The Journey

Profession is the journey we undertake to optimize the positive impact we exert on others.

Dedication

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These thoughts are dedicated to Dashrath Manjhi, the ‘Mountain Man’ Who Spent 22 Years Carving A Lifesaving Road Through A Treacherous Mountain

What is Income / Earning?

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Income/earning is the money or value that we receive in exchange for our work, products/services, or investments. There are different types of income, such as earned income, profit income, interest income, dividend income, capital gain income, rental income, and royalty income. Each type of income may have different definitions and sources depending on the context.

Why do we need to have an Income / Earning?

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We need to have an income because it allows us to meet our basic needs like - food, shelter, clothing, health care etc. It also enables us to pursue our goals, interests, and passions, such as education, travel, hobbies, charity etc. Having an income can also provide us with a sense of security, dignity, and freedom.

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However, not all income sources are equal. Some income sources may be more stable, reliable, and sufficient than others. Some income sources may also require more time, effort, and risk than others. Therefore, it is important to diversify our income sources and create multiple streams of income. In this way, we can reduce our dependence on a single source of income, increase our savings and investments, and achieve our financial goals faster, safer and easier.

How to Earn?

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There are many ways to earn money online or offline, depending on our skills, interests, goals, and resources. Some of the common ways to earn money are:

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• Working for an employer: This is the most traditional and stable way to earn money, where we get a salary or wage for performing a job or service for an organization or company or for a person or a group of people. We can work full-time or part-time, online or offline, depending on our availability and preferences.
• Starting a business: This is a more risky and challenging way to earn money, where we create and/or sell a product or service to customers or clients. We can start a business online and/or offline, with or without investment, depending on our idea, knowledge, skill and the market scenario.
• Investing in assets: This is a more passive and long-term way to earn money, where we buy and hold assets that generate income or appreciate in value, over time. We can invest in assets such as stocks, bonds, real estate etc. depending on our risk tolerance and financial goals.
• Freelancing or consulting: This is a more flexible and independent way to earn money, where we offer our skills or expertise to different clients or projects on a contract or gig basis. We can freelance or consult online or offline, in various fields such as writing, design, programming, coaching etc. depending on our abilities and market demand.
• Creating and selling digital products: This is a more creative and scalable way to earn money, where we create and sell digital products such as e-books, courses, apps, or software to customers or users. We can create and sell digital products online, in various niches such as education, entertainment, productivity etc. depending on our passion, skill-set, experience and knowledge.

Who needs to Earn?

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Every one of us needs to earn, to meet our basic needs and achieve our goals. However, different people may have different reasons and ways to earn, depending on the situation, preferences, and abilities. Some of us may need to earn to support ourselves and our families, pay off debts, save for emergencies, or invest for the future. Some of us may want to earn to pursue our passions, interests, hobbies, or charities. Some of us may choose to earn by working for an employer, starting a business, investing in assets, freelancing or consulting, creating and selling digital products, or doing other side jobs.

What are the possible sources of income/earning for a person?

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There are many possible income sources for a person, depending on their skills, interests, goals, and resources. Some of the common types of income streams are:

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Earned income: This is the income that we earn from our primary occupation, such as a salary, wage, or commission. This is the most common and stable source of income for most people, but it also requires the most time and effort.

Profit income: This is the income that we earn from running a business or selling a product or service. This can be a very lucrative and rewarding source of income, but it also involves risk, investment, and management.

Interest income: This is the income that we earn from lending our money to others, such as through savings accounts, bonds, or peer-to-peer lending platforms. This is a passive and low-risk source of income, but it also offers low returns and gets affected by inflation.

Dividend income: This is the income that we earn from owning shares of a company that pays dividends, which are distributions of profits to shareholders. This is a passive and relatively stable source of income, but it also depends on the performance and policies of the company.

Capital gain income: This is the income that we earn from selling an asset for more than we bought it, such as stocks, real estate, or collectibles. This can be a very high and fast source of income, but it also involves risk and volatility.

Rental income: This is the income that we earn from renting out our property or space to others, such as a house, apartment, vehicle, or parking lot. This is a passive and steady source of income, but it also requires maintenance, insurance, and legal issues.

Royalty income: This is the income that we earn from creating and selling intellectual property, such as books, music, or software. This can be a very creative and scalable source of income, but it also requires talent, marketing, and protection.

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These are some of the examples of possible income streams for a person. We can choose one or more of them based on our preferences and abilities.

But the main sources of income/earnings can be divided as below:

What is Employment?

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Employment is a paid work-agreement between an employer and an employee. The employer typically controls what the employee does and where the employee works. Employment can be full-time or part-time, hourly or salaried, permanent or temporary, depending on the terms and conditions of the agreement. Employment also has legal and tax implications for both the employer and the employee.

What is Self-employment?

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Self-employment is the state of working for oneself rather than an employer. Self-employed individuals, or independent contractors, earn income by contracting with a trade or business directly. Self-employed persons may be involved in a variety of occupations but generally are highly skilled at a particular kind of work. Writers, tradespeople, freelancers, freelance consultants, traders/investors, lawyers, salespeople, and insurance agents all might be considered as self-employed persons.

What is HR Profession or HR as Profession?

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Profession is the road we choose to reach up to the maximum level of positive impact we make on others’ life.

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The HR profession is the field of work that involves managing and developing the human resources of an organization. HR professionals are responsible for various aspects of the employee life cycle, such as recruitment, training, compliance, performance, benefits, and relations. HR professionals can work in different roles and functions, such as HR generalist, HR specialist, HR manager, or HR consultant. HR professionals need to have a range of skills and competencies, such as communication, administration, management, strategy, advising, coaching, and analytics.

