Friday, April 1, 2022

Overview of the HR market in 2022

Overview of the HR market in 2022

In 2022, following the severe impact of Covid-19, it is predicted that there will be more adaptable approaches to pandemic prevention and control, resulting in increased demand for workers in certain industries.

2022 – a prosperous post-pandemic human resource market
By December 2021, the labor market had rebounded, with over 95% of the workforce in export processing zones, industrial parks, and job centers re-entering the labor force. According to state agency statistics, demand for labor, particularly mid-and senior-level personnel, will increase in certain industries. The real estate sector is expected to grow rapidly in 2022, while the logistics and supply chain management industries are expected to set new trends.

HR Outsourcing - the perfect solution for businesses
According to statistics, the year 2022 will see a rapid increase in the trend of project-based recruitment in Vietnam's labor market. Maintaining current trends in the search for qualified project personnel capable of ensuring project participation until completion is another headache for the recruitment department.

Recruitment trends in 2022 are expected to focus on several prominent industry sectors, including: Commerce, information technology, finance-banking, consumer goods, real estate, information and communication, tourism – accommodation and catering services, electrical engineering - refrigeration - industrial electricity - electronics... The finance-banking industry will require a large number of human resources with expertise in information technology (IT) and sales. Numerous businesses will seek qualified personnel in the fields of artificial intelligence (AI), Big Data, crypto, and Blockchain. As a result, businesses must now concentrate on effectively catching up with new recruitment trends while also focusing on training to improve the quality of existing human resources in order to meet their plans and objectives.


Tuesday, February 15, 2022

How to pick a cost-effective payroll service for your business

 

How to pick a cost-effective payroll service for your business

A right outsourcing payroll service can enable businesses to improve payroll processes, save costs, mitigate errors, and streamline data entry.


Payroll management can be complicated or straightforward, depending on the number of employees and relevant payroll processes. Small and large businesses often turn to payroll service providers to both avoid errors and ensure well-planned and effective payroll administration. As a result, selecting the best payroll service is of utmost importance. The real question is how to find a payroll service that is within your budget, yet allows you to have certain control over the processes. We have the answer for you.


Things to consider when choosing a cost-effective payroll service

Services and Fees

An outsourcing payroll service must ensure necessary HR activities such as calculating wages and keeping track of employee work hours, withholding deductions and taxes, printing and delivering checks or direct deposit and paying employment taxes. The main features of a payroll service include management of attendance, overtime work, allowances and leave, as well as report generation. Therefore, businesses should be aware of the fee for each service provided in order to allocate their budget properly and avoid incurred costs from unnecessary services.


Considering only essential payroll service features for cost optimization. (Photo: Internet)


Simplicity and Ease of Use

The best payroll service should be simple and easy to access and use. Particularly, the data must be available as needed, including management reports and employee information, comprehensive employee details, and a full history of past and current payslips. 


An effective, simple and easy-to-use payroll service allows you to change employee data easily, manage employee payroll, and transfer funds electronically to all major banks and payment services. Plus, all balances and details are displayed in a user-friendly format, facilitating your online budgeting and staff costs planning.


Security and Responsibility

When applying a new payroll system, you should look for security features that guard against information tampering. In addition, that payroll service provider must be well-known for its reliability and quality. You can also decide the level of control over the processes when outsourcing to a third party. The best payroll service allows you adequate control and the option to view all information and previous reports. Consequently, clarifying responsibilities with them will help you to know what to expect and what you should provide.


Businesses need to choose a reputable and reliable payroll service provider to protect important confidential information. (Photo: Internet)

Flexibility

Payroll service needs are unique for every organization. However, it should generate customized reports that are flexible to your company’s specific requirements in each stage, or even scalable as your organization grows. Besides, businesses need to consider a service compatible with their current systems to facilitate quick and precise data automation.


Training employees on a new payroll service

Guiding your HR team and staff through new payroll processes is vital to successful implementation. The efficiency of payroll outsourcing can only be ensured given they adhere to the new payroll procedures. That means selecting a service provider with adequate online support and training manuals to assist your HR team and employees in accessing the necessary data.


Training employees to comply with the new pay regulations will help optimize the efficiency of the payroll process. (Photo: Internet)


Choosing a good, suitable payroll service provider helps businesses not only to spare the hassle of a manual payroll system but also to optimize costs and business performance via a simplified payroll process.


