By the end of this year, the staffing at Britain’s four biggest banks will have fallen globally by roughly 190,000 in the five years since the financial crisis began in 2008. Bloomberg have compiled figures which show that Royal Bank of Scotland, Lloyds Banking Group, Barclays and HSBC will have cut their global headcount by 24%. Further cuts are expected in the coming years as financial institutions continue to restructure.
A big headache for HR professionals
A restructure on this scale has huge implications logistically for HR departments who have to deal with the human effect of large-scale redundancies. Inevitably this leads to an increased level of grievance proceedings as staff begin to fight to protect their roles within the business.
HR departments don’t normally handle this volume of meetings and procedures, so scaling up the HR operation to cope – while maintaining impartiality and fairness – can be a challenge. Outsourcing all but the core roles of the HR team can solve this tricky issue. Teams on the ground know the internal positioning of the business and have a clear understanding of the outcomes the business is looking for, so outsourcing this part of the role would be counterproductive.
Which HR functions should be outsourced?
HR professionals are experts in dealing with the details of redundancy and restructuring programmes; they need to focus on the outcomes to ensure they are correct for their company and the employee.
Quite rightly while they’re focused on these aspects they can’t be expected to also take extensive notes of meetings and put them quickly into a format that is appropriate for the process. Meetings like this can move very quickly as participants become heated or jump from point to point, so having a professional minute taker capture the proceedings will make a huge difference.
Outsourcing minute taking has huge advantages:
- HR Managers and Advisors can concentrate on the job at hand
- Hiring a minute taker is more cost effective than utilising internal staff
- Minutes of meetings can be turned around within hours
- The minutes will be free of any errors and give an easily usable record of the proceedings
- Confidentiality will be maintained in potentially sensitive discussions
When HR teams have a huge volume of meetings, minute taking can help companies move through these difficult times quickly and efficiently, ensuring that both staff and management get a satisfactory outcome.