Reliance on third-party organizations is more than just the new norm in business; it’s increasingly necessary to leverage the niche-specific expertise that only third-party providers can offer, allowing businesses to focus on their own core competencies.
Yet managing this third-party ecosystem of financial, IT, HR, and other providers can prove very challenging, and poor vendor management can make organizations vulnerable to unnecessary risks. Here are five keys to ensuring a successful, low-risk relationship.
The Hackett Group released a fascinating report last year – “The World-Class Performance Advantage: Seven HR Capabilities that Drive Performance Leadership” – in which they found that world-class HR organizations spent 37% less on HR per employee and serviced 59% more employees per HR FTE (full-time equivalent employee)!
Wholesale Services refers to sales of an enormous range of durable products, from professional and commercial equipment through motor vehicles and parts through electrical goods. It's a gargantuan industry that deals in $6 trillion in annual sales and, remarkably, is one poised for substantial growth.
You’ve probably heard of PEOs – professional employer organizations – but you might have wondered when it’s a good idea to use one. PEOs can be a terrific resource for businesses who need an expert partner to assist in HR activities like recruiting, benefits administration, compliance, risk management, etc. In many cases, a PEO even becomes the employer of record, thereby assuming all liability for burdens like payroll taxes. In short, as writer Suzanne Lucas told The New York Times, outsourcing allows companies that don’t have the means or desire to hire in-house specialists to “gain vast resources for a relatively small amount of money.” But is it right for you? Consider these five questions.