiency. Under a shared
services strategy, tasks that warrant such an action can be transferred to
people within the HR services hierarchy that can take over such duties.
One example would include payroll processing. This frees up other HR
professionals on the team to focus much more attention on people and talent
pool development.
Continuity
hr outsourcing companies continue to expand. Following
an HR shared services plan permits for processes to be assumed
in the same way each time. A good example of where this can be successful
is through the onboarding of new employees. In this manner, each employee
is onboarding with the same proves and standards as the co-worker before them.
Internal
resources can focus on strategic tasks
Hiring an HR shared services approach permits for firms to focus on more
strategic tasks. Those contain tasks such as talent management, human
capital development, staffing and retention. All these processes are of
significant importance to the company’s growth strategy.
The
development and retention of the talent pool
With the previously mentioned tasks in place, companies can focus on
recruiting and developing an intelligent talent pool to help build a better
business and increase positive business outcomes. Bettering the talent
development processes lets for continuous meeting, rewarding and retention of
the talent pool.
Increases
employee experience
With using an HRSS policy usually clues to a faster service. That
means employee requests are filled more quickly and employee questions are
answered correctly. This gentle type of service means workers have
positive interactions with HR. Fostering positive connections between employees
and HR supports a better employee experience across the association.
Saves money
Touching HR to a shared services approach is an investment. Through an
HRSS, corporations can automate processes, decrease manual tasks, and
centralize information, which means that less time and resources are required
to resolve a request. And saving time on manual and redundant tasks enables HR
to spend more time, as previously mentioned, on strategic work which leads to a
higher return on investment.
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