Mynd Solutions Pvt. Ltd. Official Blog: SMBs and Outsourcing...

Mynd Solutions Pvt. Ltd. Official Blog: SMBs and Outsourcing...: There is a general perception  among  small & medium business owners that third-party outsourcing of business functions such as HR i...

SMBs and Outsourcing...

There is a general perception among small & medium business owners that third-party outsourcing of business functions such as HR is essential for only large corporate. However, time and again it has been proven that streamlining business operations and cost-control strategies in the form of outsourcing is restricted not just to the large companies but also the SME’s.

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 The evolution of outsourcing in destinations such as India, Vietnam and Philippines etc. and the development of high-quality service providers like Mynd Solutions have however driven a change. This change in the thought processes of Small/Medium business owners are driving more outsourcing operations and is primarily attributable to the below reasons:

    Local Payroll-related ccompliance and taxation: Small businesses normally find challenges in this area of business, owing to its strong financial and legal implications. Employee benefits compliance and taxation related laws are the specific areas that require immediate attention and any laxness on the part of the company can lead to major financial losses as well as harm the public reputation of the company. HR outsourcing can be very beneficial in this regard and help to avoid this tricky situation.

    High-end technology access at a relatively affordable price: Small and medium enterprises and/or newly formed companies normally have limited resources for spending on technology and infrastructure etc. In case the backend services are outsourced, the need for companies to own sophisticated and latest technology tools/ skilled manpower are actually eliminated. Hence, the Capex and Opex are decreased for the company.

    A comprehensive solution: SMBs can avail the benefits of a comprehensive HR solution by sub-contracting their entire HR function to a trusted third party vendor. Payroll, Statutory Compliance, Employee Lifecycle management can all be handled under the same service umbrella by the service provider.