Talent acquisition isn’t how it used to be because nowadays recruitment demands are more methodical. In addition, the competition on finding the best candidates becomes more and more tight. Workplace Trends states that 79% of HR managers struggle on finding best fit people who match the job requirements of their organization. Usually candidates fall short on the following:
While the number of work opportunities increase, the skill gap remains. This results in multiple companies competing to a shrinking talent pool. Other challenges in recruitment are:
Unlike the older generations, the younger workforce is more accustomed to jumping from company to company, with an average tenure of not more than 3 years in an organization. If they don’t find their sense of purpose and are satisfied with the career development or the training program your company has to offer, they usually look for the next big thing.
Decreased Volume of Applicants
SHRM study shows that 51% of organizations do not make quality hires from either lack of talent supply with the increasing workforce demand or that your company has no online presence. It is important to note that ⅓ or 80% of applicants are looking for jobs online.
Most if not all companies aim to hire the best people to employ. Yet shrink in the talent pool makes hiring a competition between businesses. Job seekers with the best skills and sufficient experience usually choose which company to commit. But if you don’t have a solid recruitment process nor access to these talents, you won’t get the best people for your organization.
Company Name Recognition
It’s easier for well-known companies to make a hire. For small to medium businesses, the candidate pool gets even smaller making it more difficult to fill in job openings. You have to have a good reputation or a brand presence for applicants to trust your organization enough to apply for a job vacancy. Your recruitment team should have strategies to keep the ball rolling despite said competition from reputable companies.
79% of hiring managers admit that they don’t know how to resolve these challenges. But a smart way to circumvent it is by finding an outsourcing company who can ensure building great high-performing teams for you. But why is access to world-class talent important for an outsourcing company?
A good outsourcing provider has a dedicated team of highly-experienced recruiters who can deliver results by making quality hires. A solid recruitment team knows where to source candidates that will fit the unique needs of your business. Lastly, a short recruitment cycle attracts high quality applicants and good candidates.
At Infinit-O, we have access to over 9 million job boards, have partnership with professional and non-professional organizations and top universities so we have the first dibs on quality job seekers with the right skill set, knowledge, experience and certifications. We also don’t limit ourselves to geographical borders but we find people from all over the world.
The right outsourcing partner ensures a 30-45 days hiring to onboarding because having access to world-class talent makes the hiring process faster and efficient. This fast yet quality recruitment process results in an overall impact on business performance because skilled professionals can start procuring for your business within the strategic timeline. This efficient timeframe not only fills in needed positions but ensures that they are trained and on-board before starting assuming the role.
Access to a sufficient talent pool decreases cost-per-hire and time-to-hire therefore allowing you save operational and hiring costs Always bear in mind that extended recruitment cycles are costly, aside from the operational expenses needed in finding people for your company, delay in hiring people results in delayed workforce operations that have a significant effect on opportunity income and profitability.
When looking for an outsourcing partner, another thing you must remember is to partner with one that has a High Net Promoter Score.
Why does a high Net Promoter Score equate Operational Excellence?
Net Promoter Score (NPS) helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.
In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.
Look for a trusted outsourcing company that can help you build a dedicated F&A team that has:
Partnership with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.
Infinit-O Key Benefits:
We can build you a great teams for the following line of business:
Finance and Accounting
Research and Data
Customer Experience Support
Back Office Support
May it be a startup or a multinational company, finance plays a vital and crucial role in any business. This is why companies allot time and resources to hire skilled accountants and provide them enough training to effectively manage the demands of their position. Before, building a Finance and Accounting team was usually done in-house, but with the rise of the outsourcing trend in F&A, more businesses are able to enjoy the advantages of outsourcing. In addition, outsourcing is one of the best methods to rebuild your F&A Team while your business recovers from the COVID pandemic.
In fact, accounting was the most commonly outsourced service among 195 businesses surveyed for Clutch’s 2019 Small Business BPO Survey with 37 percent followed by IT services and digital marketing. The F&A outsourcing market is also projected to reach over US$16.5 Billion by the year 2025, making it an essential part of the industry.