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So, each and everyone who are involved in the field of people and people related process/policy, regular administration, compliance or legal aspect; are HR Professionals. This includes - HR, Admin, Compliance and Legal department of an organization and the employees of those departments.

What is an additional source of income?

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An additional source of income is any way of earning money that is not our primary occupation or salary. It can help us diversify our income, increase our savings, and achieve our financial goals faster. Some examples of additional sources of income are:

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• Creating and selling digital products, such as e-books, courses, or apps.
• Investing in assets that generate passive income, such as dividend stocks, bonds, or real estate.
• Offering your skills or services as a freelancer, consultant, or coach.
• Participating in online platforms those pay us for completing tasks, surveys, or referrals.

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These are some of the ways we can create additional sources of income. However, they may require some upfront work, research, and investment. We also would need to find the right balance between our primary and secondary income sources, and manage our time, taxes, and expenses effectively.

What is the importance of having an additional source of income?

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Having an additional source of income means earning money from sources other than our primary occupation. This can include passive income, such as - dividends, royalties, or rent, or active income, such as - freelancing, consulting, or running a side business. There are many benefits of having an additional source of income, such as:

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• Financial security: We can reduce our dependence on a single source of income and have a backup plan in case of job loss, pay cut, or unexpected expenses. We can also save more money for emergencies, retirement, or other goals.
• Financial freedom: We can increase our earning potential and achieve our financial goals faster, such as paying off debt, buying a house, or traveling the world. We can also have more flexibility and control over our time, lifestyle, and career choices.
• Financial growth: We can diversify our income portfolio and take advantage of different opportunities in the market. We can also learn new skills, expand our network, and explore our passions and interests.

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Having an additional source of income can help us improve our financial health and well-being. However, it also requires planning, discipline, and commitment. We need to find the right balance between our primary and secondary income sources, and manage our time, energy, and resources effectively. We also need to research our options, assess our risks, and track our progress. With the right strategy and mindset, we can create multiple streams of income and enjoy the benefits they offer.

Why should we have an additional source of income?

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There are many reasons why we should have an additional source of income. These are some of the reasons of having multiple sources of income:

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·?????? To achieve financial independence and security, by reducing our dependence on a single source of income and having a backup plan in case of job loss, pay cut, or unexpected expenses.

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·?????? To increase our earning potential and savings, by taking advantage of different opportunities and markets, and achieving our financial goals faster.

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·?????? To improve our work-life balance and satisfaction, by having more flexibility and control over our time, lifestyle, and career choices.

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·?????? To diversify our income portfolio and reduce our risks, by spreading our income across different sources and industries, and avoiding putting all our eggs in one basket.

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·?????? To learn new skills and explore our passions and interests, by creating and selling products or services that we enjoy and are good at.

What is the process of having an additional source of income?

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An additional source of income is any source of money that is not our primary occupation. It can help us achieve financial security, freedom, and growth by diversifying our income portfolio and taking advantage of different opportunities. However, creating an additional source of income requires some planning and execution. Here are some steps we can follow to start our own additional source of income:

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• Identification of our passion and expertise is our primary duty. What are we good at? What do we enjoy doing? What problems can we solve? We can use our existing knowledge, skills, hobbies, or interests to create value for others and generate income.
• Research the market and audience. Who needs or wants what we have to offer? How much are they willing to pay for it? What are the existing solutions or competitors in our niche? We can use online tools to find out the demand and potential of our idea.
• Choose the income model and platform. How will we deliver our product or service? How will we get paid for it? We can choose from various income models, such as passive income, invested income, or owned income. We can also use different platforms, such as blogging, freelancing, consulting, or creating online resources, to reach our customers and clients.
• Create and launch the product or service. How will we make our product or service stand out? How will we ensure its quality and value? We can use online tools, such as WordPress, Canva, Teachable, or Fiverr, to create and launch our product or service. We can also get feedback from our target audience and improve our offerings accordingly.
• Promote and grow the income source. How will we attract and retain our customers and clients? How will we increase our income and scale our business? We can use online tools, such as LinkedIn, Facebook, Instagram, or YouTube, to promote and grow our income source. We can also network with other people in our niche and collaborate with them.

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Creating an additional source of income can be rewarding and fulfilling, but it also requires hard work and dedication. We need to be consistent, persistent, and adaptable to succeed. With the right mindset and strategy, we can create multiple sources of income and enjoy the benefits they offer.

What are the possibilities of alternative source of income for HR Professionals?

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HR professionals are lucky to have a cross-functional access across the company. They gain valuable skills and knowledge over time, that can be leveraged to create additional sources of income. Additional sources of income are ways of earning money outside of our primary occupation, which can provide us financial security, freedom, and growth. Some examples of additional sources of income for HR professionals are:

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• Becoming a virtual assistant: A virtual assistant provides administrative, technical, or creative support to clients online. HR professionals can use their organizational, communication, and problem-solving skills to offer services such as Remote HR Services. According to Indeed, the national average salary for a virtual assistant is $33,640 per year in the US market, till January, 2024.
• Trying Instagram-sponsored posts: An Instagram-sponsored post is a type of advertisement where an influencer promotes a product or service to their followers in exchange for a fee or commission. HR professionals can use their personal or professional brand to attract a niche audience and collaborate with relevant companies or organizations. According to Influencer Marketing Hub, the average earnings per sponsored post on Instagram range from $100 to $2,085, depending on the number of followers, till January, 2024.
• Making and selling videos: A video is a form of digital content that can be created and sold online. HR professionals can use their expertise and experience to create videos on topics such as career advice, resume writing, interview tips, or employee engagement. They can sell their videos on platforms such as YouTube, Udemy, or Skillshare, and earn money from ads, subscriptions, or course fees. According to Business Insider, the average earnings per 1,000 views on YouTube range from $3 to $5, depending on the niche and audience, till January, 2024.
• Teaching what you know: Teaching is a way of sharing one’s skills and knowledge with others and getting paid for it. HR professionals can use their educational background and professional credentials to teach courses or workshops on subjects such as human resources management, labor relations, organizational behavior, or diversity and inclusion. They can teach online or offline, on platforms such as Coursera, LinkedIn Learning, or local community colleges, and earn money from enrollment fees, certificates, or consulting contracts. According to ZipRecruiter, the average salary for an online instructor is $49,835 per year, till January, 2024.

