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Do you know your cost per hire (CPH)?

Knowing this figure can help you make better strategic decisions and save your company money in the long run. An average employer in the USA spends $30,000 to fill a new position.

No new hire comes for free, unfortunately, but there are strategies you can use to reduce your unavoidable hiring costs.

Cost-Per-Hire (CPH) is a timely topic for Recruitment Organization, many of whom are under pressure to deliver better quality of hires with fewer resources. The amount of specialized roles that need to be filled is increasing but the applicant volume keeps decreasing as we’re on the edge of the biggest candidate shortage yet.

Good news is that by measuring the right volume of data, you can gain control over your recruitment process to develop strategies that increase the quality of your hires while saving money.

How to Reduce Cost per Hire

There are several different methods that can lead to reduction of Cost per Hire (CPH). Below is the list of strategies that you can choose from to reduce the costs.

Build a Talent Community

Often candidates are hard-to-find, are also unwilling to leave their current job, but this may change one day. As 75% of the people you want to hire aren’t looking for job change – they are passive candidates. The key here is to grab their attention and sustain it in order to build a pool of passive candidates. Building and maintaining a pipeline of interested, qualified candidates can do wonders for your cost per hire.

Digitization and automation of recruitment process

Using free online tools, professional HR technology and AI to improve recruitment process and reduce their costs is quickly becoming a new norm of your peers in the HR sector. Streaming and automating of the activities can be achieved through implementing the right tools.

What’s more, simple solutions such As., Social media is free and widely popular, so it can help you connect with more job seekers without costing you a penny. Verifying its ability to connect you with quality candidates. To effectively leverage social media, first ensure that your social profiles share your employment story and encourage job seekers to learn more. Then use social media tools like Facebook’s Graph Search or Twitter’s search engine to start sourcing the talent you need.

 Take advantage of free job boards

Posting your job ads on some of the most popular job boards is expensive these days. For example, to post a job on Monster you need to spend $375 per month. To post one job per month on Career Builder you’ll need $199. And a single post on Dice will cost you $250 per month.

What most employers don’t know though is that the two of the first three most popular job boards with the highest traffic offer employers a possibility to post their jobs for free.

You can post your job on Indeed, LinkedIn which is visited by 200 million unique visitors each month.

There are many other free job boards you can take advantage of to reduce your cost-per-hire. One of them is Jora, Angel List, Flex Jobs, where you can post your jobs by filling in a short form (no registration required).

Launch a Corporate Career Site

Because a career site can advertise your jobs and employment brand 24/7, it allows you to reach substantially more candidates for a very reasonable cost. Career sites have also been one of the top internal sources of hire for several years in a row—proving that they can attract quality candidates. In other words, a career site can help you find the right candidates faster and more affordably. As a result, you can spend less money on more expensive recruiting tactics like job advertisements or career fairs. If you already have a career site and it isn’t generating this outcome for you, request a free career site evaluation so you can get the results you want.

As you test out these recruiting tools, remember that every company is unique and the results that these tools produce vary. But if you measure and track each tool’s effectiveness, you can learn which ones are the most cost-effective for your organization. In return, you will reduce your cost per hire while still hiring some of the best job seekers out there.

Create Referral Programs

The average cost-per-hire is $4,129 according to SHRM data, and the average time-to-fill is about 42 days. Your employees already understand the kind of work ethic and attitude it takes to succeed in your workforce. By engaging your already-employed talent to refer friends, family, classmates, and colleagues, you can reduce hiring costs and time while sourcing from a ready talent pool. If you want to bring down costs even more, you can get creative with your referral incentives instead of the typical practice of offering a bonus. Providing special recognition, discounts, prize drawings, and non-cash rewards such as a free parking spot or extra PTO can also motivate employees to make referrals.

Employee referrals are a critical tool for finding new hires. In a 2015 Silk Road study, employee referrals produced more hires than any other source studied. The best part is that you don’t need to invest in an expensive employee referral program to get more referrals. By strengthening your employment brand, your employees will encourage others to apply without even being paid to do so. For more details and tips, read The Secret Strategy for Increasing Employee Referrals.

Reduce the need to recruit in the first place

The final way to cut hiring costs seems simple on the surface, but might turn out to be a complex project; improving the way you support and engage with your existing employees should help to reduce turnover, so there’ll be less need to hire replacements for staff that leave.

Refining your recruitment processes will also help to improve the quality of your hire, which again should lead to higher staff retention rates

Conclusion:

It’s clear that outsourcing recruitment offers various opportunities for bringing down costs associated with different aspects of human resources management. Choosing to rely on the expertise of an external provider, organizations can efficiently manage their recruitment resources and further optimize their processes.

