Running a small or medium-sized enterprise (SME) in Singapore comes with set of challenges. From keeping up with compliance regulations to managing payroll, SMEs often face a variety of pain points that can distract from their core business activities. At what point do we consider outsourcing, and how to choose the vendor?
Keeping up to date with the compliance.
While prioritizing business planning, building a robust team and implementing business strategies, you might inadvertently neglect staying updated on compliance requirements.
55% of SMEs in Singapore cited compliance as a major challenge. Navigating the complex landscape of compliance and regulatory requirements can be overwhelming for SMEs. Non-compliance can lead to severe penalties and damage a company's reputation.
According to research from the Singapore Business Federation (SBF), 60% of SMEs that opted for HR outsourcing noted enhanced compliance management. This allows you to concentrate on your business knowing that compliance is in the hands of experts in the field.
Non compromise data security
Data security is a critical concern for SMEs, especially when handling sensitive employee information. A breach can result in significant financial losses and legal repercussions.
According to a report by PwC, 70% of SMEs believe that outsourcing HR functions to a certified provider enhances data security and reduces the risk of cyber threats.
Responsive Customer Support
A survey by Deloitte found that 75% of SMEs value responsive customer support as a crucial factor when choosing an HR outsourcing provider.
Inefficient customer support can lead to unresolved issues, causing frustration and disruptions in business operations. HR outsourcing services that provide responsive and dedicated customer support with a quick turnaround time are a significant advantage to consider. This ensures that any HR-related issues are addressed promptly, minimizing downtime and maintaining smooth operations.
Offer Extensive HR Solutions
Research by McKinsey & Company indicates that SMEs using extensive HR solutions from outsourcing providers experience a 30% increase in productivity and a 25% reduction in HR-related costs.
SMEs often lack the resources to manage a wide range of HR functions effectively, from recruitment and onboarding to performance management and employee development.
HR outsourcing providers that deliver comprehensive HR solutions customized to the needs of SMEs are a significant advantage, especially since they only charge for the services needed. These services can encompass payroll management, HR consultation, recruitment, training and development, performance management, and employee engagement initiatives.
Contract period
Additionally, when considering HR outsourcing services, look for contract flexibility. Many providers offer no lock-ins, particularly with monthly payment options, giving you the freedom to try their services without a significant initial commitment.
In summary, as you concentrate on expanding your business, it's crucial not to overlook this critical department. Managing it effectively often demands rigorous oversight and supervision to ensure seamless operations. If you find yourself lacking the time and resources for meticulous management, entrusting this responsibility to professionals could be a prudent choice.
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