In today’s world, the rapid growth of industrialization has led to increasing the demand for trained and qualified employees to manage personal functions and administrative tasks of an enterprise. In order to improve operational efficiency, companies opt for services like human resource outsourcing in which the company that requires trained professionals, hire employees from firms providing such resources by having a service level agreement where both the groups mutually agree to the services that the resource will provide. Particular companies provide outsourcing resources. These resources join the company for a specified project and stay in the firm until the project ends. Once the project is over, the resource gets outsourced to some other business for another project.
The companies that are small to medium-sized outsource human resources in order to manage their administrative tasks in order to have economic and operational benefits. The key trend in the market is recruiting employees for outsourcing from social media in order to identify the appropriate resource for each project.
Human Resource Outsourcing: Drivers and Restraints
The process of human resource outsourcing is beneficial to many companies since this concept makes business processes very economical and efficient. Such factors drive the growth of human resource outsourcing market. Also, a lot of tedious training is required to have a separate operational HR department. Thus, business organizations prefer outsourcing as a solution. Such factors boost the market for human resource outsourcing.
Factors like loss of control over the staff, lack of flexibility restrains the organizations to adopt this outsourcing process. Also, this method prohibits the enterprise to maintain relationships with their employee, and it is also possible that the outsourced resource is not much benefit to the organization. Such factors hamper the growth of human resource outsourcing market.
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Human Resource Outsourcing: Segmentation
Segmentation based on type of outsourcing of Human Resource Outsourcing in Market:
Business process HR outsourcing: In this process, there is an external supplier that manages all the activities of the resource
Shared service HR outsourcing: In this process, only transaction or administrative elements of the human resources are subcontracted to an external supplier
Application (and facilities) service HR outsourcing: In this, the external supplier looks after technological infrastructure in order to support the activities of HR
Human Resource Outsourcing: Competitive Landscape
The key players of the Accenture PLC, Capita plc., Northgate Capital, LLC, Xansa Plc., Vertex Inc., Ceridian HCM, Inc., ADP, LLC.,, IBM, Aon Hewitt and Adecco S.A.