As a Customized RPO leaders in the recruitment industry, We at Pragna were able to help organizations considerably bring down the Cost-per-hire. We calculate these costs on the basis of hiring history and optimize recruitment processes to render our clients more efficient and less wasteful.

If you’re looking into RPO Solution, please get in touch with us

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VMS

Can you answer these questions?

  • How many contractors do you use? How many suppliers?
  • Are your labour rates at true market price or better?
  • What percentages of your contract spend goes through preferred suppliers?

Drawing a blank? If you are not sure what the answers are, that’s OK. It’s likely that you are either new to using a vendor management system or you are currently researching VMS solutions for possible implementation. If you’re not familiar with VMS solutions at all, you’re in for a treat.

Today more than 45 percent of the world’s total workforce has become contingent workers. That includes temporary workers, independent contractors, SOW-based labour, and freelancers.

Most organisations report that they expect their need for non-employee workers to grow more in near future. The problem is that every other organisation is looking for non-employee workers to grow their businesses. So how can you source and manage your extended workforce effectively and efficiently so that you don’t lose the war for talent?

The short answer: VMS.

The way organisations employ workers has shifted away from the full-time employees of yesteryear to a workforce of contingent workers that offer their specialties on a project-by-project basis.

The contingent workforce has significant benefits for the plethora of companies adopting this modern way of hiring. However, those who are hiring contingent workers but are still using manual processes and outdated automation tools to manage their workforce, will not be realizing those benefits, and could in fact be losing out.

This is why a vendor management system (VMS) is fundamental to the success of your contingent workforce management strategy.

The first step is to understand the five core benefits of a VMS—for both procurement and HR. Those benefits include:

  • Cost Effective: Contingent workforce expenditures rank among the top spend categories in most organisations. Perhaps more troubling is the fact that most contingent labour is not taken into account when conducting financial planning, forecasting, and budgeting. That means that you may be spending more than you should. In fact, VMS user’s report 80 percent higher year-over-year cost savings compared to non-VMS organisations.
  • Clarity: Lack of clarity is one of the key reasons organisations do not know what they are spending on contingent workers. Ardent Partners research indicates that organisations only maintain visibility into 45 percent of their total contingent workforce.
  • Compliance:When it comes to contingent workers, if you do not know “who” is doing “what,” “where” they’re doing it, and “how” it is being done, you are setting yourself up for failure. Two important examples that come to mind are misclassification of non-employees and allowing unauthorised individuals access to systems or facilities.
  • Quality Matters: The entire goal of leveraging the contingent workforce is to attract, retain, and utilize the best possible talent. A VMS can reduce time to fill and expand your access to quality talent. Some vendor management systems even allow you to source talent directly from the VMS!
  • Efficiency: A VMS also drives efficiency by allowing you to automate procurement cycles, consolidate billing, and ensure invoice accuracy. It also makes it easier to measure and monitor your supplier performance. That will help ensure process and performance consistency.

Remodelling VMS Requirements

Today’s organisations increasingly need VMS software to manage both contingent workers hired as individuals and external companies doing project-related work. Many also have a greater need to stay compliant with international labour and tax laws surrounding global use of contingent staff.

HR and procurement leaders should use some key criteria if deciding to switch VMS providers or invest in a new system

  1. Support for Statement-of-Work Contracting

One of the keys buying considerations today is whether the VMS will be able to support you as you move from using it for the selection and tracking of contingent workers, to the selection and tracking of project consultants

Managing project work is more complex largely because of the different pricing mechanisms involved. Payment in these arrangements is not only time-based, it might also be milestones-based, deliverable’s – based or tied into performance on service level agreements. You’d like to be able to use the same software tool when you have the need for an individual contractor as well as a consulting company.

  1. Ease of Integration with Existing Systems

A VMS should integrate well with your existing technology platforms or processes for managing contingent staff. Many companies have reaped benefits from integrating its VMS with a core human resource information system, purchase order request system, supplier relationship management system and a security system for contract workers.

The integration reduces multiple steps from multiple systems and put them all into one easy-to-use, one-stop platform.

  1. Robustness of Analytics Tools, Bench-marking Data

The quality of reporting tools also separates VMS providers. One key metric is a time-and-tenure report that ensures contingent workers don’t work beyond the specified limit for co-employment.

  1. Vendor Neutrality

Vendor-neutrality means the system isn’t provided by a VMS owner who will steer you to contingent resources which may not always be the best or most cost-effective. This can be a concern if the VMS provider also has other contingent staffing services under its organisational umbrella.

Hopefully, we’ve covered all the basics of vendor management systems and you have a good idea of what to look for in a VMS.