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These are some of the possible alternative sources of income for HR professionals. By exploring these options, HR professionals can diversify their income portfolio and take advantage of different opportunities in the market. They can also learn new skills, expand their network, and pursue their passions and interests. However, creating an alternative source of income requires planning, discipline, and commitment. HR professionals need to find the right balance between their primary and secondary income sources, and manage their time, energy, and resources effectively. They also need to research their options, assess their risks, and track their progress. With the right strategy and mindset, HR professionals can create multiple streams of income and enjoy the benefits they offer.

How becoming a Freelance HR Consultant alongside a regular job in the same field can be a resourceful stream of alternative income?

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Becoming a freelance HR consultant alongside a regular job in the same field can be a resourceful stream of alternative income in several ways:

• We can use our existing skills and knowledge to offer valuable services to different clients, such as HR strategy, policy, compliance, training, recruitment etc.
• We can increase our earning potential and diversify our income sources, which can help us achieve our financial goals and reduce our dependence on a single employer.
• We can have more flexibility and control over our work schedule, location, and projects, which can improve our work-life balance and satisfaction.
• We can expand our network and exposure to different industries, sectors, and challenges, which can enhance our professional development and career prospects.

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However, becoming a freelance HR consultant also requires some planning and preparation, such as:

• Finding and securing clients, which can involve marketing, networking, pitching, and negotiating.
• Managing your workload, time, and resources, which can involve setting priorities, deadlines, and boundaries.
• Handling our taxes, insurance, and legal matters, which can involve complying with regulations, contracts, and liabilities.
• Maintaining our quality and reputation, which can involve delivering high-standard work, meeting expectations, and working on feedbacks.

How to become a freelance HR consultant (self-employed) in Bangladesh?

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Every fulfilling journey starts with a tiny yet significant step. At first, we need to understand clearly, how the services of HR are being served across industries. This diagram described below is a brief glimpse of the process:

HR as Service: To understand this, we need to consider the tasks done by the HR Department, as services. And, it is available to purchase those services besides having an in-house team. The in-house team may have limitations from many aspects to meet all the expectations. Here comes the point of purchasing this service from Third Party Service Providers. Now, employers manually search for Agencies and Consultants when they need the service providers. HR as Service Marketplace like HRFM (hrfm.co) provides AI based automatic search among the interested and qualified Agencies and Consultants. The Agencies and/or Consultants who meet the all the criterion by 100% get the view of the HR Projects and can bid against each other. Artificial Intelligence (AI) based platform HRFM leverages to minimize human intervention, ensuring a bias-free, level playing field for all parties involved. This platform will help minimize the obvious waste of valuable resources like- time, efforts, energy, enthusiasm and focus and maximize results.

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In-house Employees: Among us, those who are already working in the HR Department of the company are considered as In-house Employees. We are the core source for making things done for our company.

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Full-time Employees: We can divide the In-house Employees into two (02) major parts. In-house Employees who work for a company for full-time are Full-time In-house Employees. They can be a Part-time Consultant for another company if they can manage. This should be considered as the starting point for self-employment at some point as a Full-time Consultant. Full-time Employees can consider HR as Service Marketplace like HRFM (hrfm.co) as a channel for securing Part-time HR Consultancy Projects for solving unusually complex HR projects alone or by teaming up with Agencies despite being Full-timers. It is a safe option as HRFM ensures anonymity. Employers will not be able to identify all the persons who are bidding for the projects. They will only get the contacts of the consultant they finally select.

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Part-time Employees: These are those of us, who are serving any company on a Part-time basis. They can work as a Part-time Consultant for other employers or even as a Full-time Consultant (self-employed) for him/herself. Part-time Employees can consider HR as Service Marketplace like HRFM (hrfm.co) as a channel for securing Part-time HR Consultancy Projects alone or by teaming up with Agencies. It is an economic option as the charge is comparatively low than having own sales channels.

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Third Party Service Providers: These are the service providing Agencies and Consultants, who supports us while we face limitations in our In-house Teams. Having or facing limitations is quite natural as corporate environment unveils complex problems on a regular basis. We might face shortage of - time, team mate, expertise etc. with the natural progression of time and complexity of tasks. Third Party Service Providers are always there to assist us whenever we face any kind of complexity.

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Agencies: These are the service providing business entities. They usually have their own team of experts and have their own office/s. In an addition, if the level of complexity is unusual, they might team up with – Employees / Consultants from other companies with relevant expertise. While a company cannot directly connect with employees from another companies, Agencies can. So, being connected with an Agency could be considered as the starting point as a Part-time Consultant. It would be helpful for being self-employed at some point as a Full-time Consultant. HR as Service Marketplace like HRFM (hrfm.co) can be considered as a channel for hiring Part-time HR Consultants for solving unusually complex HR projects, from Full-time Employees of other companies. And, likewise, both - Full-time and Part-time Employees can utilize HRFM as a channel to get involve in HR projects by teaming up with Agencies. Artificial Intelligence (AI) based platform, HRFM leverages to minimize human intervention, ensuring a bias-free, level playing field for all parties involved.

