Whether you decide on taking on a big new project, or you are looking to transform a business function. Temporary staffing solution can be highly advantageous to you and save your day. There are many times when demands are very high, and you feel short-staffed. For these reasons, Banking, financial service, and insurance (BFSI) companies rely on temporary staffing services to enhance user experience and business processes. BFSI temporary staffing have benefited many small, medium, and large companies.
When demands are high, you rely on temporary staffing solution. Although, onboarding new employees at such stressful times can overload your HR managers with extra paperwork, documentation, payroll management, etc. Seeking help from a temporary staffing provider can help you fill in the gap and ensure the smooth functioning of your company.
Temp staffing agencies can help you stay productive and manage your temporary staff’s payroll, compliance, make them aware of different employee benefits and other temporary staffing services. This can potentially produce permanent staffing solutions also in the long run.
Temp staffing companies not only manage their payroll but also their leaves, collecting statutory data, deductions if any. Additionally, they provide full confidentiality while doing so to protect the new employee and make onboarding as smooth for them as possible.
What do staffing agencies do?
Companies hire temporary recruits when they are short-staffed, during peak times, when they are afraid to make a long-term commitment, for business expansion, and many other reasons. Managing payroll and other administrative processes of new recruits and regular staff can be a huge challenge for HR managers.
Temp staffing companies manage new recruit's payroll, statutory data, inform them about employee benefits and other Resource management services. There can be one employee working with your company or a team of employees who can maintain human resources for your company. They provide temporary staffing solution and permanent staffing options as per the employer's requirements.
How is temporary staffing beneficial for an organization?
It is rightly said that time is money. Resource management is a lengthy and time-consuming process. This time could be used in focusing on core company functions instead. Additionally, hiring temp staff can increase your overhead costs significantly. One of the most important benefits temp staffing offers is that it is cost-effective. Companies can save up on costs and indirectly save time incurred by the following.
- Payroll Management
- Offer Employee benefits
- Payroll database management
- Collection on statutory data
Keeping a part of your staff temporarily can save on unemployment costs and minimize layoffs, which can damage your company's reputation. If you are a start-up company, staffing agencies can surely help reduce additional costs, such as providing health insurance and other benefits for your employees.
2. Enhance productivity
When an employee is on leave, their duty gets distributed to other members of a particular department. If an employee decides to resign suddenly due to certain circumstances, it further burdens the co-workers. This adds to their current workload and increases work stress. Hence, you hire new recruits to balance business functions.
Using third-party employee administrative services ensures that the onboarding of new recruits, their payroll, documentation check, reference check, and termination formalities are carried out meticulously.
3. No need for a full-time replacement
One of your accountants decided to resign during peak season. You are wondering how you will find a replacement so soon. You don’t require a full-time worker, but a temporary accountant who can take over their duty timely.
Due to this, you find a qualified professional who understands your company's requirements and resolves this issue. They can offer help at the right time and avoid you from investing a huge sum of money in a permanent hire. The shortlisted candidates undergo a rigorous screening process to ensure that they possess the skills and experience required to fill in the shoes. This makes temporary staffing solution very promising.
4. When you need a specialist for a short-term project
You have decided to undertake a new initiative, although you need a person with a different skill set that no one in your current staff has. You need a specialist for a short-term project.
In this scenario, you do not require a permanent hire but a specialist with targeted experience. A temp staffing agency manages these recruits for a short period, saving money and getting the job done.
5. Saves Time
If you decide not to work with a staffing agency, the work is done by your HR professional. The process of finding a recruit is quite lengthy and tiresome. HR managers have access to a very small number of candidates, and the hiring routine becomes very stressful when you want to hire someone quickly and re-establish productivity.
Once you hire them, your work is not done; it has just begun. You need to manage new recruits, train them, manage their payroll, maintain new data, etc. Alternatively, if you choose an experienced staffing agency, they can manage new recruits, saving time and money.
6. Allows a trial run
You have assessed your workplace replacement and concluded that you need a full-time employee. However, you are nervous about making that sort of commitment yet. Some employees instantly gell well into a new work environment, and few take time to fit in.
Temporary staffing solution give you the benefit of hiring a temporary employee on a temp-to-hire basis. This allows you to see how the new worker adapts to the new work environment, assess their work abilities and how well they can adapt to the new role. You get all these benefits without making promises or long-term commitments of full-time employment.
If you find a perfect match for your company, you can hire a professional with enhanced confidence and experience.
7. Increased Flexibility
With temp staffing, you have the flexibility to hire a specialist for a short-term project. Temporary staffing agencies can further manage temp staffing, giving you more time to run your business smoothly.
A top-notch staffing agency will ensure smooth-functioning that is stress-free and helps you focus on your core responsibilities.
Why do banking and finance companies use temporary staffing services?
The banking and finance sector focuses on managing wealth and investments to create more wealth following government regulations. It is a highly competitive and dynamic sector that adapts to changing markets and effectively connects with clients. There is a constant demand for the best software, systems, and manpower to cater to different client needs. Therefore, banking and finance companies can highly benefit from collaborating with temporary staffing agencies.
Banking, financial services, and insurance companies leverage temporary staffing services extensively. With temp staffing agencies, banking and finance institutes can offer many doorstep services such as cheque collection, cash collection or deposits, opening fixed deposits, data collection, connecting to clients, etc.
Contract staffing services for BFSI (Baking, Financial Services, and Insurance) enable companies to enjoy all the benefits that staffing agencies claim. Let’s look at how BFSI Contract Staffing Services can enrich their user experience and business processes,
1. Decrease in the level of cost and efforts
Recruitment and managing recruits is a very time-consuming and expensive process, it requires a lot of effort, and it can even stress out your HR manager. The major benefit of collaborating with a temp staffing agency is reducing costs and the efforts required in managing human resources. Companies draw labor from various channels such as independent contractors, on-call workers, etc. This surely brings down the cost compared to investing in a long-term worker. Once they are hired, their payroll and other temp services are handled by third-party staffing agencies.
2. Employee Selection
BFSI companies are always on the lookout for ways to manage resources. If a senior bank manager resigns from your company, it can be stressful and time-consuming to fill in the position. Moreover, managing new recruits is itself a very lengthy and critical process. Any delays will reduce productivity, and the company can suffer. Hence, contract staffing services for BFSI companies are the most cost-effective medium to manage new candidates as they look after the candidate once they are hired.
3. Optimize User offerings
A survey by Accenture revealed that investors expect more diversified financial products and personalized advice from banking and finance service providers. Customized products and services require a large pool of qualified employees that can improve customer satisfaction. The use of temporary workers improves labor flexibility for BFSI companies. A temp staffing agency can help you manage temporary recruits for your BFSI company.
Your HR manager has shortlisted candidates, done a thorough background check, screened resumes, and hired the best talent as per your company's requirements. After recruitment, temp staffing companies manage their payroll, leaves taken, benefits, taxations, insurance, deductions, etc. Thereby, reducing the burden off your HR manager.
Paysquare is a well-established temp staffing agency that manages human resources for many renowned companies. They specialize in offering Resource Management Services for temporary workers. The company focuses on understanding a company's needs thoroughly and provides the best temporary staffing services in India.
Paysquare ensures that the onboarding process is flawless. The new candidate is comfortable working in your firm, ensures that they receive their salaries timely, and offers various benefits, boasting success rates and providing the best experience to all its stakeholders. Look no further, book an appointment today, and get to know more about all the temporary staffing services offered by Paysquare.