At Pragna, we have the experienced team who understand the fast paced VMS environment and can submit potential candidates within a few hours of receiving the job orders. We have a good track record of supporting many customers with VMS support services and understand the nuances of working with such a system.

We at Pragna expertise in providing Customized RPO, Offshore Recruiting Service pertaining to all the Industry verticals,  We strive hard to apply best practices, proven methodologies, and additional levels of diligence to improve the quality of our services.

A blend of ground-breaking ideas, detailed approach, and quality-oriented delivery has positioned us as a leader in the Recruitment process outsourcing (RPO) industry.

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Outsourving

Myths and false information never rest, there’s really no shortage of myths in the world, even in outsourcing they exist. It’s either the facts and stories are intentionally skewed to prevent the business-minded from outsourcing or they’re just the result of false information passed through word of mouth.

To help you sort out the myths from the reality, we’ve put together a few outsourcing myths, so you can make smart decisions.

Myth #1: No strategic plan

Outsourcing teams might be enlisted at the beginning of a project or midway through the project. Whether they are there from the start, or brought in to help fix an ongoing problem, they are part of the project’s strategy.

Both the organisation and the outsourcing team will have a strategy and need to align these strategies at the beginning of the partnership to ensure that they work together flow and optimise their offerings.

Myth #2: Company communication breakdown

If an organisation is outsourcing a team of experts for the first time, they might believe that the communication within the company or project will be disrupted or that job roles will become diluted. This doesn’t have to be the case.

By discussing and deciding the chain of project owners and team members before the project begins, there won’t be a loss of communication, as each team member will understand their individual and team role. A good outsourcing company will set up an optimal communication model for working for everyone which ensures adequate face time and collaboration through all aspects of the project.

Myth #3: Company culture is disrupted

Similar to the communications concern, some organisation might be concerned that their company culture will be interrupted if an outsourcing team is brought in. Company culture is important in any organisation, so it’s crucial that it doesn’t change if new individuals or teams are introduced to the company or project or organisation.

Although disrupted company culture is a concern for some organisation, outsourcing teams can adapt and even add to the company culture. If diluting the team dynamics is an issue, organisation should choose to near shore instead of outsource.

Myth #4: There will be a conflict of interests 

A concern for some organisation is that the company which is running the project will have an interest level with the outsourcing team. However, outsourcing teams aren’t there to take over. The role of an outsourced or near shored team is to offer and share their knowledge and expertise with the company, rather than make decisions and create conflict with the client. The decision making and reporting process should be clearly outlined at the beginning of any joint collaboration.

Myth #5: Only big businesses need outsourcing

Surely only big organisations have the requirement and budget for outsourcing…right? That’s incorrect. Both big and small companies can reap the benefits of outsourcing and near shoring. For example, small businesses can benefit from improved efficiency and flexibility in their organisation. Outsourcing can have a direct impact on businesses in various sizes…it is not solely for larger organisations.

Myth #6: Ensures company growth

A company’s growth depends on its people. If the right people are not hired or positions remain vacant for a long time and work suffers because of it. The company’s growth is bound to be affected. Outsourcing staffing can help you fill gaps, make sure you have the right quality and quantity of people, work runs smoothly and the company grows consistently.

Conclusion:

Outsourcing has become a major player in the growth and development of most companies worldwide, but myths and misconceptions plagued the image of outsourcing. Outsourcing has its strengths and weaknesses. However, companies who want to outsource should use Pragna’s outsourcing services to their advantage.

One thing that companies should remember is that outsourcing is a choice. It is not inevitable. Companies should make a cost-benefit analysis before engaging in outsourcing or hiring a third-party advisory. However, in these changing times, one challenge remains. Outsourcing companies should innovate to offer better services for their clients. Pragna provides customised RPO services, it helps other companies to bring down the Cost-Per-Hire.

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growth bar

If you’ve been in business for a while, you would know by now that mistakes are part of the process. New businesses and start-up companies are slowly learning this. Nobody is perfect, but some mistakes happen on a larger scale than others.

Lots of these mistakes can be avoided. Brands are making these mistakes only because they don’t see them until it’s too late. Realistically, there are hundreds of mistakes different businesses make each day.

However, I am going to talk about specific types of mistakes which can be avoided easily. Your business always needs to be growing. If sales start to drop off, it’s going to be a major problem for your company. But you can prevent this by avoiding few common mistakes I’ve discussed below. Use this as a reference to correct any of the mistakes you’re currently making or to avoid making them in the first place.

  1. Forgetting about the customer: Your business will live and die by your customers. All of your decisions need to be profitable. These two statements don’t always add up. But you need to find a balance between them if you want to grow. On one hand, a decision you make could reduce your operational costs and ultimately drive up your profit margins. But if that cost reduction impacts the quality of your products and services, it’s not going to benefit your customers.

