This article is brought to you by BIPO.
More than a year into the pandemic, enterprises and SMEs in Hong Kong continue to face multiple challenges – from strategic workforce planning, strengthening organisational culture, amid hybrid work arrangements, to global mobility issues such as compliance and tax implications.
The silver lining to these disruptions is the opportunities created – from adopting different and novel approaches, businesses in Hong Kong are now more resilient and better positioned to face the post-pandemic business landscape.
Increasingly, businesses, including SMEs, are now leveraging the services of outsourced service providers in areas such as human resources, payroll, and finance to streamline and reduce workloads previously performed by in-house teams. Besides benefiting from economies of scale, businesses can now expand their business operations into regional and global markets efficiently and compliantly through professional outsourced vendors such as BIPO.
With travel restrictions and work-from-home now the new normal in the post-pandemic landscape, businesses can tap on the expertise of outsourced service providers, such as for setting up foreign business entities, labour laws, global payroll, and compliance. In addition, they can also leverage technology solutions such as cloud-based SaaS platforms and mobile apps provided by such vendors as part of their comprehensive workforce solutions. This allows businesses to scale their operations quickly, while mitigating risks.
“The pandemic has escalated the transition of HR professionals to a more strategic, HR business partner role instead of a functional role,” said Florence Mok, BIPO’s Managing Director – North Asia.
While HR teams continue to remain lean, there is a growing trend where businesses outsource their HR functions to enable in-house teams to focus on big-picture initiatives such as spearheading organisational change and global workforce mobility. In many instances, HR is now the key driving force behind these initiatives.
Mok has seen the shift towards using outsource service providers, especially those with technology capabilities to support the MSS (manager self service) and ESS (employee self service) functions. Businesses that pivot to BIPO’s outsourcing services are typically focused on expediting their market entry to new and emerging markets such as Vietnam, Turkey and Ethiopia.
Mok cautioned that while outsourcing HR functions presents cost-effective benefits; choosing the right service provider is essential in terms of a centralised platform, efficiencies in payroll processing & benefits administration, and mitigating risks associated with non-compliance. It is important to work with a reputable vendor that has a proven track record and business partnerships that extend internationally.
Ensure the service provider is able to meet all your professional needs, including a secure cloud-based platform with the necessary certifications (for example, ISO-270001, SOC 1/2, etc.) complemented by a reliable local service delivery team with the expertise to navigate complicated labour and tax compliance regulations.
“When businesses outsource key functions, they are future-proofing the organisation, enabling continued growth and ensuring sustainability of the business in the long term,” she said.
Photo supplied / Florence Mok, BIPO, Managing Director – North Asia.