What works for one company in one industry may not work for another company in the same industry; likewise, a practice that works for several companies in one industry probably won’t be the right fit for companies in another.
This is definitely true when it comes to outsourcing or insourcing your finance recruitment; you shouldn’t feel like you have to rely on the same agency that everyone else is using or that you even have to use an outside recruitment agency in the first place.
There are pros and cons to using a recruitment company just as there are for building your own in-house recruitment. So how do you decide which is the best fit for you? The truth is, in most cases, it’s a bit of both; the trick is finding the right balance. In this article, we’ll explore the strengths of both approaches and how to strike a balance between the two.
When To Insource
Hiring financial talent in today’s market can be difficult. Keeping your recruiting in-house can have certain benefits, depending on the size of your organisation. In addition to having direct control over the recruitment process, you also have the ability to carry out your own in-house performance tests to ensure that candidates are really able to do what they say they can.
Being in control of your own recruitment might also allow you establish your company culture; since you’ll have a first-hand understanding of the types of personalities that mesh well with your company, you’ll be better able to evaluate whether or not the candidate would be a good fit. It can also give the candidate a clear idea of what they are getting into.
When To Outsource
While there are some advantages to having your own recruitment team, there are obviously several very good reasons why specialist recruitment companies are more popular than ever.
Hiring a recruitment consultant means reduced labour costs since you don’t have to hire any extra HR help. If you’re just starting out and don’t really have as much capital as a larger company, this can be crucial. Also, a specialist recruiter can bring in experience and an extensive network that can prove to be invaluable to your organisation.
Recruiters usually have an extensive catalogue of talent that can be called upon whenever the right position opens up; this is especially true if you are in a highly specialised field where it’s hard to come across the right talent or experience levels that you’re looking for. So if you find an agency that specialises in your field, don’t hesitate to contact them to see what can be done for you.
Outsourcing can be a cost-effective way for manufacturers to develop a breadth and depth of skills in a very short time-frame; rather than investing the time and money to train someone in-house, specialist recruiters typically already have a robust database of candidates with the skills you need.
The time-saving capabilities are also huge for those that choose to outsource their recruitment. Recruiting is a very tiresome job that takes up a lot of man-hours, so giving your HR team some free time to focus on other important tasks is invaluable. Finally, recruitment companies utilise strategies or tools that you may not be aware of that could lead to a candidate that you wouldn’t have found on your own.
A specialist recruiter will take over all aspects of the recruitment process, from assessing requirements to sourcing talent and pre-employment screening. A good specialist recruitment company essentially takes on ownership of the design and execution of the entire recruitment process, which offers a wide range of benefits to busy companies, including the ability to recruit multiple roles across different levels.
One Size Doesn’t Fit All
While a desire for greater balance is common among many companies today, that ‘balance’ will not look the same for every financial company. The right mix of in-house and outsourced resources will be different for each organisation, depending on numerous factors, including many we’ve explored here.
For larger, more established companies, staying primarily with an in-house recruitment team may be the better choice in order to enforce your work culture and to ensure that the recruiting cycle is living up to company expectations.
However, for small-and-medium-sized businesses, building a solid relationship with a specialist recruitment company is often the best way of attracting and retaining top talent. In addition to saving you time and money, a specialist recruiter can provide access to wide-ranging recruitment expertise. The applicant pools and networks that a specialist recruiter can provide are also priceless for smaller companies that may not yet have the name recognition to attract certain candidates.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from a wide variety of organisations including SME’s to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs; and, in doing so, we match the two perfectly. Get in touch today or call us on 01282 930930.