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Consultants: HR Consultants are professionals among us who provide expert advice and guidance on various aspects of human resource management, such as - recruitment, training, performance, compensation, benefits, organizational culture, diversity, and compliance. Consultants can work with organizations of different sizes and industries, as external specialists. They can help organizations achieve their goals by aligning their HR practices with their business strategy, enhancing their employee engagement and retention, and ensuring their compliance with labor laws and regulations.

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Part-time Consultants: Those of us, who are still contributing as Part-time Consultants, have already embarked on the journey of being a self-employed Consultant with our gained exposures in some pint of our journey. Part-time Consultants also can consider HaS Marketplace like HRFM (hrfm.co) as a channel for securing Part-time HR Consultancy Projects alone or by teaming up with other consultants and Agencies. It is an economic option as the charge is comparatively low than having own sales channels or own sales team. HRFM also helps to reduce the extreme agony of maintaining a tight network manually in these days of smart technologies.

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Full-time Consultants: Consultants are those of us, who are already at the very end of the journey of being a self-employed Consultant with our gained exposures over the time of employment(s). And, those of us who have taken the consultancy job as a full-time profession have become fully self-employed. HaS Marketplace like HRFM (hrfm.co) can be considered as a sales channel for Full-time HR Consultants. This could be an alternative sales channel alongside their own network, sales channels and own sales team. Artificial Intelligence (AI) based platform, HRFM leverages to minimize human intervention, ensuring a bias-free, level playing field for all parties involved.

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This is the journey from Employment (Full/Part-time Employee) to Self-employment (Full-time Consultant). Becoming a freelance HR Consultant in Bangladesh can be a rewarding and fulfilling career choice, but it also requires some planning and preparation. Here are some steps we can follow to start our own freelance HR consulting business:

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·??????? Identification of our core strengths and preferences: What are we good at? What do we enjoy doing? What problems can we solve? We can use our existing relevant knowledge, skills, hobbies, or interests to create value for others and generate income.

·??????? Understand our ultimate motivators and drivers: Why do we want to become a freelance HR consultant? What are our goals and expectations? How do we measure our success and satisfaction? We need to have a clear vision and purpose for our freelancing journey.

·??????? Clearly identify our target market: Who needs or wants what we have to offer? How much are they willing to pay for it? What are the existing solutions or competitors in our niche? We need to do some market research and find our ideal clients and projects.

·??????? Have savings and/or find a way to access cash (revenue) fast: Freelance consulting can be unpredictable and unstable, especially in the beginning. We need to have some financial cushion and backup plan in case of emergencies, delays, or dry spells. We also need to manage our cash flow and budget effectively.

·??????? Build an online presence and network which must start right now if not yet started: How will we attract and retain our customers and clients? How will we showcase our portfolio and testimonials? How will we communicate and collaborate with them? We need to create and maintain a professional online profile and network with potential and existing clients, as well as other freelancers and experts in our respective fields.

·??????? Create and launch our product or service: How will we make our product or service stand out? How will we ensure its quality and value? How will we deliver it to our clients? We need to develop and keep refining our product or service by testing it with our target audience through feedback. We also need to set our pricing and payment terms, and create contracts and invoices.

·??????? Promote and grow our income stream: How will we market and sell our product or service? How will we increase our income and scale our business? How will we handle customer service and support? We need to implement effective marketing and sales strategies, such as social media, email, referrals, or ads, and grow our client base and then enhance revenue. We also need to provide excellent customer service and support, and build long-term relationships with our clients.

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Or we can collaborate with HRFM, the marketplace for minimizing our efforts and maximizing our expected results. Managing expectations is easier with HRFM. And, it is as simple as just visiting hrfm.co daily.

Why companies outsource services from HR Agencies or Consultants?

Companies take services from HR Agencies or Consultants for various reasons, such as:

• To gain access to the best talent and expertise in the HR field, which they may not have in-house or be able to hire on their own for full-time.
• To save time and money by outsourcing HR functions that are not core to their business, such as payroll, benefits, compliance, or training.
• To reduce risks and liabilities by ensuring that their HR policies and practices are up to date with the latest labor laws and regulations.
• To improve the performance and effectiveness of their HR Department by getting objective and professional advice from HR Agencies or Consultants who have extensive experience and knowledge in their niche.
• To enhance their competitive advantage and employer brand which they may not be able to afford or manage on their own.
• To meet their seasonal or project-based HR needs by hiring HR Agencies or Consultants who can provide flexible and scalable solutions.

These are some of the major reasons why companies take services from HR Agencies or Consultants.

What are the benefits of a company to take services from HR Agencies or Consultants?

There are many benefits for a company, to take services from HR Agencies or Consultants, such as:

• Access to the best talent and expertise in the HR field: HR Agencies or Consultants can provide specialized, flexible, and scalable HR solutions that may not be available or affordable in-house.
• Saving time and money on HR functions: HR Agencies or Consultants can handle some or all of the HR functions, such as recruitment, training, compliance, or performance, and reduce the cost and hassle of hiring, training, and retaining HR staff(s).
• Reducing risks and liabilities: HR Agencies or Consultants can ensure that the HR policies and practices are compliant with the latest labor laws and regulations, and avoid fines, penalties, or lawsuits.
• Improving HR performance and effectiveness: HR Agencies or Consultants can provide objective and professional advice and feedback on the HR issues and challenges, and suggest creative and innovative solutions.
• Enhancing competitive advantage and employer brand: HR Agencies or Consultants can help attract and retain the best employees by offering attractive and comprehensive benefits, such as health insurance, retirement plans, or wellness programs, that may not be feasible or manageable in-house.

