Benefits of Outsourcing in Pharma & Healthcare Industry
The pharmaceutical sector in the Middle East and North Africa (MENA) has seen remarkable growth over the last few years and is estimated to reach around US$60 billion by 2025
The pharma & healthcare industry has proved its prowess during the most challenging times of this era. The industry in the Middle East is following paths similar to that seen at the global level. It is growing rapidly to meet the ever-evolving needs of the growing population. The pharmaceutical sector is an ever-growing, ever-expanding field with plenty of space and scope, paving paths for various SMEs and MNCs in MENA to establish their existence in the region. Owing to its altering nature, companies frequently need to adapt to the changing conditions to stay afloat in this competitive landscape. Firms not capable of making these swift changes in the structure of their operations often fail to succeed in the long term.
In recent years, the pharmaceutical industry has gone through enormous changes, especially since the Covid outbreak has completely changed how pharmaceutical and other healthcare organization’s function.
Companies now need to build leaders capable of meeting such challenges of tomorrow’s healthcare industry. Some of the biggest encounters that the industry face is low pricing, strong competition from even small biotech and technology companies, patent litigations, and many other trends which make the environment much more demanding. This sharply indicates that talent with fresh skill sets and mindsets, agile and flexible are needed who can quickly adapt to the evolving landscape. With several regulations’ changing in the industry, finding the right talent has become a major recruiting limitation for HR teams.
Under such circumstances, meeting the business performance expectations becomes a massive challenge. That’s why companies in the pharma & healthcare industry are moving towards innovative new methods to simplify recruitment, employee management, payrolling services, and other internal processes. And one of the most used and the most successful techniques is to outsource it to a staffing agency.
A survey by Statista shows that implementation of outsourcing has steadily increased from 33% to 49% over the last decade, with a massive 9% growth since the Covid outbreak. According to NAPEO, businesses that use services like PEOs from outsourcing companies, experience a higher growth rate of up to 9%. Outsourcing just your recruitment services can boost your employee turnover by 10%. Due to such huge benefits, pharma companies are now relying on outsourcing companies to meet their various business requirements with perfection and class.
How does HR/Staff outsourcing benefit?
As pharma companies now require high efficiency with high effectiveness, they now also have to meet the high demands of the market with limited staff, and that requires remarkable levels of productivity too. Though the task seems quite difficult to achieve, it is actually quite effortless when you outsource your hiring processes to an expert who works on a day-to-day basis with various industry leaders, which gives them access to a huge talent pool from across industries.
Here’s how outsourcing recruitment & payroll services improve the HR functionality:
- Quality Hiring: The recruitment experts will help you optimize your hiring procedure to improve the quality of recruitment. Due to their extensive industry-based understanding of hiring, the experts can help you hire a balanced team that can deliver high levels of efficiency.
- Find Right Talent Locally: Pharma companies often cater to the local public, and therefore, you need employees who understand the local culture and customer behavior. However, without sufficient experience in the diverse MENA region, your in-house recruitment team may have difficulty finding the right talent. On the other hand, outsourcing service providers have an in-depth understanding of the local landscape, and they also have access to databases, allowing them to find the right talent quickly.
- Specialist Recruitment: Specialised job roles, such as certified pharmacists, laboratory technicians, microbiologists, etc form the core of a pharma company. And if you are looking for maximized efficiency, the c-level employees and managers must be highly skilled. Professional recruitment service providers are well-connected in the industry, and therefore, they can find the right C-level staff and specialists to manage the team faster than an in-house HR team.
- Cost Reduction: With quality hiring, you can also expect significant long-term cost reduction. The overall expenses of initial recruitment processes such as hiring, training, onboarding, etc., are much less, and the employee retention rates are also high due to an optimized and efficient recruitment process.
Recruitment & payroll outsourcing organizations also assist in meeting a company’s contract staffing and permanent staffing requirements with ease. Therefore, some of the top pharma companies outsource their staffing needs to recruiting agencies.
How Outsourcing HR Solutions Improve Business Operations?
Along with the recruitment process, pharma companies are also outsourcing employment services to improve the overall efficiency of business operations. It has been found that businesses save up to 35% on HR Administration, and due to efficient HR management, companies with HR outsourcing are less likely to go out of business.
HR solutions companies are currently helping pharma firms in many ways, such as:
Improved Recruitment
HR solutions can help you simplify recruitment processes and improve the overall efficiency of hiring. With the help of recruitment experts, you can design an optimized recruitment process that provides better results with minimal effort and investment. So, when you outsource HR solutions, you do not only get improved recruitment, but you also save money due to optimized hiring.
Payroll, Visa, and Insurance Management
With HR solutions outsourced, pharma companies can now also ensure seamless employee benefits management. The HR recruitment services specialists take care of various activities such as payroll management, work visa services, medical insurance, and other employee benefits. So, when your employment services are outsourced, you can focus on the core business functions while experts take care of the employee benefits and employee management activities.
Improving Employee Performance
Staffing services specialists have an in-depth understanding of employee management. Due to their optimized managing techniques, companies can offer a highly efficient working atmosphere that helps employees thrive. Employees experience a pressure-free working culture, along with security and benefits. HR specialists can also help you outsource your employee training and development programs to improve overall performance.
Business Security / Compliance
Modern pharma companies outsource their recruitment services to agencies with in-depth regional understanding because it helps the companies meet various compliance regulations related to nationalization, localization, employee benefits, etc. And therefore, with HR outsourcing, businesses ensure business security with 100% compliance with all HR-related regulations.
Why choose TASC as your outsourcing partner?
At TASC, we provide a wide range of HR services designed specifically for pharma & healthcare companies. We have a team of 40+ recruitment experts and HR specialists who have an exhaustive understanding of the emerging markets of the MENA region. We can help you identify the market risks and explore growth opportunities in the region with our experience & knowledge base.
We cover complete HR recruitment solutions, from hiring and staffing to employee training and payrolling services. We are partnered with some of the leading pharma companies globally and in the MENA region. We assist them with budget-friendly and convenient business expansion in more than 68 countries. Here are some of our top outsourcing solutions for the pharma and healthcare industry.
- Contract Staffing
- Permanent Recruitment
- Payrolling Services
- GRO Services
- HR Consultancy Services
- PEO Services
- Offshore Services
- World-Class AI-based Client/employee Support System
With this spectrum of outsourcing services, we don’t limit ourselves, we customize our services as per your need. We are the one-stop solution for all your outsourcing requirements.
No matter how large or small the scale of recruitment needs is, we can help you ensure secure and seamless business operations. Get in touch with us, and we’ll help you meet your MENA staffing, nationalization, and employee management requirements precisely.
Reference Links
https://www.napeo.org/what-is-a-peo/about-the-peo-industry/napeo-white-papers
