Sharing is Caring (About Your Company): A Few Trends in HR Shared Services
A lean and mean machine. That’s what human resource shared service is like. One might even go so far as to say that it’s like an octopus with several tentacles reaching and touching different things or a neuron that acts as a central transmission center to other cells.
Human resource shared services is a strategy employed by large companies with various subsidiaries. It centralizes human resource tasks spread out among the smaller entities. In other words, you won’t need several human resource departments. You just need one.
With the rise of a lot of business processes being outsourced, it is no wonder that HR shared services are one of them. This strategy or model has several benefits for companies. Some of these are the following: It removes redundancy, encourages better productivity, promotes efficiency, is cost-effective, and provides a focus for clients enlisting this shared service.
Here are the trends we continuously see among HR shared services. Some might even convince you that your organization could use such a strategy.
A great human resource company provides services catering across the board. Established companies consolidate services in a one-stop, centralized shop that implements HR solutions like talent management, talent recruitment, employee development, payroll, HR analysis, data management, learning and training, feedback and rewards, improvement of processes, and many more.
As we’ve mentioned, HR shared services are lean and mean machines. One is all you need to meet your various needs.
Putting the “Human” in Human Resources
You can’t call yourself a human resource organization without actually putting the humans first. A more employee-centric approach to HR has been on the rise. Employee analytics have started focusing more on winning the people’s trust instead of having them under control. Employees want to feel empowered in their workplaces. Measuring productivity can only do so much if we don’t also measure our people’s happiness. Efforts to improve how people experience being at work have been pertinent in securing their trust and loyalty and, not to mention, in recruiting talent looking for a place in which they can feel empowered both as an employee and a person.
The use of digital technology in HR shared services is also a trend we are witnessing. Human resource companies have gone from paper to the cloud. With the advancement of cloud technology and the rise of a newer-generation broadband network, more and more employee data are being digitized and stored in the cloud. With the ongoing pandemic, the current trend of working remotely, and most importantly the convenience, we might see this trend becoming a mainstay in shared services.
Centralizing Data and Analytics
With human resource services being centralized, employee data and analytics are accessed in such a way that is easier for companies. Resources are managed easier as a result as well. In the event that a decision has to be made as soon as possible, companies can quickly pullout from the pool of employee data and analysis and figure out the next steps to move forward.