What is PEO and when should businesses use a PEO?

What is PEO and when should businesses use a  PEO?

Business scale-up is one of the most important parts of SMEs’ development plan to accelerate their growth.

This almost always includes workforce expansion. A small-sized business may run into a problem where

there is no dedicated department to manage hiring and requirements that come along with it, as well as

payroll and benefits administration. This is where a professional employment organization - PEO jumps in.

What is PEO?

PEO acts as a “co-employer” with the company that it is hired to support. This means a PEO will share responsibilities with its customer’s employeesPEOs typically help with hiring and referral processes, payroll management, employee benefits, and other human resource-related functions. In essence, PEO is a type of full-service HR outsourcing for business.

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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.

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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.

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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

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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.

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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.

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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.

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