Purpose -The goal of this research is first to investigate the outsourcing needs of small and medium enterprises (SMEs) in each of the following HR sub-processes: recruiting, training, HR administration, payroll, and benefit processes. Then, the outsourcing needs are analyzed against the characteristics of the companies such as company size, operating environment, culture and information technology maturity. Lastly, integrated business process outsourcing (BPO) service models are developed according to the characteristics of the company. Design/methodology/approach -To fulfil the objective of this research, the questionnaire is used to assess the outsourcing needs of the companies. The data collected by questionnaire are analyzed against the characteristics of the companies. Then integrated BPO service models are developed based on the analysis of the questionnaire data and the interviews with HR managers. This study used both quantitative and qualitative methodologies. Findings -This study suggests BPO service industry with two different service models: partially integrated model where e-recruiting and e-learning are integrated and fully integrated model where all of the HR-subprocesses are integrated. Originality/value -As BPO is expected to be booming in the next few years, this study helps BPO service industry to better serve SMEs in the area of human resource management.

In this study the characteristics of REITs in Korea were investigated. REITs has been introduced and managed for almost 15 years in Korea. The research results show that K-REITs has higher return and lower risk structure than KOSPI, and higher return and higher risk than bond. These results indicate that we can attain portfolio effects by including REITs in an investment set. Regarding the correlation between return of K-REITs and that of stock and bond is smaller than that of the case of the U. S., which means there is possibility to attain more portfolio effects in Korea than the U. S. using REITs. Also the systematic risk of K-REITs is near zero. And alike from that of U. S., the asymmetric risk and return structure according to the market condition of K-REITs is not found. So if an investor analyzes the volatility of real estate market and the unique characteristics of REITs exquisitely and includes the REITs in his/her portfolio accordingly, he/she can achieve reduced risk and improve portfolio effects. In short, K-REITs can be very useful to diversify the investment and attain portfolio effects in the financial market.