Top 9 recruitment channels that businesses can’t miss in 2021

 Top 9 recruitment channels that businesses can’t miss in 2021 

Finding the right candidates is a challenging task for businesses. Here are the nine best hiring channels for businesses in 2021.


The recruitment landscape is changing, and so are the employer branding strategies. Though approaches to recruitment can vary from business to business, some are mainly applied regardless of industry, position, or potential candidates. The combination of a variety of hiring platforms enables companies to target more candidates, reach new talent markets, and improve recruitment in either an active or passive way. The reason behind this is these widely used platforms have proved their efficiency in reaching out to potential candidates. Here are the top 9 hiring channels that businesses can’t miss in 2021.


Top 9 most effective recruitment channels in 2021

Staffing agency or Headhunter

A staffing agency is a good solution if you need to quickly fill a gap in your workforce or face tough competition that requires expert assistance. With extensive experience in locating possible candidates, staffing agencies may leverage talent networks to deliver the most appropriate sourcing for vacancies. As a result, if your company has to fill any essential positions or increase your human resources to keep up with market growth, partnering with staffing agencies is a suitable option.


Staffing agencies are an effective recruiting channel for today’s businesses. (Photo: Internet)


Recruitment platforms

Recruitment platforms are the most preferred digital hiring channel by businesses. Online job listings have become an integral part of today's employment market since their first appearance in the form of short posts on forums. 


Recruitment platforms provide a space for employers and candidates to meet each other at halfway. Though this discovery is often on the candidate’s side, there are quite a few platforms out there that help employers browse through currently available talents.


Social media

Social media is by far the brightest side of the digital world and the best way for businesses to connect directly and instantly with potential candidates.

Social media is the most effective hiring channel for businesses to connect with potential candidates. (Photo: Internet)


Candidates often make the most out of social media groups to find jobs or ask others what they know about a particular workplace. Also, utilizing channels like Facebook, Instagram, and LinkedIn in recruitment can provide very positive results. One open job post on Facebook can be shared by many people, maximizing its visibility towards potential candidates. 


Email Marketing

Currently, leveraging email marketing in hiring is also a popular recruitment strategy among many businesses. Email lists are made up of people who signed up to hear more from your company or people in the talent pool you're targeting. You should inform potential candidates about the open career opportunities at your organization.


Company website

When candidates come across a job post, the first thing they do is visit your website. A company website not only confirms the credibility of your business, but it's also a wonderful marketing tool for attracting potential candidates.


Employer brand

According to survey results, up to 75% of job seekers investigate a company's employer brand before pressing the "apply" button. Whether you're recruiting for your own company or clients, you should provide candidates with insights into potential employers by sharing company culture content such as recent team-building events, employee testimonials, or writing a blog post about the department looking for candidates. 


Good employer branding is an effective way to approach candidates. (Photo: Internet)


Employee referrals 

Potential candidates frequently trust current employees more than any other type of employer branding that you splurge on. That is why there are so many businesses using the employee referrals strategy, which helps them to attract more than 58% of candidates and retain more than 20% of top talents.


Job fairs

Job fairs are also one of the most successful ways for businesses to approach potential candidates nowadays. Participating in events not only helps businesses to attract future employees but also provides networking opportunities and increases the chance of recruiting staff in higher positions.

Job fairs bring the chance for businesses to approach potential candidates. (Photo: Internet)

Businesses should consider attending on-campus job fairs at universities and colleges, as well as posting job and internship opportunities on various schools’ job boards.


Candidate rediscovery

Candidate rediscovery is an approach suitable for previously discovered candidates. Artificial intelligence (AI) should be integrated into your existing recruiting systems to locate, scan, and score potential candidates who have previously expressed interest in your company.

Don't worry if they don't have the specific abilities you're looking for; those can be learned later. Instead, you should look for candidates possessing flexible soft skills or who fit in your company's culture.



Above are 2021’s top best hiring channels that businesses should not miss to improve future hiring strategies.


Wednesday, January 12, 2022

Three of top of mind human resource management trends

 Post COVID-19: 3 Top of mind human resource management trends

1/ Just in a short window of time, the COVID-19 has led to a dramatic change in the major functions of human resource management (HRM). While COVID-triggered crises are becoming less frequent and less severe, some businesses are still having trouble managing their employees during these testing periods. This article covers several HRM trends that businesses should keep in mind to adapt to the new normal in the post-COVID era.


