Thursday, June 30, 2022

Digital transformation in HR management


Digital Transformation in Human Resource Management 

Like the other part of an organization, digital transformation in human resource management is the most essential thing in technology today. So what does digital transformation in HR mean, what does it require and what are the challenges which businesses have to face in implementing t?

What is HR Digital Transformation?

Traditional HR processes are based on face-to-face communication, records, and paperwork. A lot of paperwork is required from payroll, attendance systems, and performance/ KPI management to candidate management. HR digital transformation involves moving those processes to technology.

(Human Resources Management). (Source: Internet)

Digital transformation makes HR operations more centralized and consistent via the system. No more records, documents, or complicated spreadsheets, but modern working Dashboards, easy to do as well as reduce mistakes and confusion because of warnings messages or information support features.

Steps to build and apply a digital transformation strategy in human resource management

  • Making goals: There should be clear goals so that enterprises can evaluate the effectiveness/ result of business digitization.

  • Determine who will make this transformation: Enterprises need to ensure the spirit of digital transformation from leaders to employees. Organizing well for communication and internal training for digital transformation for all staff.

Steps to build and apply a digital transformation strategy in human resource management (Source: Internet)

Change and adapt: Changes in HR processes mean that all stakeholders need to be prepared for the change. However, it is recommended that you start from a small thing to the impact of failure (if any) which can be minimized compared to implementing change across the organization and resulting in complete abandonment of all efforts. digital transformation.

So, it is important to ensure the optimal application of technology in human resource management. Keep up-to-date and make sure you know what your competitors are doing so you could meet your goals in the digital transformation process.

Monday, June 27, 2022

Things to consider before outsourcing payroll services.


Things to consider before outsourcing payroll services

More businesses are opting to payroll outsourcing to reduce risk and stay focused on other important strategic goals.

Payroll service is now no stranger to Vietnamese small and medium-sized enterprises (SMEs). Nonetheless, selecting a reliable, responsible and suitable partner remains challenging. Here are some reminders for businesses when outsourcing payroll services.

Things to consider before outsourcing payroll services

Company size

Company size should be taken into priority when it comes to payroll outsourcing. Keep in mind that not every accountant shares the same expertise, so don’t expect to find a trustworthy accountant, who specializes in both payroll processing and internal accounting, with a low expected salary.

Most SMEs often hire newly-graduated accountants with a monthly salary range of around VND6-7 million, who are required to perform various tasks including office administration, payroll processing, internal accounting, monthly and quarterly tax declaration, etc. Instead, payroll service is a more viable option that cost less than in-house staff, yet ensures legal compliance and confidentiality for your company.

Things to consider before outsourcing payroll services. (Photo: Internet)

Do your own research

In today’s IT-led world, there is a plethora of information about the scope and cost of payroll outsourcing that you can find and refer to on the Internet. You should be cautious of any provider offering numerous promotions or free-of-charge basic services. It’s better to look for a reputable company when in need of a full payroll package.

Arrange meetings with 2-3 payroll outsourcing companies

After thorough research, you should meet with 2-3 payroll outsourcing companies to discuss the following matters:

● Responsibilities of each party

● What are the responsibilities of the employer to the state authority?

● Does the cost match your company’s budget?

● What are their monthly customer services like?

● What are the ways to update your company’s payroll monthly?

Arrange meetings with 2-3 payroll outsourcing companies to discuss related matters. (Photo: Internet)

Data protection and security 

The safety of your employees comes before all else and as an employer, you’ll need to take extra measures to protect the sensitive data related to payroll activities, namely employee addresses, banking details, among others.

Understand the processes carried out by the provider to encrypt sensitive data, the type of technology they’re using to safeguard data from being compromised, the list of users who have access to the information, and what type of business insurance the provider has.

Make sure that outsourced payroll services take great care of data security. (Photo: Internet)

It is recommended that you should find out about the payroll provider’s background to check that they can be trusted to ensure the integrity of your data. Certifications such as ISO 27001 and ISAE 3000 are the international standard for information security management, often referred to by organizations for quality assurance.

