The pandemic has introduced the need to drive business growth while simultaneously operating on leaner costs than ever before. As a result, there seems to be an increase in the outsourcing of specific services such as payroll, human resources, marketing, and business development, just to name a few. There really is a specialist for everything now, and businesses are taking note. At the start of the year, roughly 8 out of every 10 small businesses were slated to outsource services for at least one business function. As we move forward, this uptick will most likely become the norm, with the outsourcing industry on track for a compounded annual growth rate of 8% in the period between now and 2027. Why are businesses continuing to choose outsourcing instead of hiring?
Outsourcing has served as a means for startups to ingrain efficiency into major functions early on in their existence, setting them up with successful strategies in the long run. In fact, around 27% of small businesses outsource at least one business function to boost company efficiency.
The average small business has around 10 employees. It may be possible to employ experts in every business function on such a small roster, but it’s highly unlikely. Outsourcing these business functions allows businesses to leverage insights from subject matter experts working at each pillar of their business.
As mentioned earlier, there really is an outsourcing expert for everything these days. Consider the following pillars and whether your business is fully maximizing its potential in each of them:
- Human resources
- Benefit Management
- Payroll Processing
- Digital marketing
- Business development
Are you lacking in any of these areas? An outsourcing specialist can ignite positive change and growth in any one of these categories.
At this point, it’s safe to assume that flexible work hours and locations will be part of our lives indefinitely. That means that businesses need to do more than simply set up Zoom accounts to stay in touch for long-term success. Outsourced HR teams can ensure the hybrid workforce stays connected, coordinated, and informed regardless of their working location.
Outsource your Benefit Management with TriBridge Partners, LLC
TriBridge Partners is an Expert Services Firm in the areas of Modern Health and Employee Benefits, HR Technology, Retirement Plan Services, Executive and High Performer Compensation, and Employee Engagement. Everything we do, we do because we believe in making a meaningful difference in the lives of those we serve. To discover how our experts can assist your organization or business, please reach out to firstname.lastname@example.org