As a result, sales will start to drop. So if you forget about your customers, it will be easy for them to leave and go to one of your competitors instead. If you put more emphasis on making your customers happy, the rest will take care of itself. Don’t cut cost just to turn a higher profit.

  1. Overlook sales: Shockingly, this is a major issue. Sometimes brands start to lose sight of why they are in business. You’ve got to be making money. This money stems from sales. That’s the best way to make sure your company will grow and won’t stall in a plateau. If what you’re doing doesn’t translate to conversions and transactions, it’s not helping you. Running out of cash is one of the top reasons why start-ups fail.

If you can focus on new ways to generate sales, you’ll always have a steady cash flow. You may have many other areas of your company that require attention. However, you need to have priorities. You can’t let sales take a back seat, or it’s going to be a problem for you in the future.

  1. Neglecting data: Another common issue is that companies ignore the metrics completely. I’m talking about factors such as:
  • Website traffic
  • Conversion rates
  • Click-through rates
  • ROI

These are just a handful of the top metrics every marketing manager needs to track. Without this data, how can you know if your campaigns are successful? How will you know what decisions to make? Another common issue is business owners are clinging to the wrong data. Here’s an example to show you what I mean.

Let’s say your business has website traffic that is increasing exponentially. You can’t just assume that it means your company is successful. If your sales and conversions aren’t increasing at the same rate, you’re not actually growing, which should be a major concern for you. That’s why you need to track your data and know how to analyse it properly as well.

  1. Saying no to new technology: Adapt or die. This sentiment can be applied to nature as well as business. Resisting to change will be the downfall of your company. That’s why you need to educate yourself about new technology trends such as:
  • Live chat
  • Artificial intelligence
  • Automation
  • Machine learning
  • Beacon technology

These are all things that can help your business grow. Many business owners are stuck in their old ways. But just because something worked for you back in 2005 doesn’t mean that strategy will work in 2019. To be successful in the future, you need to look beyond today, tomorrow, and next year. You need to be prepared for technology advancements coming in 2022 or 2025.

Keep up with the latest trends. You don’t need to apply everything right away, but you have to start somewhere. Have an open mind moving forward, especially when it comes to technology advancements.

  1. Not analyzing your competitors: Your business doesn’t operate in a vacuum. There are outside factors that will have a direct impact on your success. You need to keep an eye on your competitors. Otherwise, they’ll steal your customers before you even realize what happened.

Compare yourself to them to see how you stack up. It’s simple but very effective. It forces you to see where your business stands on paper. Just saying things like “we’re really good at what we do” doesn’t give you any benefit. When you put things in writing, any mistakes or areas where you can improve will be more obvious.

You can also take advantage of helpful tools to monitor your competitors. One of the first things you need to do is identify whom you’re competing with. You should analyse competitors locally, regionally, and online as well. Compare your prices to them. Look at their websites. Check out their advertisements and social media campaigns. What’s working for them? What needs improvement? Then, you can apply what’s working for your competition in your own business. Avoid their mistakes. See what customers are saying about your competitors online.

  1. Disregard customer reviews

In addition to reading what people think about other companies, you need to see what customers are saying about your business online? There are lots of different places you need to check, such as:

  • Reviews on your website
  • Third-party sites, e.g., Google or Yelp or Glassdoor
  • Social media comments

Respond to reviews. Take notes about what customers are saying. Make the necessary changes based on this information. Group common reviews together. If all of your customers are having the same problem then try resolving the issue as soon as possible. In addition to harming your relationships with existing customers, unanswered bad online reviews will have a direct impact on future sales. In fact, 92% of people read reviews before making a decision. Further, 88% of consumers say they trust an online review as much as a recommendation from someone they know. This impacts their buying decisions. Furthermore, 35% of people are less likely to buy if no online reviews are available.

This means you need to take this strategy to the next level. Not only do you need to read and monitor reviews, but you also need to encourage your customers to write reviews to improve your online reputation. Ignoring this will be a costly mistake.

  1. Not accepting more payment methods: This relates to the point about forgetting the customer. I know it’s more expensive for you to accept certain forms of payment compared to other options. However, everyone has different preferences. The days of just accepting credit and debit cards are over.

As I said before, you need to adapt to new trends and technology. Digital payments are becoming the way of the future. Today, 19% of consumers are using digital wallets. You would not want a customer to change their mind about a purchase because you don’t accept their preferred payment method. Don’t expect them to just reach for another card. Instead, they’ll go find what they’re looking for from another business.

