Industry News

According to a recent study conducted by benchmarking leader Best Practices, LLC, 60% of surveyed companies are currently undergoing HR transformation or plan to begin transformation by the end of this year. 

The study reveals the approaches taken by global companies to ensure their HR function, its priorities, service delivery channels and capabilities support the company's overall human capital strategy and achieve measurable business results. 

The study is based on surveys from 20 organizations across various industries, including financial services, pharmaceuticals, manufacturing and educational. 

Key findings from the survey include:
- Companies that have undergone HR changes identified the following key success factors:
1) Performing internal and external change management
2) Gathering input from outside HR organizations
3) Defining HR's value proposition.

- 67% of surveyed companies identified the need to reduce HR cost as a driver behind their HR transformation process, followed by the need to add more value to the business' bottom line.

- Even though benchmarked companies note that having a human capital strategy in place benefits internal talent development, only 45% so far developed such a human capital strategy.

- None of the benchmarked organizations completely outsource their HR services. Most surveyed companies tend to use a hybrid model with only partial outsourcing. 

(Source: BEST PRACTICES, LLC)