As the holiday season approaches, so do the annual pressure campaigns to reduce costs, maximize earnings and plan accordingly for the forthcoming budget year. Whether initiated by investors, CEOs, division/ group heads, partners or team managers, it’s inevitable that organizations, and the people that run them, will be looking for creative ways to maximize profitability before the snow flies.
While many organizations will continue to conduct business as usual and beg for forgiveness later, over the last several years we’ve experienced a growing trend toward outsourcing various human resource functions in the 4th quarter relieve the end of the year crunch. Whether subject to hiring freezes, salary discussions, employee reviews and / or general HR related functions, many organizations are evolving their human capital business strategies to optimize outcomes, while mitigating internal / external cost pressure.
Contracted Payroll Services Alternative Solutions
As an agile legal talent company that primarily focuses on providing potent legal talent and advanced managed document review services for clients, every year we begin to receive a significant increase in calls from legal teams inquiring about our Contractor Payroll Services as an alternative Q4 option to legacy in-house approaches.
While typically deployed as a short-term solution (1-3 months on average), outsourced payroll services provide clients with a multitude of flexible benefits to help soften the end of year strain.
- Increased Cashflow
- Optimize cashflows with extended payment terms to reduce costs or reallocate funds elsewhere
- Hiring Freeze Adaptability
- Minimize the impact of hiring freezes by contracting outsourced labor on a temporary basis while testing, training and integrating talent for potential future full-time employment
- Project Continuity / Productivity
- Keep projects moving without losing a step with highly-trained, temporary outsourced staff
- Easy Outsourced to In-House Talent Conversions
- Quickly convert outsourced talent to full-time employee status if and when the time is right with no additional costs
While end of year pressures are inevitable on both the client and vendor sides, so too are creative outsourcing solutions from companies like Hire Counsel who are always devising innovative solutions to help clients brace for the winter storms ahead.