The Benefits of Partnering with a Financial Services Staffing Agency for Talent Acquisition
When your organization needs an influx of talented financial professionals, engaging an internal staffing process provides one option. However, this strategy tends to be time-consuming, expensive, and fraught with risk. If your business lacks a large HR team, expect these issues to become exacerbated. Your internal team might be forced to review hundreds of applicants for any open position, slowing your hiring efforts.
Partnering with a financial services staffing agency serves as another option for your business. These firms specialize in recruiting finance professionals, providing the specific hiring expertise your business needs. Notably, they boast optimized processes for sourcing, recruiting, and vetting financial candidates, reducing costs while improving time-to-hire. In short, expect a more efficient staffing process, helping you onboard talent faster than ever before.
Let’s explore the benefits of building a partnership with a financial services staffing agency. We also cover the typical operational approach of these talent acquisition businesses. Leverage these insights to make the right decision on a potential agency. As a result, expect an optimized, more-effective, and ultimately successful hiring process.
How Does a Financial Services Staffing Agency Work?
A financial services staffing agency serves as an extension of your company’s human resources function but focused on hiring. If you currently lack a large HR team, their services become essential, especially when considering various time-consuming staffing tasks. For example, consider the scenario when advertising your organization’s job ad results in over 100 applicants. Obviously, it takes an inordinate amount of time to review that many résumés, let alone managing candidate communication!
Outsourcing this function to a financial staffing partner greatly optimizes your company’s hiring efforts. The top agencies have well-honed and efficient processes for sourcing, recruiting, and onboarding talented financial candidates. They handle the drudgery of talent acquisition, including parsing those 100+ résumés mentioned earlier.
The top agencies also leverage the latest AI-powered applicant tracking systems (ATS) to make staffing processes more efficient. Machine learning algorithms analyze each candidate’s skills and experience, identifying those meeting your organization’s needs. These state-of-the-art tools also handle initial communication with applicants, allowing recruiters to focus on connecting with the top candidates.
When working with a finance and accounting staffing agency for talent, you typically provide them an ideal candidate profile. This profile includes the skills and experience required for the open position, as well as a job description. Add information on your company culture to source candidates making the right fit with the rest of your team. The agency returns with a list of qualified professionals for you to interview.
Note that experienced financial staffing agencies with a large candidate pool find talented professionals more quickly than other firms. After deciding to hire your top candidate, an agency typically provides support throughout the onboarding process. Additionally, many agencies offer candidates for temporary contracts, temp-to-hire scenarios, and full-time positions. You pay the agency a fee based on the type of position offered.
Advantages of Partnering with a Financial Services Staffing Agency
Now, let’s explore some of the major advantages gained by working with a financial staffing agency. Finding a partner worthy of a long-term relationship provides an understanding of your business operations and company culture. This knowledge ensures they place candidates making a perfect fit with your current employees. As a result, expect any new hire to quickly become a valuable contributor to your current and future success.
Access a Pool of Specialized Financial Talent
Financial services staffing agencies are experts on the entire world of finance. They understand the abilities and professional history identifying the top candidates in the field. This includes job roles like accountants, financial analysts, financial managers, and more. When armed with your company’s ideal candidate profile, expect them to source the right candidates for your open position.
When your staffing agency boasts a robust candidate pool, they ultimately meet your hiring needs with speed. As noted earlier, a large pool plays a crucial role in reducing your business’s time-to-hire. It especially makes a difference when adding talent to handle a busy tax season, or similar peak demand scenarios.
Expertise in Industry-Specific Financial Services Recruitment
Having significant expertise in recruiting financial talent ensures your agency’s recruiters know what skills matter. This especially makes a difference with the current digital transformation revolutionizing the world of finance. Being able to recruit candidates with skills in FinTech helps to futureproof your business operations.
Additionally, their experience in the financial job market informs your company’s offers to candidates. These insights ensure you offer the competitive salaries and generous benefits packages attractive to modern financial professionals. Their understanding of cultural fit helps you hire new employees with a strong chance of retaining their services.
Financial Staffing Agencies Provide Time and Cost Savings
As highlighted above, today’s financial staffing agency leverages the latest technology innovations to optimize the staffing process. They use ATS suites with generative AI handling communication, while machine learning routines find candidates with the best match. It’s the right strategy for adding temp talent more quickly or reducing the time to make a permanent hire.
When compared to the costs of your company’s internal staffing process, a financial staffing agency partnership saves money. Instead of struggling to find any qualified candidates, you simply pay your staffing agency a fee for each hire. A higher grade of candidate also improves your operations, helping boost productivity while reducing expenses.
Mitigate the Risks of a Bad Hire with a Financial Services Staffing Agency
As noted earlier, any internal staffing process is prone with risk. You might make the wrong hiring decision, with your new hire leaving for another opportunity after a few months. All the resources spent recruiting, onboarding, and training your now former employee effectively become sunk costs. It’s the wrong approach for building a successful organization.
Partnering with an experienced financial services staffing agency greatly reduces the risks of a mistaken hiring decision. These talent acquisition providers leverage your ideal candidate profile to find top-shelf finance professionals matching your organization’s needs. Expect a more successful and repeatable staffing process as a result.
Financial Services Staffing Agencies Offer Scalability and Flexibility
Consider a scenario where your business needs to quickly add talent to meet a specific need. We previously mentioned hiring accountants and tax preparers to successfully navigate tax season. Trying to manage this process with a small or nonexistent HR team remains a very difficult prospect. It leads to many financial organizations struggling to scale up to meet periods of high demand.
Most financial staffing agencies offer candidates willing to work on temp, temp-to-hire, or permanent contracts. This provides finance organizations with the flexibility to right-size their talent level to handle any scenario. Seamless scalability and flexibility remain critical contributors to the growth and profitability of any business.
Comprehensive Screening and Vetting of Financial Candidates
Again, one of the most time-consuming aspects of any internal staffing process involves screening applicants to your open position. If faced with a ton of candidates, this effort might take at least a few weeks. It’s the wrong approach for quickly adding temporary talent or hiring a financial professional for a permanent position.
A financial staffing agency’s ability to provide comprehensive screen of candidates remains a critical benefit for businesses. Most agencies also check references, ensuring the top candidates actually have the abilities detailed on their résumé. In fact, this capability contributes more than any other to the optimization of any staffing process. It also plays a key role in reducing the risk of the hiring decision.
Financial Staffing Agencies Understand the Importance of Company Culture
As highlighted above, cultural fit plays a key role in new hires quickly making a positive impact for their employers. It also greatly contributes to the long-term retention of financial professionals, no matter their specific job role. These are significant reasons you want to hire candidates compatible with your company culture.
When providing your financial staffing agency with an ideal candidate profile, include information on your office culture. This helps the agency find candidates with the right skills, experience, and cultural fit. Expect to onboard a higher quality candidate as a result.
Financial Staffing Agencies Provide Ongoing Support and Relationship Management
After onboarding a candidate hired using the financial recruitment services approach, you simply pay your agency a fee. However, the best finance and account staffing agencies provide ongoing support throughout the probationary period and beyond. They make sure the new hire provides the positive impact your company expected when making an offer.
Once again, you want to forge a long-term relationship with a financial staffing agency. Notably, the top agencies thrive on relationship management. This ensures they serve as a valued extension of your HR team, both now and in the future.
Build Your Team with a Top Financial Services Staffing Agency
When searching for a top-rank financial services staffing agency, look no further than the team at Workway. As one of the top financial talent providers in the country, we can help your organization achieve unparalleled success. Schedule some time with us to discuss your current and future hiring plans.