  1. Never offering value: Why should people buy from your business? It may sound like an odd question, but think about it for a minute. You need to create a highly effective value proposition. This will make it clear to everyone why they should buy from your business. You need to understand the wants and needs of your customers. There’s a big difference between what consumers want and what marketers want:

Today 72% of consumers want to see posts from brands on social media related to discounts and sales. However, just 18% of marketers post those things. There is obviously a major discrepancy here. Even if you don’t want to offer discounts all the time, you still need to come up with ways to add value to your brand. Otherwise, consumers won’t have a reason to buy from you, and sales will eventually decline.

Conclusion

Nobody is perfect. Every business makes mistakes. However, you can reduce the chances of making these errors if you know what to look for before it happens. Some of you may already be doing some of the things I’ve covered on this list. But now, you can identify those mistakes and make changes before they get out of hand. If you can stay clear of the blunders I’ve outlined above, it will help your business avoid a plateau or a decline.

So as the famous quote says “Learn from the mistakes of others. You can never live long enough to make them all yourself”, learn from your mistakes as well as from other companies in the market. By doing so you can continue growing.

What types of mistakes does your business need to fix to stimulate growth? Do tell us in the comment section below. And if this helped you in any way then do not forget to share the blog with your friends on Facebook, LinkedIn and other social media platforms to amplify its reach.

Pragna is a young and dynamic company determined to make a mark in HR and Recruiting space. We provide and deliver a wide range of HR solutions and quality software and services for businesses of all sizes. Click here to know more about us.

Future Jobs

Robot

Do you remember what life was like before the internet or the iPhones existed? Or can you imagine actually having to look up a word in the dictionary? Probably not, but the truth is your most useful tools didn’t even exist 15 years ago. Yeah, you read it right. Want to know something even crazier?

By 2022, we’ll lose over five million jobs to automation. That means that future jobs will look vastly different by the time you graduate university. Don’t worry, though! The jobs of the future will actually be more interesting than those of the past.

Gone are the days of factory workers and physical production. We’ll let the machines handle that. Instead, future jobs will involve knowledge and innovation. Machines are actually doing you a favour. They’re freeing you up to explore experiment and find interesting solutions to complex problems, like pollution.

Say goodbye to a desk job and hello to the world of creation!

Future Skills

Although no one can accurately predict what jobs will look like in the future, there are seven skills that will be essential to your future success.

  1. Creativity:

Worried about robots stealing your job? The more creative you are, the less likely you are to lose your job to a robot! While robots may be better than you at calculating and diagnosing problems, they aren’t very good at creating original content, thinking outside the box or being abstract.

  1. Critical Thinking:

Technology may be able to automate many of the jobs that currently exist, but you probably wouldn’t trust it to do your critical thinking for you; as such your future career will require you to have excellent critical thinking skills. You’ll constantly need to be analysing various situations, considering multiple solutions and making decisions on the fly through logic and reasoning.

  1. Mental Elasticity and Complex Problem Solving:

The future is going to bring problems you’ve never seen before in a world you’ve never experienced. In order to solve these problems, you’ll need to have the mental flexibility to think outside of the box, see the big picture and rearrange things to find a solution. Luckily, this skill is highly develop able and simply takes practice. The more difficult problems you tackle, the more bendy your brain will get.

  1. STEM:

Even though Science, Technology, Engineering and Maths jobs are super-hot right now, don’t expect them to go away in the future. As technology progresses, you’ll need to have more advanced STEM skills to keep up.

  1. SMAC:

You’ve heard of STEM but you probably haven’t heard of SMAC (Social, Mobile, Analytics and Cloud). Catchy, right? Learning all of these skills/platforms will make you stand out in the future job market.

  1. Interdisciplinary Knowledge:

Your future career will require you to pull information from many different fields to come up with creative solutions to future problems. This skill is easy to work on as well. Start by reading as much as you can about anything and everything that interests you. Once you get to college, consider double majoring or minoring in completely different fields. Trust me, it’ll pay off in the long run.

  1. People Skills:

Listen, machines are going to take over eventually and technology is going to get much more advanced, so humans have to stick together. If you want to succeed in the future job market, you’ll have to learn how to manage and work with people and robots, which includes getting in touch with your emotions, having empathy and listening.

Now that you know what skills will make you successful in the future, let’s take a look at some future jobs.

  1. Waste Management/Trash Engineer

This may be the oddest future job but it’s totally necessary. Humans produce 2.6 billion pounds of trash annually, and what do we do with it? There is no way this practice is sustainable so we have to think about something else to do with all of our rubbish. You could turn our rubbish into clean gas or figure out a way to make it strong enough to construct buildings with. The possibilities are endless but it’s up to you to come up with the award winning ideas.

