It is not uncommon for administrative and back-office tasks to directly impact agency staff’s ability to generate revenue. Recruitment, accounting and payroll functions can be outsourced to a specialist provider. This frees up agency staff to focus on their core tasks while also improving the efficiency of the back-office activities. If you wish to use the skills of your workforce more effectively, consider outsourcing the below back-office processes.
1) Payroll: Many recruitment agencies are expected to process payroll for a large number of temporary and permanent assignments. This is not a core skill for recruitment companies; as a result, many agencies often witness frequent errors in processing that lead to payment delays or incorrect payments. In such a situation, a lot of time and effort is spent on resolving queries and firefighting. Outsourced payroll solutions can solve this issue while delivering significant cost savings.
2) Credit control: Cash flow is essential for any recruitment agency – especially for agencies that are focused on growth. Agency staff handling invoicing and credit control along with a dozen other administrative tasks simply do not have the bandwidth to give credit control the time and attention it deserves. Outsourcing agency credit control won’t just give a much-needed respite to your staff, but also help to reduce DSOs (Days Sales Outstanding), improve cash flow and deliver a better customer experience.
3) Management reporting: Insightful financial reporting is the key to smart business decisions. With the right offshore team, you can speed up the preparation of management accounts and get strong back-end support for budgeting and forecasting activities. The best part is the specialist management reporting services will cost you up to 50% less than current in-house costs if you outsource to an offshore location.
4) CV sourcing: Digging through job boards, web communities, forums, social media and internal databases to find the right candidate for the assignment is a skilled job – and it is one that can be very time-consuming, even when you have the best search engines. Outsourcing this task saves a lot of time for your internal team of recruiters who can focus on calling and persuading the candidate to take up the assignment.
5) Database regeneration: It’s no secret that most recruitment agencies are sitting on a huge mountain of data, with a large portion of the database out of date. With GDPR looming on the horizon, agencies will have to either get rid of the data or take consent for each candidate and update the database. This is likely to be a tedious and time-consuming task. Outsource this task to build an up-to-date of candidates and make it easier for your team to increase interviews and placements.