COVID-19 has forced a lot of companies to rethink how they do business. Processes and procedures have all been looked at with a fine tooth comb to find efficiencies, cost-savings and overall productivity from a remote working environment. There has never been more pressure for companies to adapt to survive and innovate with the use of technology then now.
Human capital at most businesses has been under the microscope with layoffs being made, wage cuts, as well as hiring still ongoing for some. Companies are optimizing their rosters and taking a look at where they can benefit from outsourced departments. Whether it's outsourcing entire finance, human resources, legal, IT or marketing departments for example - efficiencies are being found and implemented.
Outsourced Finance Departments
The scope and volume required for financial operations has increased. Capacities to handle the day-to-day financial operations of a company are being balanced with government support program applications. The quickly growing need to optimize cash flow and stay a top accounts receivables, has required additional assistance. Outsourced finance departments are being utilized to manage additional strain on bookkeeping for small and medium sized businesses as well as the strategic side for required CFO services. It is essential to have the right financial data available at any given point in time for businesses to make informed decisions and strategies surrounding forecasts, budgeting, costs, and more to survive.
“At numbercrunch, we’ve been tapped by a number of businesses in Ottawa for a number of our services. Whether it is assisting our clients with government support applications, outsourced accounts receivable management, and even recruitment for their finance teams - it has never been so vital to have strong financial records and sound financial advice.” - Susan Richards, Managing Partner, numbercrunch.
Outsourced Legal Departments
The COVID-19 crisis has highlighted a key weakness for many companies: under-resourced internal legal departments and inefficient relationships with outside advisors. As internal leadership rushed to respond to a sudden and massive change to business and operations, it became clear there was information and support which could not be quickly provided. Internal records lacked contract management organization and support and outside relationships faltered as legal firms found they could not operate quickly and efficiently in a remote environment. Financial pressures as companies look to trim costs mean that corporate teams are looking for efficient, technically advanced and cost sensitive legal solutions.
“Momentum Business Law has been teaming up directly with management and corporate legal teams to assist with key legal support, freeing up the corporate team to focus on their operational strengths. We are helping to implement contract management regimes and provide contract management support going forward. Working with HR teams, we are taking over the management of corporate records to ensure timely solutions. The way Momentum is structured, our experts can quickly provide support on a range of governance, procurement, transactional and compliance matters. We help business get done and information flow. We have always used technology to provide efficient, timely and cost-sensitive solutions to help supplement a company’s team, and it has been increasingly important in today’s working environment.” – Megan Cornell, CEO Momentum Business Law
Outsourced Human Resource Departments
It took a global pandemic to bust the myth that employees weren’t as productive when working remotely. Outsourced HR teams have been helping organizations rethink their operations and implement customized solutions that help them navigate the various assistance programs available to offset the financial impact to their businesses. More than ever, organizations are needing to be able to rely on a team of certified HR professionals who are experts at designing change management programs, outcome-based job design and performance programs, as well as customized ‘back to business’ reintegration programs.
“We understand that employment legislation can be so complex that there are many risks for an organization if it is not operationalized correctly. Our business framework has been helping organizations fix problems and scale back up in manageable ways. Our iHR support team consisting of Certified HR Professionals, Business Strategists and Certified Executive Coaches – ensures that our clients get everything they need to support them through COVID-19 and beyond.” - Karen Brownrigg, CEO, iHR Advisory Services.
No matter the department, if you choose to outsource make sure that you source partners that are reliable and a fit for your organization. Perform your due diligence, because you will need to be rely on them time and time again.