Average Salary: $25,425 – $87,178

Skills Needed: Strong STEM skills, critical thinking and mental elasticity.

Best Undergraduate Majors: Civil Engineering, Chemical Engineering, Trash Engineering.

  1. Alternative Energy Consultant

People cannot survive on fossil fuel forever, so alternative energy sources are the only hope. I’m sure you’ve heard of solar, wind and hydroelectric energy. The question is, which one is right for your home, your community and your city? You’ll be an expert in all energy forms and go from city to city around the world assessing the best sustainable energy source for each place. Believe me, you’ll be in high demand very soon.

Average Salary: $35,561 – $86,162

Skills Needed: Strong STEM background, mental elasticity and people skills

Best Undergraduate Majors: Chemical Engineering, Chemistry, Renewable Energy Engineering, Environmental Studies, Physics, Mechanical Engineering

  1. Organ/Body Part Creator

Ever heard of the organ black market? Well, it exists, it’s illegal and it’s a huge problem. Why? Because many people around the world spend years on medical waiting lists praying that their name will get called for the next eye, kidney or even heart available. Eventually, they get sick of waiting and they discover the deep, dark world of the organ black market, where they can buy whatever they need for a price.

Every 12 minutes a new name gets added onto the already gigantic waiting list and every day about 21 people die because they didn’t get the organ they needed.

With those kinds of stats, it’s not surprising that people turn to the black market. However, in a few years, it’ll be up to you to create organ and body parts from stem cells and other materials that is not yet known or don’t yet exist.

Average Salary: $34,882 – $130,484

Skills Needed: Strong STEM background, critical thinking, mental elasticity, complex problem solving and creativity

Best Undergraduate Majors: Biology, Genetics, Biomedical Engineering

  1. Memory Surgeon

Here’s where things start to get a bit sci-fi-y. What if there was a way to surgically remove bad memories, mental illness and destructive behaviour? Is it possible? Would it be ethical? Would it rid the world of terrorism?

Only you can unlock the answers to these burning questions by becoming a Memory Surgeon. Your future career is bound to cause controversy but stick to it and you could change the world. Just make sure you’re only removing memories, illnesses and behaviours that actually need to be removed.

Average Salary: $322,568 to $452,703

Skills Needed: Strong STEM background, critical thinking, mental elasticity, complex problem solving and creativity

Best Undergraduate Majors: Biology, Chemistry, Neurobiology

  1. Personal Internet of Things (IoT) Security Repair Person

We are used to calling plumbers or repairmen when something is broken around the house, but who do you call when your smart refrigerator gets hacked and tells your smart coffee maker to continuously make coffee and your smart lights to turn on and off every five minutes? A personal IoT Security Repair Person of course. Dis-functioning of products due to hacking is just one of the many problems that the world is bound to face as our devices become smarter.

As an IoT Security Repair Person, you’ll be in charge of thwarting hackers before they cause any damage and fixing any damage that you’re unable to prevent.

Average Salary: $113,670 – $157,197

Skills Needed: STEM, Critical thinking, people skills, mental elasticity, SMAC skills and complex problem solving skills

Best Undergraduate Majors: Computer Science, Computer Engineering, Mechanical Engineering

  1. Commercial Space Pilot

Elon Musk and Richard Branson are racing to space and soon, civilian space exploration is going to become a reality. However, there’s one little problem, who’s going to fly us around? We can’t possibly all become astronauts before exploring the moon or Mars that would take way too long and wouldn’t be practical at all. We’ll need someone who has the experience of an astronaut but is also trained to handle much larger rockets with many more people aboard.

Sounds like a tough job but if you’re an expert on space and have always dreamed of becoming an astronaut then it’s time to start thinking bigger.

Average Salary: $65,140 – $100,700

Skills Needed: STEM, Critical thinking, people skills, creativity, mental elasticity, interdisciplinary skills and complex problem solving skills

Best Undergraduate Majors: Aerospace Engineering, Astrology, Physics, Computer Science

  1. Personal Productivity Person

In order to compete with the up and coming automated workforce, people have to become as efficient as possible. Think about how many distractions you have in your present life that hinders you from unlocking your full potential: Facebook, Instagram, Snapchat, Netflix, the 24-hour news cycle and more. As technology continues to evolve, the number of distractions we have will continue to grow and if we are inefficient, machines will be looming in the background ready to take our jobs.

Unless, we have Personal Productivity People (PPP). As a PPP, your job will consist of analysing people’s daily lives and teaching them to silence their daily distractions in order to work harder and smarter.

