Procurement solutions are essentially contingent labor management processes utilized by many businesses to save time and money. Instead of handling everything in-house many businesses elect to outsource specific functions to companies that specialize in such areas. This cuts back on the need to hire more people or designate current employees with new tasks they might not be experienced to deal with. Here are three areas you might want to consider for procurement management in your business.
1.) Payroll: Payroll is the number one function for small businesses to outsource, according to Inc. magazine. The main reason for this is because of the cost-effective nature. There’s a good chance that you will save money in the long run by outsourcing this task to company that does solely payroll. They have systems in place that make it easy and convenient to do unlike having to establish an entire protocol of your own. Also, there are many legal implications involved with payroll and any mistake can have costly consequences. It’s best to leave this to the experts.
2.) Freelance Talent: One of the most popular procurement processes is hiring freelancers and independent contractors to write copy, edit, and provide other services. Depending on your business you might not have a team of qualified writers to create content for advertising and marketing, among other things. About 90% of firms use freelance talent in some way or another. Since there will be periods when you won’t need their services it makes more sense to hire them temporarily than full-time.
3.) Recruiting: Whether it be to find that freelance talent, or fill other full-time roles in your company having a contingent workforce to find, recruit, and interview potential employees is a great way to save yourself time. Instead of having to do the work yourself hire professionals who know just how to track down the right candidates and hire them on for you. On average companies spend about $3,500 on recruiting per person. Many businesses can do it for cheaper and because of their expertise will find you better candidates than even you could.