So, how can outsourcing your F&A team contribute to your business and become the future in finance?
One of the main reasons why businesses choose to outsource their F&A services is to save on resources especially financially. However, more than cutting on overhead costs and recruitment expenses, outsourcing also allows you to decide and choose the kind of services based on what your company currently requires. Whether it’s full-time or just selected functions, you pay only for the service that was rendered by the outsourcing provider. This enables you to direct your capital to other revenue-generating investments for your company by allowing you to save up to 70% on operational cost.
Access to best available F&A talent
While outsourcing may be considered more economical than in-house hiring, the quality of service is not compromised especially if you partner with a good outsourcing provider. With access to highly qualified F&A professionals, you are guaranteed minimal errors in your processes that otherwise can be time-consuming and costly to your business. These professionals also have up-to-date knowledge on accounting principles and tax regulations that provide the best service to your costumes and ensure company’s regulatory compliance.
Aside from a pool of world-class talent, outsourcing gives you access to F&A professionals who have expertise and proficiencies in using the latest accounting software and technologies, which are usually expensive to avail especially for small and medium enterprises.
Increase in the efficiency of business
With an outsourced F&A team, you and your staff no longer need to worry about carrying the burdens and complexities of accounting which allows you to focus on your core competencies while your outsourced team can execute F&A tasks. They will be the ones in charge of ensuring that all your accounting processes are managed properly. In turn, you can focus on running your business smoothly, give more time to value-adding tasks, and serve your customers better.
24/7 business operations
In the new normal, having round-the-clock operations is definitely beneficial for business. By outsourcing your F&A team, your outsourced team can have a schedule based on your company’s business hours to ensure high productivity and adjust to the US time-zone. Additionally, outsourcing also enables remote work, which is ideal with the current circumstances.
But overall, the right outsourcing partner not only has the points listed above but they also have an A+ recruitment process who can build you great, high-performing teams. It is also important to note that they should have a Net Promoter Score of >60.
Look for a trusted outsourcing company that can help you build a dedicated team that has:
We can build you a great, high-performance F&A team composed of:
Let’s work together to build a great F&A Team.
Start small. Exceed expectations. Think infinitely. Think Infinit-O.
Delay in filling in job vacancies can result in increase in operational costs and not finding the best candidates for the position. But effective recruitment processes have a snowball effect on business opportunities and overall company growth. High turnover rates also contribute to lost productivity, employee burnout, and low employee engagement On the other hand, slow-moving recruitment is a bottleneck on achieving business goals.
Before considering a partnership with an outsourcing company, always check their internal recruitment process because it speaks volume on how they can build you great, high-performing teams. Having the right partner with an A+ recruitment process or effective processed-based recruitment is your assurance how they can effectively build highly-experienced professionals who can deliver quality results making your business rise to the top of your competitors and assist in achieving operational stability and excellence.
Learn the Value of A+ Recruitment Process in Outsourcing:
Generally, an effective hiring process reduces cost-per-hire, time-to-hire, and therefore improves your return on investment. This also cut down employee turnover and the cost of replacing an employee. By managing the attrition rate, there won’t be delays in productivity. You won’t have to spend on hiring & training costs again as you have the right people to perform the tasks/ deliver service to your CX. Always bear in mind that extended recruitment cycles are costly, aside from the operational expenses needed in finding people for your company, delay in hiring people results in delayed workforce operations that have a significant effect on opportunity income and profitability.
Faster Yet Effective Hiring Process
The right outsourcing partner ensures a 30-45 days hiring to onboarding. This fast yet quality recruitment process results in an overall impact on business performance because skilled professionals can start procuring for your business within the strategic timeline. This efficient timeframe not only fills in needed positions but ensures that they are trained and on-board before starting assuming the role.
Optimal workplace productivity is a result of scalability. Having the right number of skilled staff means vacant positions are filled efficiently and it caters workforce growth. Scaling your workforce depending on set targets and goals will ensure that those are met within the projected timeline because there are people actively working to hit said targets (SLAs). Generally, effective scaling increases overall employee productivity. A+ recruitment process ensures that the demand for scalability is met.