These are some of the benefits of taking services from HR Agencies or Consultants.

How companies outsource HR services from HR Agencies or Consultants?

Companies outsource HR services from HR Agencies or Consultants by entering into an agreement with a third-party service provider that can handle some or all of their HR functions. Though, the reasons for outsourcing HR services might vary, the current process is almost similar for companies across all sizes and industries.

There are different ways that companies can find out the best HR service provider for their needs, such as:

• Researching online: Companies can use online platforms and websites, to compare and review various HR outsourcing services based on their features, pricing, customer ratings, and feedback. They can also look for industry-specific or location-based HR service providers that cater to their niche or market.
• Asking for referrals: Companies can ask for recommendations from their peers, partners, or network who have used or are using HR outsourcing services. They can also check the testimonials and case studies of the HR service providers they are interested in, to see how they have helped other clients with similar needs or challenges.
• Requesting proposals: Companies can contact the HR service providers they are interested in, and request for proposals or quotes that outline their services, costs, and terms. They can then evaluate and compare the proposals based on their criteria and budget, and negotiate the best deal possible.
• Conducting interviews: Companies can conduct interviews with the HR service providers they are considering to assess their expertise, experience, and compatibility. They can ask questions about their qualifications, credentials, processes, methodologies, and communication styles, and also request for references or samples of their work.

We have already understood that, finding the best HR service provider can be a daunting task. But, by using HaS Marketplace like HRFM (hrfm.co), companies can make an informed and confident decision. Because, HRFM use Advanced and Tested AI tools to process all those data and only inform the best fitted Agencies and Consultants and let all of them compete with one-another through a closed digital bidding process. Employers can go through the profiles of the short-listed Agencies and Consultants and their budgets; to finally select the optimum fit for them. They can select maximum three (03) service providers chronologically and if the any of the service provider opts out, the chronological next selection will be automatically notified. It is totally a hassle-free technology for all the ends of HR Services Market.

How the HR/relevant service requirements are met here in Bangladesh?

In an earlier discussion, we have understood the components of the following diagram.

We have discussed about the HR service providers available here in Bangladesh. We mostly elaborated on – Consultants. Now, just to elaborate on Agencies, here we are discussing different types of HR outsourcing service providers:

• Professional Employer Organizations (PEOs): These providers act as co-employers of the client’s employees, meaning they share the legal responsibility and liability for them. They handle payroll, taxes, benefits, insurance, and compliance for the client, while the client retains control over the day-to-day operations and management of the employees.
• Administrative Services Organizations (ASOs): These providers offer similar services as PEOs, but they do not act as co-employers of the client’s employees. They handle the administrative aspects of HR, such as payroll, benefits, and compliance, but the client remains the sole employer and bears the legal responsibility and liability for the employees.
• Business Process Outsourcing (BPO): These providers offer specific HR functions or processes, such as recruitment, training, performance management, or compensation. They can either supplement the client’s existing HR team or take over the entire function.

The HR/relevant service requirements are met here in Bangladesh in various ways, depending on the type and size of the organization, the nature and scope of the HR function, and the availability and affordability of the HR service providers. Some of the common ways are:

• Hiring an in-house HR team: Some organizations, especially large or complex ones, may prefer to have their own HR staff who can handle all the HR functions, such as recruitment, training, compliance, performance, or benefits. This can provide more control, consistency, and customization of the HR services, but it can also be costly, time-consuming, and challenging to find and retain qualified HR professionals.
• Outsourcing HR functions to external Agencies or Consultants: Some organizations, especially small or medium ones, may choose to outsource some or all of their HR functions to external agencies or consultants who can provide specialized, flexible, and scalable HR solutions. This can save time, money, and resources, and provide access to the best talent and expertise available in the HR field, but it can also involve risk, dependency, and loss of control over the HR processes and outcomes.
• Using online platforms or tools to automate or streamline HR processes: Some organizations, regardless of their size or type, may use HR marketplace, online platforms or tools to automate or streamline some of their HR processes, such as payroll, benefits, compliance, or training. This can improve efficiency, accuracy, and security of the HR data and transactions, and provide convenience and accessibility to the HR services, but it can also require investment, maintenance, and integration of the technology and systems.

These are some of the ways the HR/relevant service requirements are met here in Bangladesh.

What HR services/skills can be outsourced in Bangladesh?

Some examples of HR functions that can be outsourced in Bangladesh are:

• Recruitment: Outsourcing the recruitment process can help companies find and hire the best talent for their needs, without spending too much time and money on advertising, screening, interviewing, and hiring candidates.
• Payroll: Outsourcing the payroll function can help companies manage their employees’ salaries, taxes, benefits, and deductions, without worrying about compliance, accuracy, and security issues.
• Training and Coaching: Outsourcing the training function can help companies provide their employees with the necessary skills and knowledge to perform their jobs effectively, without investing in expensive infrastructure, materials, and trainers. Outsourcing the coaching function can help companies improve their employees’ performance, motivation, and satisfaction, without hiring full-time coaches or consultants.
• Organizational Process and Policy Development: Outsourcing this function can help companies ensure that their HR policies and practices are in line with the latest labor laws and regulations, without risking fines, penalties, or lawsuits.

