The most effective method to maximize enterprises’ resources.

Human resources are the key element so that enterprises approach their business targets and develop powerfully. Depending on the internal environment of an enterprise or organization, the investment ratio will be different. This article will hint at the most effective methods to optimize enterprises’ resources.

Recruitment strategy.

One of the most important elements of an enterprise is the employee recruitment, attraction, and retention strategy. Because, human resources have an influence on the enterprise’s management, operation, and development.

Besides recruiting and finding talented employees, employee retention is also a key element for the stable development of an enterprise. Because their experiences and skills are necessary to create profits. Therefore, enterprises must take full advantage of these elements to develop stably and optimize human resources.

Training and development strategy.

This is one of the key elements to meet the needs of employees to learn and accumulate knowledge to be promoted.

If an enterprise ignores this aspect, its employees cannot outline their potential career paths and it will increase the resignation rate. Therefore, the enterprise should organize many types of internal training for its employees at reasonable costs or use the company's training and consulting services.

The enterprise should organize many types of internal training for its employees at reasonable costs. (Photo: Internet)

Pay and compensation strategy.

In order to maximize the efficiency of human resources, the enterprise should not ignore the salary, reward system, and compensation. The enterprise must define criteria for performance-based rewards, and business rewards; must have a performance management system to evaluate the employees and appropriate salary and reward policies. A reasonable compensation policy will save costs and effectively retain talented employees at the same time.

Labor relations strategy.

Labor relations involve the working environment, corporate culture, and employees’ life. For a methodical strategy and maximizing the investment in resources, enterprises should clearly define their competitive advantages to use and develop their core competencies. For example, companies that have strong corporate cultures should continue to prove their culture, at the same time, improve the working environment to increase employees’ satisfaction and boost their performance.

The use of human resource outsourcing.

The enterprise should use outsourcing in case of any challenges relating to human resource management. Currently, many enterprises choose human resource outsourcing as an effective method.

Human resource outsourcing will bring many benefits to enterprises. One of the many benefits is improving competitiveness in the context of cutting back on business in which the enterprise is required to hold the firm to its orientation and change its business strategy from time to time to beat competitors. Outsourcing can optimize costs and improve labor productivity. Depending on the needs and budget, the enterprise can choose various types of outsourcing.

Hopefully, this article taught enterprises how to maximize resources effectively.

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End-of-year Recruitment Trends 2022

 According to assessments of recruitment agencies, the job market will be busy from now until the end of 2022. The diversified recruitment demand focuses on sectors such as, commerce - services, information technology, finance, health care, e-commerce, etc. Ministry of Labor - Invalids and Social Affairs reports on the labor shortage in some sectors while the recruitment demand across various industries continues to increase now.

High-demand jobs at the end of 2022.

According to the report, up to 89% of enterprises surveyed will promote their recruitment in the second half of 2022 depending on demand and size. Besides, 80% of workers at all levels wish to look for new jobs in the last months of 2022. Therefore, in the coming months, the recruitment market will be busy when employees have a demand for jobs.

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Three of signs that your business should switch to payroll software

It's hard to find a good reason to keep manually processing payroll as payroll software has now become more affordable, secure, convenient, and accurate. Let's find out what signs indicate that it’s time to take your business’s payroll system to the next level.

Advantages of payroll software

Time savings: Payroll software helps ramp up the process, thereby freeing up your time for other business areas.

Expert support: Most payroll solutions are accompanied by customer support to assist you with compensation issues.

Tax compliance: Payroll tax rates may vary annually, which sometimes makes it difficult for businesses to keep up with all the new local taxes that may apply. With the payroll software, rest assured that everything is taken into payroll calculations.

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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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