Access to World-Class Talent
The global job market today is facing scarcity of suitable qualified candidates required to fill vital company positions. But an effective recruitment process provides access to an exclusive talent pool which gives you a crucial advantage in building great teams than your competitors. A solid recruitment team knows where to source candidates that will fit the unique needs of your business. Lastly, a short recruitment cycle attracts high quality applicants. XpertHR research found that 46% of employers reduce their recruitment process to attract good candidates.
High Retention Rate
As companies compete for the best professionals to employ in the tight job market, employee retention is critical. But with A+ recruitment, the people they hire for your company are those that fit best to your unique needs. It means that they employ those that not only have the right skill sets but also fit the company culture of the client. Both are important factors to consider especially when high-level professionals not only base the satisfaction they have for the job on compensation but also cultural fit which can only perceived by great and experienced recruiters.
Healthcare is one of the many industries greatly benefited by technological advancements – from modernized equipment and procedures to the rise of telemedicine and AR in practice. When it comes to analyzing large volumes of patient information, hospitals and healthcare providers also began relying on new software and technology to make the process easier and more efficient.
Through the years, the healthcare system has been increasingly data-reliant which made data analytics a crucial part of the industry. It is used not only for data collection but also in creating comprehensive reports and converting them into relevant insights that in turn can be used to support decision-making and improve overall patient care. Moreover, data analytics in healthcare is important in predicting and solving problems, assessing treatments, and increasing patient engagement.
When it comes to sustainability of your healthcare business, here are some ways data analytics can be advantageous for you.
Human error cannot be prevented when handling large amounts of patient information and other data. More than 80% of medical bills have errors, which may lead to more rejections, increase in insurance and claims costs, and ultimately, decrease in patient satisfaction that can directly affect your revenue.
Through data analytics, however, these errors can be prevented and even fully eliminated using an organized system for denial mapping review and categorization that accounts for a more effective and accurate analysis of patient data.
Enhance patient care
The end goal of any healthcare business or provider is to serve its patients the best way possible. And with the aid of data analytics, processes are improved and errors are reduced, resulting in better service. Procedures such as setting appointments, processing insurance claims, and issuing medical bills are simplified, which cuts the waiting time for patients and leaves them more satisfied with the service you provided.
Data analytics also helps you offer more personalized treatment to your patients as well as guarantee minimal readmissions due to medical errors or misdiagnoses.
Reduce administrative costs
With the help of data analytics, healthcare businesses can streamline administrative tasks and allocate its staff to where and when they are most needed. Aside from maximizing your manpower, this also free up funds that can be used in improving other services. Just like what is mentioned above, improved processes especially in approvals and reimbursements can also ease tight cash flow – a common problem for hospitals and clinics especially in this time of a global health crisis.
Why high Net Promoter Score equates Operational Excellence
Outsourcing data analytics
When it comes to building your data analytics team, outsourcing is one of the best choices to make due to its numerous benefits. A good outsourcing partner promises for the following:
We can build you a great, high-performing R&D team:
Let’s work together to build a great R&D Team.
The pandemic, as we all know, has altered many industries around the world and affected key business operations including finance and accounting processes. This resulted in many businesses and companies to adapt new approaches in managing their F&A. Some relied on cloud-based technology while others utilized digital platforms for clients and practiced virtual collaboration among their employees.
More than these, another trend in F&A that is rising in popularity in the new normal is outsourcing. Given the current economic climate, businesses are looking for ways to reduce costs without compromising the quality of service. Partnering with a good outsourcing provider can help you achieve both and even prepare you for unexpected scenarios and potential threats just like the global pandemic in the future.
In the new normal, it is highly recommended to outsource your F&A solutions and here are 5 reasons why.
When you outsource, you immediately save on personnel costs such as salaries, benefits, and training and recruitment expenses while still getting the full benefit of a full-time employee. With the current circumstances, these savings are best allocated to the improvement of other aspects of your business
Not only that, partnering with a reputable outsourcing provider will also save you on time as it guarantees an excellent recruitment process. You will be linked to individuals who are not only knowledgeable in F&A core responsibilities but also have necessary licenses and certifications.