These are some of the examples of HR functions that can be outsourced in Bangladesh. If we want to identify each and every unit level services/skills which are possible to be sold/bought, here’s a comprehensive list for us:

?1.??????? Talent Acquisition / Recruitment

1.1.????? IT Recruitment

1.2.????? Internship Placement

1.3.????? Background/Reference Check

1.4.????? Employer Branding

1.5.????? Competency Framework/Map Development/Improvement

1.6.????? Head-Hunting

1.7.????? Expat Sourcing

1.8.????? General Recruitment

1.9.????? Blue Collar Employee Recruitment for Retail Outlet(s)

1.10.??? Onboarding / Placement

1.11.??? Blue Collar Recruitment

1.12.??? Automatic Candidate Assessment Service

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2.???????? Training / Learning and Development

2.1.????? Online (Video) Courses

2.2.????? Tailor Training Calendar

2.3.????? Training/Workshop/Event/Meeting Venue/Space

2.4.????? Conduct TNA / FGD

2.5.????? Prepare Training Modules

2.6.????? Computer Lab for Training

2.7.????? Evaluate Training Effectiveness

2.8.????? Online (Live) Training

2.9.????? Facilitate Training / Capability Development Programs

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3.???????? Performance Management

3.1.????? Set KPI

3.2.????? Analyze Jobs

3.3.????? Evaluate and Recommend on Performance

3.4.????? Redefine Roles

3.5.????? Assessment Center / Development Center

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4.???????? HR Automation & OD

4.1.????? Attendance Machine / Device

4.2.????? Remote Payroll Management

4.3.????? IT Integration

4.4.????? HRIS Software

4.5.????? HRIS Software as Service

4.6.????? HR Intelligence Management / HR Analytics / OD

4.7.????? Employee Engagement Programs

4.8.????? Conduct Salary Survey

4.9.????? Change Management

4.10.??? Formulate and Evaluate Strategies/Policies/Procedures/SOPs/HR Metrics/Manuals

4.11.??? Analyze and Manage Data and Recommend for Required Changes

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5.???????? Corporate Coaching and Mentoring

5.1.????? Pre-corporate Grooming: recommended for the last year/semester students

5.2.????? Industry-focused; one-to-one coaching and mentorship programs for professionals

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6.???????? Administrative Support Services

6.1.????? Call Center Service

6.2.????? Office Assistant / Peon / Messenger / Delivery Services

6.3.????? Franchise / Retail Outlet Management / Expansion Services

6.4.????? IT Services (Both Hardware and Software)

6.5.????? Office Shifting Services

6.6.????? Cook/Chef/Butcher / Cooking Service / Office Catering Service

6.7.????? Maintenance Services

6.8.????? Premium, Flexible & Full Furnished Office/Coworking Space Rental Services

6.9.????? Commercial Space / Office Space Rental Services

6.10.??? Corporate Event Management

6.11.??? Activation Program Management

6.12.??? Ticketing / Reservation / Visa Processing

6.13.??? House Keeping/Cleaning Services

6.14.??? Security / Security Guard Services

6.15.??? Interior Designing Services

6.16.??? Daycare / Caregiver / Nanny / Babysitter / Professional Parenting Training Services

6.17.??? Facility Management Service

6.18.??? Office Supplies / Accessories / Stationaries / Printing Press

6.19.??? Fire Safety Services

6.20.??? Vehicle Rental Services

6.21.??? Employee Unrest Management

6.22.??? Employee Grievance Management

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7. Business Process Outsourcing (BPO) Services

7.1.????? Tele Marketing

7.2.????? Contact Center

7.3.????? Call Center

7.4.????? Tele Sales

7.5.????? Customer Service

7.6.????? Manpower Outsourcing

7.7.????? Business Development

How can I/We find clients for my/our freelance HR consulting business and/or HR Agency Business in Bangladesh?

Finding clients for our freelance HR consulting business and/or HR Agency Business in Bangladesh can be challenging, but not impossible. There are several strategies we can use to attract and retain clients, such as:

• Creating an online presence that showcases our skills and expertise: We can use platforms such as LinkedIn, Upwork, or Indeed to create a professional profile and portfolio, and highlight our qualifications, experience, and testimonials. We can also create our own website, web application or blog, and share valuable content and insights on HR topics to attract our target audience.
• Networking and building relationships with potential and existing clients: We can use platforms such as Facebook, Twitter, or Instagram to connect and engage with our clients, and share our work and achievements. We can also join online communities and groups related to HR, and participate in discussions and events. We can also attend offline events and workshops, and meet other HR professionals and experts in our field.
• Asking for referrals and testimonials from satisfied clients: We can use platforms such as Google My Business, Trustpilot, or Yelp to collect and display reviews and ratings from our clients, and showcase our credibility and reputation. We can also ask our clients to recommend us to their network and contacts, and offer incentives or discounts for referrals.
• Offering free or discounted consultations or trials: We can use platforms such as Calendly, Zoom, or Skype to schedule and conduct online consultations or meetings with our clients, and demonstrate our value and expertise. We can also offer free or discounted trials or samples of our services, and show our clients the results and benefits they can expect from working with us.

These are some of the classic ways we can find clients for our freelance HR consulting business and/or HR Agency Business in Bangladesh. We can reach to more results for less investments of resources and become a successful Freelance HR Consultant and/or HR Agency by utilizing the latest HR tech like – HRFM (hrfm.co), a web application.

As I am in a full-time role and need to be anonymous; how can I find clients for my freelance HR consulting business in Bangladesh?

