Shared services are cost-efficient because they centralize back-office operations that are used by multiple divisions of the same company and eliminate redundancy. Some companies use a chargeback system to bill divisions that use the service on a per-use, per-quarter or per-year basis. Other companies absorb the cost of shared services as part of the continuing cost of running the business. Today, most companies employ a shared services model for finance, human resources management (HRM) and information technology (IT), Analytics, Acturial , Digital & Robotics, etc.
With fewer and fewer traditional finance roles around the organization, due to the success of shared services and other global finance initiatives, it is vitally important that we continue to invest and develop our teams and SSC employees. Many of them are the “future of finance,” and the SSC is seen as a talent pool and breeding ground for key finance skills and leaders. Bangalore, for example, has proved to be an excellent SSC location to find strong individuals that we can develop and mentor.
By continually looking to increase their scope of responsibilities and opportunities, we provide them with career and skills development opportunities that will stand them in good stead. We look to promote through the organization, and offer opportunities such as working in another country for a period of time, or joining an “audit loop” guest program, where they can further develop their internal controls skills and knowledge. Attention to development and ever more challenging work clearly assists with retention, and helps us maintain minimal levels of attrition, in what is often seen as a challenging marketplace.