Services - Industry overview and trend
The professional industry has rolled up its sleeves and leaving no stone unturned to live up to the expectations of the customers. The fact that consumers are making informed decisions and becoming more demanding, becoming more price sensitive and asking for complex services requirements; all these factors have led to stiff competition in market and intense efforts are being made to acquire and retain clients. The service industry is making sure that their employees are suited to meet their requirements in the best possible manner.
To meet these aforementioned challenges, the service industry requires uniformity in the operational and financial performance and it will help them to create a global footprint successfully. The need of the hour is to improve the quality of the mode of the delivery of the services, better management of the talent pool, syncing the approach of the employees with the current changing market scenarios and exceptional handling of clients. To achieve all these aforementioned goals, a smooth and a highly efficient Human Resource Department needs to operate to manage all these activities. The HR system should be such that it can integrate with the existing operational and financial systems. In fact, the service industry requires efficient industry solutions services that can streamline all the HR functions.
Talent acquisition and development
- The HRD needs to maintain a pipeline of talent which can meet urgent hiring.
- The HR department has to create employment contracts that are lucid and are able to maintain a close relationship to incoming business.
- The worthiness of the workforce in the current and future scenario.
- Job Rotation & Cross Training needs to conducted on regular basis.
- Optimum utilization of employees has to be achieved.
- Opportunities needs to be provided to employees to enhance their skills.
- The different needs of various workforce types, including temporary, permanent, and contingent should be addressed.
Compensation & benefits
- The HR personnel have to deal with the complexities of the workforce distributed across different locations.
- The HR department has to set up a intuitive compensation structures to meet the modern day requirements of pay scale.
- An automated Time Management has to be put in place for the employees. Further, the system has to be linked with payroll/client invoice, including shifts and overtimes.
- It is absolutely necessary to link the performance to incentive pay.
- The HR personnel has to enable Self-Service and Life Event Reporting to track the movements of the employees.
- It is one of the most important obligations of the HR personnel to conduct employee satisfaction surveys.