Finding clients for our freelance HR consulting business in Bangladesh can be challenging, especially if we want to remain anonymous. However, there are some ways we can try to find clients without revealing our identity, such as:

• Using online platforms that protect our privacy: We can use platforms such as Upwork or HRFM to create a profile and portfolio, and bid for HR consulting projects. Some platforms allow us to use a pseudonym or a nickname, and communicate with clients through their messaging system. They also handle the contracts, invoices, and payments, so you don’t have to share your personal or financial information with clients. In an addition, marketplace like HRFM maintains a process where all the Agencies, Consultants and Employers can remain anonymous till the final selection process. As HR services require direct contact, at the end of the final selection process, both parties get other parties’ basic contact like – name, contact number and email address. After that, they should sign a contract paper among them for avoiding any issue in future. This process empowers all parties to be bias free.
• Creating an online presence that showcases our skills and expertise: We can create a website, a blog, social media pages and channels; and share valuable contents and insights on HR/relevant topics that interest our target audience. We can use social media, such as - LinkedIn, YouTube, or Facebook, to connect and engage with potential and existing clients. We can use a domain name and an email address that are not linked to our real name, and avoid posting any personal or identifiable information or photos.
• Networking and building relationships with potential and existing clients: We can join online communities and groups related to HR, and participate in discussions and events. We can also attend offline events and workshops, and meet other HR professionals and experts in our respective fields. We can use a business card or a flyer that has our website or email address, but not our real name or phone number. Using a different contact number can help. Using Business WhatsApp for that particular number will add benefits. We can also ask for referrals and testimonials from satisfied clients, and offer incentives or discounts for referrals.
• Offering free or discounted consultations or trials: We can offer free or discounted consultations or trials of our services, and show our clients the results and benefits they can expect from working with us. We can use platforms such as Google Meet, Zoom, or Skype to schedule and conduct online consultations or meetings with our clients, and use a screen name or a nickname. We can also use tools such as Google Docs, Google Sheets, Dropbox, or Slack to share and collaborate on documents or files with our clients, and use an email address that contains our brand name (and not linked to our real name).

These are some of the ways we can find clients for our freelance HR consulting business in Bangladesh anonymously. We can find more way outs if we try harder.

What is the importance of anonymity in the business of HR Consultancy for HR Agencies, Consultants, and Employers?

Anonymity is an important aspect of HR Consultancy for various reasons. Some of them are:

• Anonymity can help protect the confidentiality and privacy of HR Agencies, Consultants, and Employers while searching for each other to avoid any unwanted persuasion.
• Anonymity can be utilized to minimize human intervention, ensuring a bias-free, level playing field for all parties involved.
• Anonymity can help foster a culture of comfort as HaS Marketplace like HRFM ensures anonymity while bidding for a project and let the bidders be safe. It also helps the Employers to concentrate more on the skill rather than their pre-perceived brand value.
• Anonymity can help reduce costs, as market place like HRFM helps the Agencies and Consultants to bid anonymously. And, the Employers also remain anonymous. It helps to reduce any pre-conceived idea on the price rather than the exact one.
• Last but not the least, confidentiality (anonymity) is very critical for the success of HR projects in the human resources services industry.

Is it possible to become a full-time HR Consultant after retiring / retiring early as a Human Resources Professional?

Yes, it is possible to become a full-time HR Consultant after retiring / retiring early as a Human Resources Professional. HR consultants are professionals who provide advice and services to organizations or individuals on various aspects of human resources, such as recruitment, training, compliance, performance, or benefits. HR consultants can work independently or as part of a consulting farm, and they can specialize in a particular area or offer general HR support.

To become a full-time HR consultant, we need to have some qualifications, skills, and experience in the HR field. Some of the steps we can take to pursue this career are:

• Build the skills and qualifications we need. A degree in business management or human resources can help us start our career as an HR consultant. While not all roles require formal education, this can help us stand out from the crowd and look more attractive to employers. We may also consider becoming certified by a professional body, to demonstrate our competence and credibility.
• Gain practical experience. Working in the HR field can help us develop our knowledge, skills, and network. We can gain experience by working in different HR roles, such as HR generalist, HR specialist, or HR manager, or by completing internships or volunteering projects. We can also join professional associations or online communities to learn from other HR professionals and stay updated on the latest trends and best practices.
• Find our niche and market. As HR consultants, we need to identify our target clients and projects, and how we can add value to them. We can choose to focus on a specific industry, sector, or HR function, or offer a broad range of HR services. We also need to research your market and competitors, and determine our pricing and payment terms. We can use online platforms, such as LinkedIn, Upwork, HRFM or Indeed, to find and apply for HR consulting jobs, or create our own website or portfolio to showcase our work and testimonials.
• Promote and grow our business. As HR consultants, we need to market and sell our services to potential and existing clients. We can use various strategies, such as social media, email, referrals, or ads, to attract and retain clients. We also need to provide high-quality work, meet client expectations, and get feedback and referrals. We can also network with other HR consultants and experts, and collaborate or partner with them on projects.

Would it be helpful for us if we work as a freelance HR Consultant alongside our full-time job as an HR Professional while we desire to become a full-time HR Consultant after - retirement / early retirement?

Working as a freelance HR Consultant alongside a full-time job as an HR Professional can be helpful for us who desires to become a full-time HR Consultant after retirement / retiring early, for several reasons:

• It can help us build our portfolio and reputation as an HR consultant, by delivering high-quality work, meeting client expectations, and getting referrals and testimonials.
• It can help us find and retain clients who are looking for HR services, by using various marketing and networking strategies, such as social media, email, referrals, or ads.
• It can help us increase our earning potential and savings, by taking advantage of different opportunities and markets, and achieving our financial goals faster.
• It can help us improve our work-life balance and satisfaction, by having more flexibility and control over our time, lifestyle, and career choices.
• It can help us learn new skills and explore our passions and interests, by creating and selling products or services that we enjoy and are good at.

However, working as a freelance HR Consultant alongside a full-time job as an HR Professional can also have some challenges, such as:

• Managing the workload, time, and resources, by setting priorities, deadlines, and boundaries, and using tools and systems that help us organize and automate our tasks.
• Handling the taxes, insurance, and legal matters, by complying with regulations, contracts, and liabilities, and seeking professional advice when needed.
• Maintaining the quality and reputation, by delivering high-standard work, meeting expectations, and getting feedback and referrals.
• Balancing the expectations and interests of both the employer and the clients, by avoiding conflicts of interest, maintaining confidentiality, and communicating clearly.

