HRO Today December 2017 - 45

2018 Forecast
HR service partners are
investing
15%
20%
to
of revenues on average
into technology
innovation.
service component, and over the next year, approximately
one-quarter of HR service partners will provide a
standalone payroll analytics-as-a-service offering.
Investments in predictive analytics and compliance tools are
also high.
Throughout 2018, HR can expect to see continual
developments with enablers helping to make the move
to the cloud faster, simpler, and more manageable. As
cloud transformation matures, attention will center on
digitalizing operating models to meet the needs of a more
diverse, dispersed, and technologically savvy workforce.
Benefits Administration
Over the last several years the emphasis of the benefits
administration market has been on best-of-breed services.
To quantify this, nearly 70 percent of 2016 contracts were
for a single benefits administration service. As a result,
HR service partners have been divesting sections of their
businesses to facilitate deeper investments into core areas,
with the majority focused on expanding the capabilities of
existing services.
A significant area of ongoing investment is around the
employee experience. After a few years of introducing
consumer-centric concepts, the next stage of the experience
evolution is benefits optimization.
The goal of benefits optimization is to support employees
with the utilization of benefits. Specifically, this involves
helping participants make the most of their benefit dollars
from a holistic viewpoint, which can take on one of the
following forms:
* Health and wellness optimization: ensuring employees
are not over-insured in major medical products and/or
underinsured in other ancillary benefit products;
* Financial wellness optimization: helping employees
with financial issues beyond retirement preparedness,
such as budgeting, debt management, and saving for
emergencies; and
* Health and wealth optimization: ensuring employees have
the best health coverage that they can afford while also
adequately saving for retirement.
The concept of optimization is still in its infancy, with
most initiatives centered on either health and wellness
optimization or financial wellness optimization. Throughout
2018, HR can expect the majority of enhancements to be
around these narrow optimization approaches.
Recruitment Process Outsourcing (RPO)
Recruitment will be a continuous challenge for
organizations in the next year, especially since millennials
have a reputation for job-hopping and will account for
nearly half of the U.S. workforce by 2020. The demand for
RPO services will remain high.
NelsonHall estimates that the global RPO market will grow
by approximately 11 percent in 2018, driven by a shortage
of skilled labor and an aging workforce. Organizations will
increasingly turn to contingent workers, especially within
certain industries, to address workforce needs. In fact,
the managed service programs (MSP) market will have a
compounded average annual growth rate of 8.3 percent
through 2021.
To manage the needs for both permanent and contingent
workers, HR service partners are increasingly making
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HRO Today December 2017

Table of Contents for the Digital Edition of HRO Today December 2017

HRO Today December 2017 - 1
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