From outsourcing and offshoring to FAO and RPO, industry terminology can be overwhelming. Click on each term below to see its definition. Still have questions? Contact us and we’ll get back to you right away.
AP stands for Accounts Payable and is an accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. Many companies outsource the AP process to back office providers.
AR stands for Accounts Receivable and refers to outstanding invoices a company has or the money the company is owed from its clients. AR of often outsourced as part of back office support.
Back office tasks are those that are not part of a company's core function. Examples include accounting, transactions, data entry, bookkeeping, marketing, SEO, etc. Outsourcing providers offer support in these areas by having their teams complete these non-core tasks.
BPO stands for Business Process Outsourcing and refers to the outsourcing of non-core tasks to a third-party outsourcing vendor.
The client engagement process is the steps involved with on-boarding a new client. The Personiv process starts with discovery where find out what type of talent will help you most, what skills are needed and how best to train our team to your specifications. We detail a plan that will exceed your expectations and define your success both in the short- and long-term.
Outsourced customer engagement is a service in which an outsourcing provider engages with a client's customers via phone, email, chat, social media, etc.
Direct-hire services are offered when a third-party recruiter finds talent for a specific job opening and is paid a percentage of the annual salary of that individual as a fee. The provider is not paid until the candidate is successfully placed.
FAO stands for Finance and Accounting Outsourcing and refers to outsourcing in the finance and accounting space.
FTE stands for Full Time Equivalent (or Full Time Employee) and refers to a person who works full time on an outsourced program. FTEs are dedicated to only one client.
ISO is an organization that sets global standards for quality, management and continuous improvement. They have several certifications that are administered by approved third-party vendors in which companies must meet strenuous processes to comply with and be awarded the certification.
Offshoring is the practice of outsourcing business functions to teams overseas, often in countries like India and the Philippines.
Outsourcing is the contracting out of business process functions that businesses may not have time or resources to complete. Services that are most commonly outsourced include back office, customer support, recruiting and creative services.
RPO stands for Recruitment Process Outsourcing and refers to the practice of outsourcing a business's recruiting function, including recruiting coordination, sourcing, screening and candidate pooling.
Six Sigma is a set of management techniques intended to improve business processes by greatly reducing the probability that an error or defect will occur. Six Sigma certification involves company leadership who work to remove inefficiencies in the internal processes of a company.
SLA stands for Service Level Agreement and refers to an agreement between a provider and a client that clearly defines the level of service expected throughout the length of the contract.
Sourcing is used in the recruiting space and refers to the process of finding top talent through research, referrals and technology.
A virtual recruiter is a recruiter branded as your own internal recruiter that a company can use to source and screen talent, while saving money on the burden of a full-time employee.