ENTREPRENEURIAL OPERATIONS
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The company that the human resource function is outsourced tomay lack an understanding of the key aspects of the business.
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The key relationship between staff and their line managers must continue to be developed within the business itself, without the assistance of the external company.
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The decision of a business to outsource its human resourcefunction can generate cost savings through increased employeesupervision.
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Staff of the external company would have a much better understanding of issues related to employment relations and can advise the business on the most appropriate human resource strategies.
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Detailed explanation-1: -HR outsourcing may help businesses lower health costs, reduce HR expenses, process fewer workers’ compensation claims, reduce turnover, and help generate higher revenue growth. With the help of a third-party HR provider, there are often fewer concerns about hiring, retaining, and motivating employees.
Detailed explanation-2: -There are four main advantages to outsourcing HR functions: 1) Ensure That Your Business Is in Compliance, 2) Improve Your Employee Experience, 3) Offer Better Benefits, and 4) Reduce Costs.
Detailed explanation-3: -HR outsourcing is a contractual agreement between an employer and an external third-party provider whereby the employer transfers the management of, and responsibility for, certain HR functions to the external provider. Many types of HR outsourcing options are available to employers.