Banks and other financial institutes need people or employees that push for the development of the organization. It is expected of the candidates to possess analytical capabilities and knowledge of the latest technology. In short, in their competitive field, they need someone who can sustain themselves.
Finding a potential candidate to fit a particular job role can be a challenging task. It is always advisable to hire or seek help from Recruitment agencies. Recruitment agencies work like your business partners and make the process of hiring smooth and hassle free for you. Click for info top bank recruiting agencies in dubai.
Why Hire a Banking Recruitment Agency?
Finding a potential candidate amongst a number of applications might seem like a herculean task. However, this job can be made easy by hiring a recruitment agency. Banking Recruitment agencies have a team of professionals who earlier held senior level roles at banks. Coming from this background, they have complete knowledge about the functioning of banks. They use their insights to find the right hire for your bank. Recruitment agencies help you in recruiting for various level job roles in a bank, ranging from junior level to senior level. In addition to this, hiring a banking recruitment agency comes with its own benefits.
- You can reduce your costs and save your money, which is otherwise spent on advertising the vacancy within your bank, running several tests on the shortlisted candidates and training them once they get selected.
- You always have an option to ask for a refund or replacement of the candidate from the recruitment agency if the candidate they hired isn’t effective. This will prevent you from facing any loss.
- Recruitment agencies always have access to a wider pool of talent. They maintain a separate database of best candidates for every job role. This makes them deliver fast and reliable results when an organization approaches them.
How much does it cost to hire a banking recruitment agency?
You might find your company in need of new hires or there might be several positions open in the pipeline. In this case, someone from the company’s HR Department might be put in charge of recruiting well qualified candidates.There might be a scenario where your HR department might be unable to identify engaging candidates with the right talent or made bad decisions in the past. This is where recruiting companies come handy. Since they have a dedicated team, it sure that you can recruit the much needed talent for your company.
Put aside the advantages, you might want to know how much they cost for their services and how much the services fit your needs. You might also want to compare how much it costs over your own internal recruiting expenses. So, let’s take a deep dive into it.
Recruiting agency fee structures: direct hires vs. temporary staffing
As it is a known thing, the operation costs vary from one company to another and also on the different services they provide. Even though there are companies that offer both temporary staffing and direct hire services, some specifically offer either of these services.
Direct Hires
Direct hire or permanent employee, is one whom the employer pays directly. Rather than just keeping for a specific project or a season, the company wants to offer a permanent position in the company. They also get employment benefits and other allowances.
For these kinds of hires, the recruitment company charges a one time fee that is a certain percentage of the new employee’s salary offered by the company. This percentage is usually in the range of 10-20% of the new recruit’s salary.
You might be paying the recruitment company for all the expenses in the process of advertising, screening and interviewing the potential candidates. A good recruiting company is one with well established connections of talent pools, brings the best recruits and greatly decreases the hiring time.
Temporary Staffing
Under this service, the recruitment companies provide the recruits on a temporary basis, either for a season or for a specific project. The recruitment company itself is in charge of paying those types of employees.
Your company will be paying the agency with the employee’s hourly rate and other costs which might make up 25-100% in markup. Now the employees are paid by the agency on the previously agreed amount for the work.
It usually doesn’t cost as much as acquiring new talent. You might also find the temporary staffing relatively quickly as the agency already has a pool of temporary employees beforehand.
The costs associated with hiring
Now let’s explore how much it costs for the internal hiring process. Temporary staffing and contract based hiring takes less expenses other than paying them salaries. But direct hires on the other hand have to be dealt with additional costs when your company itself is making a direct hire with its own resources.
The direct hiring costs around $4,129 per hire with an average time of 42 days to fill in the position. Apart from that, onboarding expenses might cost around $3000 per new hire.
In addition to this, there is turnover cost that ranges from tens of thousands of dollars to beyond the twice of one’s salary.
If you are thinking to limit your hiring costs, you always have an option to outsource your hiring process to a recruitment agency. But, you need a very good recruitment agency working for you on the other side. Click for info top bank recruiting agencies in dubai.
Is hiring a banking recruitment agency worth the investment?
After taking a look at all the above mentioned factors and the money recruitment agencies charge to execute your job, one question that must be going on in your mind is- Is hiring a banking recruitment agency worth all your investment?
With the competition in the job market, you will always have a tough time in finding the right candidate for your business. By doing the recruitment on your own, you seem to spend a significant amount of your time, forgetting about the business. Often these recruits end up becoming bad hires for the company. It is not everyone’s cup of tea to locate potential candidates who possess the skill and talent to work with your company. So, it is best to leave this job with experts of this field, recruitment agencies. They have the latest technology at their disposal and have access to the best candidate database. So, they always bring in a candidate who best fits your job description in significantly less time. Click for info top bank recruiting agencies in dubai.