2/ Develop comprehensive HRM strategies:

Changes in business trends post COVID-19 have created challenging situations for HR managers and HRM practitioners. As strategy development and workforce transition become more vital than ever, businesses need to rethink and re-evaluate their key people during and after the COVID-19. 

Develop comprehensive HRM strategies post COVID-19. (Source: Internet)


Businesses are also required to change their talent management system to identify, engage and retain high-potential employees. An increase in wages and perks can be used to motivate employees and boost their productivity.

 

As COVID-19 rears its ugly head, businesses are forced to move fast and adjust to new realities. In times like these, HR remains a major contributor to organizations. Practising HRM trends provide effective solutions for businesses to retain the workforce and embark on faster recovery from COVID-19 impacts.


2.2/ Outsourcing HR responsibilities

Extended business suspension, failure to meet certain COVID-related safety requirements, and a lack of time for reskilling and guiding employees’ journeys in volatile markets have left businesses with fewer alternatives than to terminate a significant number of labor contracts. While falling revenue and ineffective budget plans as a result of COVID-19 posed a roadblock to some, other agile businesses have found a way to deal with labor shortages and are in a better position to thrive after COVID-19. 


Numerous waves of COVID infections have resulted in a globally significant move towards HR outsourcing as a one-stop-shop for budget flexibility, quality of new hires (experienced, skill-specific, and best-suited to each period), and other complicated HR functions. SpendEdge, the global provider of market intelligence solutions, forecasted that the HR outsourcing procurement market was poised to experience spend growth of more than USD 25.92 billion in the next five years at a CAGR of over 5.84%. 


Outsourcing recruiting and training efforts can help businesses build a pipeline of already-specialized talents and achieve the highest performance. By transitioning time-consuming administrative management to HR outsourcing providers, businesses can optimize workflow and keep in-house teams focused on otherwise essential tasks to enable quick recovery from COVID-19.


Additionally, HR outsourcing results in cost savings in the new normal. Businesses can eliminate benefits administration and unemployment claims by contracting with HR outsourcing providers. Statutory benefits such as medical insurance, social security, vacations, and paid leave are all included in the outsourcing rate. 


HR outsourcing offers a flexible solution that ensures as-is business operation, be it pre-COVID or post-COVID. When businesses need to stretch or downsize the operation due to unexpected events, they can just go to outsourcing to temporarily adjust the number of staff. This way, they successfully avoid labor shortage or surplus and maintain just the right number of employees.


For HR outsourcing delivering the best results, consider the following practices:

  • Have a thorough understanding of HR outsourcing providers: Do they stand out in the industry? What is their hiring process? Is their HRM effective? 

  • Develop HR standards to easily pick out the right providers with suitable pricing plans and specialization. 

  • Develop quality requirements and regularly oversee the work implementation for timely risk management.

HR outsourcing helps businesses ease the financial burden, save time, and focus on what matters. (Source: Internet)



2.2.1/ Support employees' mental health 

Managing the mental health of employees impacted negatively by COVID-19 becomes a priority. Indeed, the pandemic and resulting income insecurity/benefit reduction have exposed a large number of people to significant mental health risks. Investments have been made in activities aimed at prioritizing employees' mental health and well-being, boosting morale, and assisting them in resuming their pre-COVID levels of productivity. 

Activities that address mental health make employees feel supported and be more productive. (Source: Internet)


Consider the following approaches to ensure the best results:

  • Be there for your employees, listen genuinely to their stories and their needs.

  • Regularly communicate with employees.

  • Provide adequate resources to drive employee performance in the new normal.


2.2.2/ Building training programs

COVID-19 has placed a challenge on businesses to help their employees adjust to a new work environment. The importance of workforce transition and employee training becomes more pronounced after COVID-19.


Employee training should be centered on the following skills: 

  • Remote management skills: These skills will keep employees motivated and engaged while working from home.

  • Leadership skills: Managers need to identify and master key leadership skills to navigate business growth.

  • Adaptability skills: These skills will help employees build resilience for a fast-changing environment and post-COVID recovery.


2.3/ Maintain flexible work arrangements

One of the most notable trends after the outbreak of COVID-19 is the shift away from office-centric culture to an employee-tailored workplace. Working from home has become a norm for most businesses. Employees now can enjoy more flexible work options that suit their lifestyles. Recently, PwC has told 40.000 US-based employees that they can work remotely from any part of the country in perpetuity. 


