According to the Society for Human Resource Management, “HR outsourcing is a contractual agreement between an employer and an external third-party provider whereby the employer transfers the management of, and responsibility for, certain HR functions to the external provider.”
A 2012 study found that businesses that outsourced grew 7-9% faster than firms that didn’t, but that also could be because fast-growing companies are more likely to need HR outsourcing. They also had 10-14% lower employee turnover and were 50% less likely to go out of business. Their administrative costs were $450 lower per employee.
Another study showed that companies saved 24-32% of the cost of hiring in-house HR staff by outsourcing their human resources needs.
Outsourcing helps small businesses compete by allowing them to take advantage of sophisticated HR firms instead of building that expertise in-house. This allows them focus on their core businesses while maintaining their competitive advantage.
What can I expect to gain by outsourcing?
- Reduced cost of managing employees
- Reduction in overhead costs which translates to lower prices which in turn attracts more customers thus increased profits
- Higher profits allows firms to increase skilled positions in their core competencies
- It takes the responsibility of managing employees off your shoulders while allowing you focus on more pressing and profitable needs of your organization
What does Tribest do?
As a leading corporate support solutions provider with a comprehensive range of people outsourcing services, we have a diversified team of management, strategy, finance and human capital development experts who are experienced in working with and providing organizations with the best human resource management solutions. With a team that diverse, we are setting new standards of performance and raising the bar in excellent service delivery.
How do we take care of your human resources needs?
- We recruit: We understand that an organization is only as strong as its people therefore we strive to deploy only the most suitable and best of talents to our clients. We ensure that all our recruited staff are top talents whose skills and knowledge is of value to our clients.
- We train: The massive skills gap caused by poor educational systems has made it extremely difficult for organizations to recruit ideal candidates that readily fit into available roles. To fill this void, we offer comprehensive and robust training services to ensure candidates develop the skills and competencies needed to excel in their required roles.
- We manage: We ensure that all Tribest staff deployed to our clients have all that they need to thrive. Through technology and strategic partnerships, we provide end-to-end talent management support that enables seamless organizational operations and enhanced productivity.
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