Average Salary: $36,295 – $134,748

Skills Needed: Critical thinking, creativity, people skills, mental elasticity, SMAC skills and interdisciplinary skills

Best Undergraduate Majors: Communication and Media, Physiology, Sociology

So here were few jobs or technologies of future which I could think of but it doesn’t limit only to these. There are many upcoming technologies which are still not known to the world.

Although a lot of the jobs that exist today will be automated in the coming years, we should be excited about the future, not scared of it. The robots will take over all of the boring jobs which will leave more free time for us to explore interesting, creative and important new jobs such as the 7 I outlined in this blog.

However, you shouldn’t limit yourself to the jobs on this list. Dream up your own list of potential future careers that use the essential skills mentioned earlier and who knows, you might create the next million-dollar idea.

Pragna is always involved in development/appreciation of new technology space. Do review the different solutions we are providing to our customers for over the years.

I hope this blog helped you dive into the future. What do you think, what other jobs or technologies would be high in demand in near future? If you could imagine something new apart from what I listed in then do let us know in the comment section below. Also share this blog with all your known ones and help them plan their careers.

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outsorce hr

Is outsourcing HR the best solution for your business, or should you move HR in-house? Do you have an answer to the above question if Yes then thumbs up, if No then continue reading to find out more about the two options.

HR workers manage a wide level of responsibility based on the needs of the organisation. They manage the hiring processes of recruiting and interviewing potential employees, as well as orientation and training of workers. They also manage the relationship between employee and employer, as well as completing payroll and managing benefits. HR professionals work with the leadership team to implement policy changes and to best coordinate the wider administrative functions and duties of a business. Hiring and training new employees is one of the most expensive parts of the business cycle.

One of the best ways to determine whether your business should outsource the HR department or keep it in-house starts with taking a look at the size of your company. This will give you an idea of the services and manpower needed to run HR. Next, review the pros and cons of both options by taking a deeper look into what you may gain or lose through the process. Last, research the stories of other businesses similar in size to your own and find out how outsourcing or in-house HR has worked for them.

When you first start your business, your priority is to hire people who are integral to building the product and growing the company to fill the roles that move the bottom line and grow the business. At some point, a business grows big enough that it needs people to take care of the back office operations of the company. You need someone responsible for coordinating interviews, sending offer letters, managing benefits administration, and much more.

Figure out what stage of growth your business is in:

10-50 Employees

If you’re running a new business it can be easy to believe you can do it all yourself. There are only a few people in your company. Between managing benefits, equity, salaries, time off, writing employee documents, hiring, firing, onboarding, and everything else that is going on, where will the time come to talk to investors, build the product, or do significant business development? At this stage, you should outsource most of your human resources function. Your focus should be on the people who are coming in and out, not whether they are getting their pay check on time.

50-500 Employees

You’ve raised a much larger round and you are going to be scaling your business much faster, maybe growing from 50 employees all the way up to 100-500 employees. Recruiting is probably a massive priority as you grow and you might be running into new issues when it comes to expansion and compliance.

At this point, you need a back office time. For starters, you need to have someone on board who is able to handle strategic HR projects that are meant to make the company better. These include initiatives to keep employees healthy, to ensure that they are acquiring new skills that make them more useful. These requirements are better filled in-house, since they are so specific to your company.

But there’s still a role for outsourcing. While you might feel an itch to bring everything in-house, payroll experts are costly and normally unnecessary. There’s also no need to bring basic compliance in-house. Outsourcing this or getting software to do it will save you money and time that will allow your busy HR department to focus on hiring and strategic projects.

500-1000+ Employees 

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Bottom of Form

These types of companies are not too dissimilar to medium-stage companies. The difference here is that many larger companies bring many HR functions back in-house because they consider it a competitive advantage. But even for large companies, many of the administrative HR tasks can remain outsourced. Why bog down your in-house HR team?

Keep your HR department focused on finding quality talent, tackling strategic projects, and being the liaison to the rest of your team. Allow outsourced HR and payroll providers to handle the rest.

Apart from these few other factors can also be considered before coming to a conclusion:

  • What level of HR expertise/skills do you need?

When hiring a in house HR person you are getting only the skill set they bring. When using an HR firm with multiple consultants, you have access to all of the skill sets employed at the firm.

  • What is your budget?

This is a key question. If you determine that you would like to hire a HR Manager with 5-10 years of experience, this is where the cost of outsourcing to an HR firm makes more sense because the cost will be a fraction of hiring an internal HR Manager.

  • What are the employee-related goals for your business?

Do you want to become an “employer of choice” with a goal of attracting top talent? Do you want to create career paths for employees? Focus on employee retention? Using an outsourced HR firm with the experience of doing this type of work regularly, can help you achieve these goals more quickly. Additionally, it will provide you with some ideas you may not have thought about due to the consultants varied experiences.

