In a rapidly evolving global economic landscape, characterized by increasing interest rates, inflation, and growing business costs, companies are facing unprecedented challenges. The recently released Newxel report “In-House Talent Economics: Decoding the True Financial Impact. 2023 Operations Team Cost” sheds light on businesses’ potential financial burden in managing day-to-day operational expenses.
Newxel’s extensive study provides an in-depth analysis of operational costs across 12 countries, including the USA, Canada, the UK, Portugal, Sweden, the Netherlands, Germany, Switzerland, Austria, Romania, Poland, and Ukraine. The report focuses on critical departments such as Human Resources and People Management, Legal, Finance, and Office and Administration, offering a strategic roadmap tailored for businesses navigating dynamic market conditions, particularly in the HR domain.
Andrii Bezruchko, CEO of Newxel, emphasizes the significance of the insights derived from the report for businesses facing operational challenges. “As businesses navigate through these challenges, the report empowers leaders to make informed decisions, optimize costs, and consider IT staff augmentation as a strategic avenue for achieving cost-effective flexibility and sustained success in a dynamic digital global landscape.”
Read More About Hrtech Interview : HRTech Interview with Shawn Herring, CMO at airSlate
Key Highlights Tailored for HR Professionals:
- Ukraine ($19,900) emerges as a cost-effective base, making it a strategic choice for operational efficiency within the HR domain.
- The USA ($65,300), Canada ($64,250), and the UK ($62,050) follow Switzerland’s lead, providing diverse options within the operational team cost spectrum, considering budgetary considerations crucial for HR strategies.
- Eastern European countries, especially Ukraine ($19,900), Poland ($25,500), Romania ($26,350), and Portugal ($27,750), present cost-effective solutions for operational team costs, offering strategic alternatives for HR-focused businesses.
- HR and People Management (up to 45%) and Office and Administration (up to 38%) constitute the most significant share within operational team costs, emphasizing the critical need for effective management in these areas for HR-driven cost efficiency and operational excellence.
This report serves as an indispensable resource for HR professionals seeking to align their strategies with the evolving global economic landscape and optimize operational costs without compromising on quality. Access the full report [link] for a comprehensive understanding of the financial impact on HR operations in the year.
Browse The Complete Interview About Hrtech : HRTech Interview with Tommy Barav, Founder and CEO at timeOS
[To share your insights with us, please write to pghosh@itechseries.com ]