Taking off from that last point, outsourcing gives you access to a pool of skilled and experienced F&A talents that you may not have if you choose to build your team inhouse. Because of the pandemic, the scarcity of skilled candidates in the accounting profession has doubled which made the talent access and hiring process even more challenging.
It is important to have individuals onboard who can handle your F&A functions expertly so as to avoid costly errors and noncompliance to policies as well as provide you recommendations that can help in making crucial business decisions moving forward.
Outsourcing gives you a team of trained and expert F&A professionals who can limit the risk of losses to your business. Errors, penalties, and litigation expenses always come at staggering costs and therefore must be prevented as much as possible in order to keep your company afloat in the new normal.
Another great thing about outsourcing is it provides added flexibility and scalability in your operations by allowing you to choose only the services that your company specifically needs in a given moment. This eliminates unnecessary expenses and even improves cash flow, which are very important in these times.
Ultimately, outsourcing your F&A processes takes away time-consuming tasks out of your plate and allows you and your employees to focus more on tasks that add value to the customers and on achieving your business goals.
Because the pandemic has altered many industries around the world including finance and accounting, outsourcing your #F&A team is a must in this new normal.
Why? Read here.
Customer service has greatly evolved through the years especially with the advent of the internet, which opened more channels for businesses to be reached by its customers. With the rise of omnichannel support, a more personalized customer experience is made possible for clients.
Unlike multichannel, omnichannel offers consumers more than just different ways to get support. Instead, it involves a fully integrated and cohesive customer experience across all channels and devices. According to a survey by Aspect Software, businesses that adopt omnichannel strategies achieve 91% greater year-over-year customer retention rates compared to businesses that do not. Indeed, it is the future of customer service.
So when building your omnichannel support team, consider outsourcing from a reputable partner that can provide you access to world-class talents and A+ recruitment with lower costs. In turn, your dedicated team can help you deliver better service to clients and improve your revenue, which are crucial nowadays with a health crisis still affecting the economy.
Better customer service
First and foremost, outsourcing an omnichannel support team guarantees you provide better customer service to your customers. By providing them access to multiple easy options to reach you at any time of the day, you are able to handle queries and resolve issues on-time. At the same time, allowing them to be in-charge of which channel to use gives them a more personalized and empowered experience with your brand.
A positive experience will drive an increase in customer satisfaction and most likely lead to referrals and good reviews. According to a 2018 survey by Gladly, 80% of customers will recommend a company to friends and family after a great customer experience and 40% of those satisfied customers will share their story on social media. In turn, this will boost customer retention rates and bring more revenue to your business.
Improved efficiency and productivity
Relying on solely phone calls when it comes to your customer support may prove to be less efficient because an agent can only attend to one customer at a time compared to utilizing other channels such as SMS, email, live chat, and social media, which can cater to a big group at once. With your outsourced omnichannel support team, productivity can be optimized since they can focus on handling more complex issues, bringing real added value to your business.
One of the greatest advantages of outsourcing customer support is it allows flexibility when it comes to hours of operations depending on your business needs. Your remote customer support team can take calls and reply to inquiries even beyond your business hours, which ensures that no concerns get missed out. This is especially beneficial to businesses operating on an international level.
Outsourcing also proves to be scalable depending on the demands of your business. You can get additional support during peak season and end the contract when the business slows down.
In selecting your potential outsourcing company, make sure that it has:
Lastly, find an outsourcing partner with a High Net Promoter Score (of at least 60%). Why?
Net promoter score helps businesses gauge the quality of the customer service offered by outsourcing companies. In a way, this represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention. It also showcases how well the outsourcing partner is performing, how often they resolve issues, and if their clients are satisfied with their experience. A High Net Promoter Score results in a sense of security and peace of mind in terms of client satisfaction and quality business operations.
All these qualities and more can be found with the right outsourcing partner who can provide a customized, high quality social media management into your business solutions and promise the following:
We can build you a great, high-performing CX team:
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