“You don’t build a business. You build people and then people build the business” – Zig Ziglar.
People are the organization’s most strategic resource. Every business is established to achieve a set of pre-determined business objectives which should ultimately translate to increased revenue and profits. Without the right set of people who embody the necessary knowledge, skills and abilities needed for the organization to thrive, even the most brilliant of all ideas and vision will die. People are the strategy; the strategy for competitive advantage.
Most organizations, esp. start-ups, attest to the extreme difficulty of finding and retaining the right people with the right amount of motivation and drive to build the organization. This difficulty can be attributed to a lot of factors: shortage of skills among the workforce, shortage of top talent who most times are ‘grabbed’ by the top brands, the cost of hiring top talent etc. The time, effort and resources spent on talent acquisition can be frustrating to any organization and if not properly handled, can take the focus away from revenue-generating activities, which form the crux of an organization’s business objectives.
Having a “People-Strategy” should be a ‘no-brainer’ for any business. It starts with finding the right fit into the organization; right fit in terms of skills, competencies, right attitude to fit with organizational culture, knowledge etc. But it doesn’t stop there. The organization must have a strategy to ensure that these talents are motivated, developed and retained. Low employee turnover guarantees business continuity, ensures that the brand maintains its standards, uninterrupted business flow, growth and expansion and most importantly, boosts a company’s reputation. Some of these strategies range from bespoke on-boarding processes, developing a unique EVP (Employee Value Proposition), having a standard Reward and Compensation Plan, a Training and Development Plan that ensures employee growth and success in their career path, to mention just a few. The good news is that these strategies can be put in place regardless of the size of the organization.
One of the surest ways to do this is to outsource your HR function. Some people think that outsourcing their HR function is more expensive than handling in-house but studies and experience have proved otherwise. Here are reasons you should absolutely outsource your HR function in order to stay on the competitive edge:
- You save money when you outsource your HR function. These savings can come in two ways: not having an in-house HR that you have to pay monthly and also provide financial and non-financial benefits OR having an in-house HR who can focus on revenue generating activities and implementing strategies from your external HR consultant to ensure continuity.
- Outsourcing your HR function gives you accessed skills, expertise, and better quality support than is available in-house. HR consultants have a wide range of experience and knowledge garnered from different sectors/industries and they bring these insights to bear when providing HR advisory services.
- Outsourcing your HR function gives you access to objectivity and innovative solutions to your ‘people issues’. Most times, being inside the organization gives you a limited perspective and hence, limited solutions to your peculiar issues. A good consultant gives you fresh, objective viewpoint and acts as a catalyst for change, without fear of stepping on anyone’s toes in the organization.
- You get to focus more on your area of core competence, revenue-generating activities and strategy and less on administrative issues.
- Outsourcing can help an organization re-invent itself in terms of bringing new and fresh ideas, developing policies that make the work environment more attractive for talents and helping to build and maintain the organization’s brand.
The reasons for outsourcing your HR function cannot be overemphasized. Your people are your most important resource/asset and attracting, developing and retaining them is key to business growth.
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