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Secova's 2010 Business Outlook for HR Outsourcing
(February 22, 2010) Previous adopters of human resources outsourcing (HRO) services are making significant changes when restructuring their end-of-term contracts. According to the Everest Research Institute, the end of the term multi-process HRO market holds a great significance as $6 billion of contracts are nearing renewal in 2010 - 2012. What benefits administration initiatives are corporate HR currently investing in to reduce benefits costs and manage change?
Secova Inc., a leading provider of human resource and benefits management services, today announced its addition of forty nine (49) new business service agreements completed in 2009. Twenty-six (26) of the companies have signed on for benefits administration services, including enrollment, data management, premium billing and call center services, while the other twenty-three (23) clients are working with Secova to implement Dependent Eligibility Verification projects.
With the addition of these new clients, Secova continues demonstrating leadership in delivering valuable, effective benefits administration outsourcing services to clients in a variety of industries. The uncertainty presented from federal, state and local legislative arenas has led to organizations expanding and leveraging outsource providers as a means to keep pace with the rapid rate of change. In 2010, benefits administration outsourcing is being driven by the need for organizations to reduce HR transactional time and administrative costs, especially during a continued weak economy.
As the industry matures through the early part of the 21st century, Human Resource professionals have embraced the current call for HR transformation and are seeking new service delivery models that can deliver large productivity gains translating into a true competitive advantage. Previous adopters of human resources outsourcing (HRO) services are making significant changes when restructuring their end-of-term contracts. According to the Everest Research Institute, the end of the term multi-process HRO market holds a great significance as $6 billion of contracts are nearing renewal in 2010 - 2012. Businesses just now entering the HRO market are seeking the missing component that is critical to navigate through daily challenges brought on by gap analysis, change management and process improvement.
"Given the economic climate and the potential legislative changes, intensive benefits and administrative restructuring has been a comprehensive undertaking for corporate HR," said Joel Carter, Vice President New Business Development, Secova. "As the industry matures through the early part of the 21st century, Human Resource professionals have embraced the current call for HR transformation and are seeking new service delivery models that can deliver large productivity gains translating into a true competitive advantage."
Second generation HRO allows employers to redefine their strategies to reduce costs and improve performance by leveraging external intelligence and new technology. Manufacturing, banking, government, finance, healthcare and most of the direct-to-consumer businesses such as the retail trade are embracing these new processes that enable their businesses to better position themselves for both the near and long term. These industries see a need for significant change, from innovative business models down to new and emerging programs that lower expenses; such as seen through the Dependent Eligibility Verification.
"In today's economy, the mantra for most businesses is to keep costs low, and stay focused on their core competencies, "said Venkat Tadanki, Co-Founder and Chief Executive Officer of the company. " Keeping in mind, the clients' requirements, we have developed customized offerings which, through the year, helped our clients save up to as much as 10% on the total dollars spent on H&W ."
As the current economic climate forces organizations to explore tactics to stay competitive, it is apparent that the forecast for outsourcing is positive. Successful outsourcing is built on a foundation of value added support designed to unleash corporate HR savings. Ongoing quality, best practices and process improvements must be an essential component to todays successful outsourcing engagements. As corporate benefits administration is fueled by change, Secova is well positioned to better enable businesses to achieve their profitability goals and prepare for their current and near term growth objectives.
Secova provides mid- to large- size companies offering a combination of services - from Benefits Enrollment and Administration to Absence Management and beyond - including Benefits Auditing, Benefit Plan Management, COBRA Administration, Employee Communications, HR Support Services and Payroll. Our "Best Shore" strategy allows us to shape each solution based on our clients' corporate goals and strategies, utilizing each of our locations to deliver the solution that provides the best value, both in quality and cost. All of the administrative functions can be available 24 hours a day, 7 days a week, as individual outsourced services or as total HRO/BPO processes. For more information, visit the company's website at www.secova.com.
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