Therefore, working as a freelance HR Consultant alongside a full-time job as a HR Professional can be helpful, but it also requires planning, discipline, and commitment.

How having an alternative source of income as a Freelance HR Consultant, can become the primary source of income or a pathway to self-employment, after - retiring or retiring early from the full-time job?

Having an alternative source of income as a Freelance HR Consultant can become the primary source of income or a pathway to self-employment, after - retiring or retiring early from the full-time job, if we follow some steps, such as:

• Building a strong portfolio and reputation as an HR consultant, by delivering high-quality work, meeting client expectations, and getting referrals and testimonials.
• Finding and retaining clients who are looking for HR services, by using various marketing and networking strategies, such as social media, email, referrals, or ads.
• Setting our pricing and payment terms, by considering our skills, experience, value, and market rates, and creating contracts and invoices that protect our interests and rights.
• Managing our workload, time, and resources, by setting priorities, deadlines, and boundaries, and using tools and systems that help us organize and automate our tasks.
• Handling our taxes, and other legal matters, by complying with regulations, contracts, and liabilities, and seeking professional advice when needed.

These are some of the steps we can follow to make our alternative source of income as a Freelance HR Consultant our primary source of income after – retiring or retiring early from the full-time job.

How HRFM (hrfm.co) can assist the journey from employment to self-employment of the HR enthusiasts?

HRFM (hrfm.co) is a marketplace for HR Agencies, Consultants and Employers. It enables employers to promote HR projects to all HR Agencies and/or Consultants for identifying the most competitive bidder, the optimum option. HRFM can assist the journey from employment to self-employment of the HR enthusiasts by:

• Providing us with a platform to showcase our skills and expertise in the HR field, and find potential clients and projects that match our interests and abilities.
• Offering us flexibility and control over our work schedule, location, and income, and allowing us to balance our full-time job and freelance work.
• Helping us build our portfolio and reputation as an HR consultant, by delivering high-quality work, meeting client expectations, and getting referrals and testimonials.
• Supporting us with tools and resources to manage our freelance business, such as contracts, invoices, payments, and feedback.
• The web application, hrfm.co, leverages Artificial Intelligence (AI) to minimize human intervention, ensuring a bias-free, level playing field for all parties involved.
• Ensuring anonymity through an AI based automated short-listing process. The Agencies or Consultants who are both – “capable and interested” will get to bid for a project within a stipulated budget provided by the Employer.
• Converting a manual industry into a digital one, accessible for all who have an internet connection and a smart phone. No more setup is required to start our HR consultancy business at the beginning, rather than having a mindset only.
• Taking care of client management. As this is a HaS Marketplace, operates digitally, through Advanced and Tested AI tools; managing clients and closing deals have never been made easier.

Reference Points:

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Despite my personal and professional experience, co-pilot and ChatGPT assisted me putting down my personal thoughts into a well-thought and well-informed writing by comparing data driven facts from the following sources:

adacted.com

g2.com

oxforddictionaries.com

adp.com

genesishrsolutions.com

peoplemanagingpeople.com

affinityassociates.com

getmorehrclients.com

quadfi.com

aihr.com

getsmarter.com

quicksprout.com

ajg.com

goldenhaven.com.ph

randifrank.com

bankrate.com

goodfirms.co

realhrsolutions.com

Bing

Google

recruitmentmantra.com

blog.namely.com

gopaysense.com

resources.workable.com

blog.reedsy.com

gov.uk

shrm.org

boe.ca.gov

hbr.org

smartasset.com

books.forbes.com

hrbangladesh.com.bd

stratus.hr

businessinsider.com

hrcurator.com

studyinternational.com

ChatGPT

hrfm.co

sun.com.bd

cipd.org

hrfuture.net

support.google.com

clutch.co

hrpakistan.org

taxguru.in

Copilot

hrsolutionsbd.com

teachable.com

corporatefinanceinstitute.com

incomebuddies.com

teambuilding.com

coursera.org

indeed.com

thebalancemoney.com

courtsidehr.com

investopedia.com

thecollegeinvestor.com

culturemonkey.io

LinkedIn

thehumancapitalhub.com

digitalmarketinginstitute.com

manpower.com.bd

thevectorimpact.com

due.com

marketbeat.com

uk.indeed.com

eicra.com

medium.com

upskilled.edu.au

emma-app.com

merriam-webster.com

upwork.com

ezhrconsultants.com

Microsoft Start Partners

weforum.org

ezone-consultant.ueniweb.com

milestone.inc

wework.com

Facebook

money.usnews.com

wikihow.com

fi.money

myaccountingcourse.com

Wikipedia

fischerandpartners.com

mymillennialguide.com

work.chron.com

forbes.com

nytech.media

YouTube

foundr.com

openaccessgovernment.org

ziprecruiter.com

From the Author

This is not a fiction but a set of personal opinions based on experience, exposure and available literatures to me. My limitations worked as ornaments of the whole work, as always.

About the Author:

Mr. Mehedi Hasan Faruque has completed his Graduation and Post-Graduation on Business from the profound Institute - IBA, JU. His early trainings on leadership from Rajshahi Cadet College helped him a lot in terms of taking change initiatives across his life. He earned near about 12 years of experience and exposures across international borders and across industries while writing down his thoughts here. His diverse career journey includes regular employments to self-employments to HRFM; which is reflected in his writings.

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This writing is all about the journey of the author, from regular employments, up to HRFM till now.