  • Do you need your HR person onsite every day?

With 100 plus employees, having HR onsite every day makes sense.

  • How much time do you have to supervise an HR person?

Entrepreneurs rarely have time to effectively supervise. And supervising a skill set like HR, that they often know nothing about, makes it even more difficult. Working with an outside HR firm gives Leadership peace of mind knowing that skilled professionals are in place who will work proactively, advice and collaborate, versus look for frequent direction. With an outside HR firm true supervision is minimal.

  • Do you want an HR professional who can provide objective advice and guidance?

When hiring someone in-house, they may not be as forthcoming with feedback that does not agree with “the boss”. The internal HR person wants to remain employed and because of this may be reluctant to share feedback that could be perceived as “not being a team-player.” An experienced HR consultant understands that one of the roles they play is to be a trusted advisor and look at situations objectively while sharing ideas and feedback that will improve the client’s workplace, support their goals and culture while also mitigating risk.

HR is an important department. But many businesses sometimes forget this. Or they forget that the people doing it are qualified to do more than monotonous tasks. Outsourcing human resources and introducing new changes within the company can be both eventful and fruitful and worth the risk taken. Finding the right consultant not only gives you a sense of satisfaction but also will reward you and your company in the long term and will provide you with long lasting benefits. Try to hire a professional that truly understand the sentiments of the company and its motives and values.

I hope this article inspired you to investigate what works best for you, your organisation and most importantly, your employees – because they are your business’s most important resources.

If you found this helpful then don’t forget to share it with your friends and colleagues.

What business functions have you considered outsourcing? Tell us in the comments section below.

Pragna provides a wide range of Recruiting and HR solutions for businesses of all sizes. Click here to discuss your HR/Recruiting needs with us.

Who Fits In A Start-Up

Who fits in a Start-up

A start-up is a company working to solve a problem where the solution is not obvious and success is not guaranteed. There’s something incredibly adventurous to work in start-up companies. Maybe it’s the lack of bureaucracy and office politics or the freedom to create ideas and make decisions. Either way, many job candidates are attracted to the start-up environment. But this doesn’t mean that start-up companies are right for everyone.

Are you considering a jump into the start-up industry, than there is a series of questions you must answer to yourself to find out “Do you actually fit in a Start-up?”

  1. How Can You Solve the Company’s Problems?

Start-ups have too much work to do and not enough people. So if you are capable of solving the specific problems a company faces and get results, many other concerns goes the side way. The main one left is cost and your interest in the job shouldn’t be about money, but rather fulfilling specific personal goals or mere learning.

  1. Does your Passion connect to the Company’s Mission?

Convictions and motivation are way more important in a candidate than experience. Wanting to work at a start-up is a terrible motivation for applying. A good motivation is finding a company whose mission resonates with you, whose values align with yours, and whose goals work perfectly with your skill set.

  1. Are you a Multitask-er?

Since most start-ups financially aren’t able to fill all of the positions they need. They expect to do significant savings by combining two or many staff positions into one. That way, the cost of benefits can drop significantly. So if you are capable of wearing multiple hats without taking a toll on your focus and productivity then you are the right fit.

  1. What are your Intrinsic and Extrinsic Motivations?

It’s important to figure out your motivations before you start working in a start-up. Inevitably your start-up career will go through extreme challenges, and this understanding will be called upon. Extrinsic motivations could be salary and benefits and intrinsic motivations could be purpose, mission and learning. But it’s important for you to articulate your motivations and have clarity on what it really means.

  1. Do you tend to push the Boundaries?

If you are a person who likes to be in your own comfort zone then think twice before joining a start- up. Start- up environment seeks candidates who put continuous efforts to achieve a task and tend to experiment new, pushing their boundaries every time.

  1. Do you have the Entrepreneurial Spirit?

The best start-up employees think like entrepreneurs and are prepared for the challenges. They have Creating something from nothing attitude. Working at start-up involves working with different types of personalities, keeping an open mind, always staying true to yourself and speaking up when you have an opinion.

  1. Are you Accountable or Do you have sense of Responsibility?

Successful start-ups have no place for sycophants. You have to show that you are willing and able to not only come up with ideas, but also defend those ideas and implement them. You can adapt and think on your feet.

So analyse yourself before thinking to start you career in a start- up. If you have a “YES” for all the above questions then you are right fit. If not kindly drop down the idea and focus on improving your Entrepreneurial skills which could help you in many other ways.

If you’re looking for top tech talent to power your start-up and strengthen your culture, try Pragna Solutions today.

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