Going Global? Keep Your Workforce Lean
Lean hiring, or lean recruitment, is a way for companies to effectively acquire top talent for their firms by simultaneously eliminating waste and boosting efficiency. This is achieved through identifying wasteful or non-value-added activities (NVAs) within the hiring process and either removing or replacing them. Ultimately, this serves to decrease employee turnover and establish a system for streamlining the recruitment process.
Benefits of Lean Hiring
One of the key benefits of a lean hiring strategy is the time that it saves. By using tools like “Value Stream Mapping,” organizations can map out values and wastes in a given process. With such proven and repeatable procedures in place, persistent issues no longer affect various departments that are seeking resolution. Automated processes establish a protocol for a host of potential problems which can then be easily identified and resolved. This can ultimately benefit your potential employees as hiring, training, and assimilation will be easier. No candidate likes to get lost in the paperwork and bureaucracy of a tedious hiring process and it has the potential to turn away key prospects. In the long run, such a long-winded process can paint a negative image of your company among the potential candidates. When it comes to operational efficiency, a lean hiring process is likely to effectively improve work practices and the efficiency of one department will trickle down to other departments, ultimately increasing your gross productivity, capacity, and operating profit.
Here are a few of the best practices for lean hiring:
- Assess work practices: Identify what’s working well and what isn’t.
- Trim down the excess: Outsource, let-go, or eliminate unproductive assets. This can be a difficult stage of the process, but your company and employees will benefit in the long run.
- Update and revise operations: Continually assessing, questioning, and streamlining your processes is the best way to remain competitive in the ever-changing corporate arena.
Lean hiring can be particularly important when branching out internationally. With the associated difficulties and costs involved with an international venture, it’s important to make sure that you keep a lean workforce, comprising efficient and dedicated workers committed to the company and its business objectives. For example, in 2015, Target expanded into Canada, opening up 124 stores in the course of 10 months. However, after only two years, Target still could not gain any significant traction and had to pull out to avoid further losses. These kind of failed endeavors can be costly for a company.
Stay Lean Internationally
One of the best ways for a company that’s trying to branch out internationally to keep a lean, minimalistic strategy is by using an International PEO (Professional Employer Organization) service. A PEO will allow your company to enter a foreign market with minimal setup and takedown while remaining focused, fiscally responsible, action-oriented, and compliant. A PEO allows you to skip the process of setting up an official entity in a foreign country and leaves the hiring, payroll, and the other major liabilities, to your PEO service provider.
A PEO can offer you:
- Flexibility: One of the key components of having a lean workforce is the flexibility that it brings. The flexibility offered by a PEO grants you the freedom to set up a business entity in a different country as well as make the necessary structural changes to your work force without incurring legal ramifications and other costly liabilities.
- Benefits: A PEO service provider can offer the benefits of a more established, high-level company such as 401(k) benefits and insurance plans. This, in turn, will increase the appeal of your company and allow you to attract and recruit top talent.
- Behind the Scenes Management: In addition to the flexibility and accessibility that a PEO can offer, a PEO has a host of other services that keep your business competitive, efficient, and profitable by managing your foreign payroll, staffing, HR, and taxation operations.
Stay lean and stay compliant with all of your international ventures, big or small. If your company is thinking about going international, consult one of our experts at +1-801-821-4905 or shoot a quick email to email@example.com.