Enhance visibility with performance metrics

Payroll is vulnerable to risk as its structure comprises different components. Hence, you should look for providers that have a clear communication plan and reporting interface when weighing up the options. This helps you with a better understanding of the performance metrics behind your payroll processing.

Choose a payroll service that provides you with easy-to-understand reports and simplified processes. (Photo: Internet)

Learn more about basic features on offer and whether the management reporting dashboard is easily accessible and suits your company's needs. Some payroll services also include an employee self-service portal – a useful tool that enables direct access or personal information adjustment.

As payroll becomes more and more complicated for many businesses, partnering with a payroll service provider can help you reduce risk and free up time, resources for other business aspects. 

Experience in ensuring an effective balance of recruitment time and cost for businesses


Experience in ensuring an effective balance of recruitment time and cost for businesses 

Inefficient hiring seems to be an unavoidable problem for most businesses. So what are the ways to best achieve cost-time balancing in recruitment?

The recruitment period of businesses often lasts from 1 week to a maximum of 1 month. In fact, recruiters, depending on the job grade, will allocate the most appropriate time and budget. However, cost-time balancing is never an easy job for businesses, particularly when the labor market has undergone many changes due to the impact of the Covid-19 pandemic. Here are some tips on how to effectively balance hiring time and cost for businesses.

How to effectively balance hiring time and cost?

The recruitment processes will vary depending on the vacancy details.

Vacancies with a high recruiting success rate

These vacancies often have a minimum requirement of experience and qualifications, which are suitable for inexperienced candidates, fresh graduates, or those with just 6 months - 1 year of experience.

These easily fill positions can be simply reached out via setting up accounts and posting on social media networks, namely Facebook, Twitter, Linkedin, etc. At the same time, engaging actively in recruitment groups and forums on these platforms is also a great way to approach potential candidates. By doing so, recruiters can save a huge amount of time and cost.

Mid-level vacancies

The requirements of mid-level vacancies up the ante for candidates in terms of qualifications, job-related expertise, experience and skills. Therefore, businesses should plan ahead and be more precise in their demand to target the right candidates:

  • Graduated from a university or college with the relevant major

  • Over two years of experience in the similar position

  • Good communication, negotiation and analytical skills

  • Specific qualifications required by each position

Businesses can leverage paid media to seek professional candidates. (Photo: Internet)

In this case, recruiters should use paid media to ensure the fastest access to the most qualified candidates as their fees are not too high. These job posting websites can be a great solution for businesses to optimize their hiring process.

Senior management vacancies

It is no doubt that the qualifications, management capacity and skills for these vacancies are in their strictest term, making it more challenging to fill these positions. Consequently, businesses often opt for one of the following solutions to balance the time and cost of recruitment more effectively:

Building internal staff capacity

This approach focuses on developing, providing training and creating opportunities for internal employees to take senior management positions that are hard to fill.  The upside includes an easy selection of suitable employees, quick adaptation to new job progress and almost no recruitment analysis cost incurred.

Building internal staff capacity enables easy selection of suitable employees and quick adaptation to new job progress. (Photo: Internet)

Outsourcing hiring services

This is now a new recruitment trend preferred by many businesses. In particular, the business will sign a contract and transfer its recruitment to the service provider. In this way, businesses can get access to an extensive network of human resources via a dedicated recruitment process outsourcer. In addition, it is a legally binding contract with terms on deadlines, quality of candidates, responsibilities of the service provider during the recruitment process and service warranty. Therefore, businesses can allocate a reasonable budget to secure quality candidates.

Outsourcing recruitment services is one of the tips to ensure effective cost-time balancing. (Photo: Internet)

A thing to keep in mind is that businesses should choose a reputable and experienced service provider to ensure all terms are strictly adhered to during the contract period at the most reasonable cost.

Above are some tips to effectively balance recruitment time and cost that businesses can refer to and apply.