You need to be attractive.
I’m not talking about some beauty contest or gimmick. I’m talking about making employees want to come work for you — to be drawn to what your company has to offer, including your ethics and values.
You know how things are. Business is more competitive than ever, technology is evolving rapidly every day, and finding the right workers to reach your goals is a challenge.
With an entire generation set to retire in the next few years, it’s imperative that you start working on yourself now. The never-ending quest to attract and retain talent depends on it.
Finding the right people with the right skills at the right cost matters in every industry, but at present, it is of particular prevalence in the banking, financial services and insurance (BFSI) sector. This is because of rising threats, evolving compliance risks and increasing security vulnerabilities. The ability to respond quickly is crucial.
For instance, 60 percent of banking executives told Deloitte their organization is focused on developing digital talent and driving continuous learning via opportunities across the organization. Developing, reskilling and aligning your total workforce is and will be essential to keeping up with the digital transformation.
More than ever, BFSI companies are turning to HR outsourcing to make a difference in this talent pursuit. HR outsourcing can help intensify the enterprise’s focus on core business functions and strategies while simultaneously collecting, growing and retaining talent throughout the organization. In fact, one of Zalaris’ largest HR implementations this year was for a banking institution.
So why are some in the BFSI sector looking to HR outsourcing to tackle today’s biggest challenges? Let me lay out some of the advantages.
Employing the Expanding External Workforce
The contingent workforce represents about 40 to 50 percent of the total workforce, a trend driven by an exciting new generation looking to apply their talents by jumping from one project to the next. They don’t expect lifetime employment anywhere, and they don’t want to get caught behind the times technologically or culturally by being stuck with a single company. They are often out accumulating strategic skills while those in the internal workforce — mostly in BFSI IT — are battling legacy back-end systems.
These people offer a clear opportunity for managers, and many are beginning to take notice. Oxford Economics found that 65 percent of executives believe external workers are critical to operating at full capacity and meeting market demands. Forty-six percent said they would be unable to conduct business as usual without the external workforce.
The challenge is that procurement, not HR, is in control of this increasingly important part of the workforce. HR, in partnership with CPOs and CFOs, must take control over the total workforce and ensure everyone meets the same requirements to do their jobs, on cultural, educational and deeply committal levels.
The onboarding process can often be overlooked in a modern business enterprise. With busy hiring managers and constant change in many companies, it can leave employees feeling anxious and unappreciated quite rapidly. This can cause lower engagement, longer time to productivity and higher turnover. Guidance from a HR consultancy specialist can make this piece of strategic talent management much easier to deal with going forward.
An HR outsourcing expert can help connect new hires with the right people and relevant content before they start, enabling higher individual productivity faster with quantifiable results. In the competitive BFSI world, this offers a potential leg up — while building a foundation for a longer-term workforce, whether internal or external.
Strengthening Security and Calming Compliance Concerns
Modern human resource functions are also rightfully concerned with compliance necessities, which are built right into the process for a proper HR outsourcing solution. An effective outsourcing partner will make sure there is no question about what was signed and when, a critical step in today’s time of evolving compliance and security concerns. HR experts like Zalaris make it our business to know and address all aspects of secure and compliant human capital management for your entire workforce, wherever your business may operate.
Take GDPR, for instance. We have dedicated our energy to ensuring the privacy lifecycle can be properly managed for employees throughout the client’s workforce ecosystem. Proper management means stronger alignment across the organization in managing HR data and the workforce effectively. Without having to worry about related privacy issues, companies can turn to core business objectives to boost bottom lines throughout the enterprise.
This is where it all comes together.
Supporting Strategic Advantages and Cutting Total Workforce Costs
The greatest benefit of outsourcing HR services is the ability to focus on what you do best. And thanks to modern dashboards and HR analytics as well as simplified compliance management, managing HR will also be easier than ever.
For BFSI companies formulating their talent strategy, HR outsourcing provides another key benefit, reducing costs with streamlined HR operations and more efficient employee management. Enterprises can get ahead where it matters most.
The cloud is an integral piece of this HR puzzle, a journey you must take before you can transform your enterprise into one that will consistently attract and retain workers.
When it comes down to it, though, HR is all about valuing your people, including the growing number that work for you externally. There is too much at stake to lose focus on making sure your people are productive and competitively compensated. This is a commitment we understand and live out every day at Zalaris, and our solutions and services exemplify that.
We want to help you transform into the digital version of yourself, where you manage the total workforce. From cloud to compliance to clarity to capabilities, everyone should be aligned in the spirit of your company culture.
So, what does this all mean? What’s your next step? I’d be glad to talk with you about it. Call me — I’m here to help!
Michael Scollon is the HR Technology Sales Lead for Zalaris in northern Europe. He focuses on helping enterprises reduce costs while optimizing their HR and payroll functions. He joined the company in 2017.