Flexible work arrangements benefit both employers and employees. (Source: Internet)


Employee engagement and cohesion provide the key to improving human resource management. Making employees’ work-from-home experience enjoyable, healthy, and stress-free, as a matter of course, is equally important. 



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Tuesday, January 11, 2022

HR outsourcing vs insourcing: Which is the better option?


HR outsourcing vs insourcing: Which is the better option?


Taking these following factors into account will enable businesses to make the best of both external and internal HR teams.

Recruiting the right talents or outsourcing HR services remains a topic of flexibility for companies as their business progresses. Weighing the pros and cons can be a headache. Here are some tips that can help you ensure the equilibrium between HR outsourcing and insourcing.

Consider HR outsourcing for essential tasks unmet by the in-house team

The need for external HR providers is obvious when some tasks demand specialized skills unable to be performed by internal employees. For example, it is reasonable to outsource HR with tech expertise to carry out some relevant business activities when your staff is not that tech-savvy.


Consider HR outsourcing for essential tasks unmet by the in-house team

(Source: Internet)


Thanks to the specialized expertise of the service provider, those critical tasks can be carried out by a team of high-quality, experienced, and skill-specific personnel. As a result, your in-house team could save time and effort to concentrate on strategic development. 

In addition, this approach provides businesses more flexibility in HR budget planning. In essence, this is no more than a pay-as-you-go service of a user–provider relationship based on the arising need from time to time regarding business, projects, or even seasonal demand.

Run a cost-effectiveness analysis to determine whether HR outsourcing or insourcing is the way to go


When it comes to deciding between utilizing internal staff or contracting to a third party, business needs must be taken into consideration, as there is no “one size fits all”. In particular, the companies must outline the benefits and challenges of these two options.


Insourcing keeps the company’s work within control. However, the fixed cost for the HR department or professionals may cause a huge burden for small businesses with fluctuating revenue streams. 




Businesses need to analyze the benefits and challenges of both HR outsourcing and insourcing prior to decision-making. (Source: Internet)


Besides, as long as business-specific requirements are defined, external HR services could be custom-built by third-party providers to ensure the best results during the contract term, thereby facilitating better cost management in phases.


Keep core functions at hand while outsourcing


Entrusting internal employees with key business activities is a great way of hitting two targets with one arrow – motivating in-house staff to promote better performance while reducing the dependence on the HR service providers.

The decision to hire in-house or contract human resources personnel is based on a thorough analysis of business demand. External human resource services are viewed as the ideal solution for businesses looking to optimize their human resource management processes, ensuring a sustainable, fit-for-purpose allocation of resources to core functions.

As a result, outsourcing human resources done right for the appropriate tasks will provide you with the additional time and budget conducive to operational efficiency.

Wednesday, August 10, 2016

Recruitment Planning - New Beginnings

Recruitment, Search, Executive, Manager
HR Professionals Agree Recruitment Plans

As we are reaching these year-end months, it's time to check the Recruitment toolkit and pull out the planning techniques.

Recruiting professionals and managers takes a lot of time and money.  Good HR professionals meet this challenge by having an overall recruitment plan or workforce plan detailing the time and location of recruitment activity throughout the year.  Of course you cannot plan for the unexpected, however agreeing ahead of time with your boss on the recruitment that you know about will make it easier to argue for more resources when the unexpected happens during the year.
If you have any questions, do not hesitate to contact HR2B Executive Search in Vietnam.

Thursday, June 23, 2016

Controlling Interview Nerves

How Not To Compete With Yourself

Whether you’re an engineer, a CEO, or a finance expert, interview nervousness can affect even the best-prepared job candidate. Here is some tips on how to deal with interview nerves.


1) Get the interviewer to talk first and give yourself time to calm yourself - for example ask...
  • “How long have you worked here?”
  • “I am curious - why did you join this company?”
  • “Where did you work before here?”
2) Change your thinking. Think about the interview as a conversation between two professionals on a subject of mutual interest (your fit with the job that you are being interviewed for). Behave like an employee discussing your first work assignment.

3) Know your Interviewer. Use your network (or your headhunter) to find out who is going to interview you, not just the company name but the name of the person. Learn about their background. LinkedIn can help here, Google is good too. Study news articles and other facts about the company. Research the interviewer. See if you can find out their style so you know what to expect.

What do you do to control interview nerves? Post your methods and let’s comment on what works best. Join us on the blog,