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How Can An IT Recruitment Agency Benefit your Business

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If you’re an owner of a business, you’ll understand how great it feels when your company is thriving and expanding! But you’ll understand that attaining constant growth can be pretty tricky. A lot of things can shock your business and slow down any progress.

Hiring an employee for the first can be a pretty exciting prospect for start-ups. As you progress, you may be at the stage where you’re no longer able to run the business on your own. This is the time to start searching for your first few employees.

With nearly all businesses moving online, having IT personnel is vital to any successful company. Even if you’re not an online-based business, you’ll be working with different technologies that won’t align with your expertise.

If you’ve gone through employing personnel, you’ll know that it isn’t as easy as it looks. The employment process can be pretty expensive and use up costly resources- and this may not even guarantee someone that fits your business.

Read on to find how IT recruitment agencies can help you build a strong team for your business without spending a fortune.

 

Efficiency

Advertising job positions yourself and seeking out prospects is usually very time-consuming. This can put the rest of your business operations on hold if you spend lots of hours searching for potential employees.

Furthermore, with IT services, you may be looking for employees to help you with certain capital goods that you have bought to increase your sales.

You don’t want to spend weeks with these goods lying around before you hire someone to use them, so finding a talented employee as quick as possible would boost your revenues.

IT recruitment agencies like Mercator IT Solutions can find any potential much faster than if you did the whole process independently.

Agencies will already have a database filled with candidates holding different skills and specialities. This makes it much easier to pick out any potential employees. Instead of sifting through all the applicants, you only have to consider those already likely to fit your criteria.

 

Recognizing Talent

Of course, if you’re looking to employ someone, you want them to be the best of the best!

Recruitment agencies will have lots of experience in picking out good candidates. This means they’ll have the knowledge to recommend candidates who are likely to perform better than others.

Agencies also benefit from working closely with companies hiring and those who want to be hired! They’ll already know the candidate pretty well and know their skills which may suit your new position or not.

 

Matching Expectations

For successful negotiations, it would be beneficial to know the expectations of your possible employees.

If you’re conducting the employment process yourself, it can be a bit of a stab in the dark. You may guess that you’re on similar terms regarding benefits and wages, but you may discover that the candidate has very different expectations in many cases.

This can be incredibly annoying as it can feel like you’ve wasted lots of time and money and potentially missed out on a great employee.

Using an IT recruitment agency can help you avoid these situations. First of all, they are likely to know the candidate’s salary expectations before you even start the interview.

Secondly, agencies use their market knowledge to give a benchmark salary based on the market. This gives you a figure that you should expect to be offering.

 

Conducting Interviews

Interviews are probably the most time consuming and expensive part of the employment process. Recruitment agencies can conduct interviews for you, which may save you a lot of time and money.

Agencies will also know more about a candidate than you do, so their interviews can be more specific and tailored to the candidate. This will allow the agency to give you a more detailed summary of the candidate and how they could benefit your business.

However, this does have some drawbacks as it’s always best to try and get to know the candidate yourself. Even if the agency is conducting formal interviews, setting up the time to meet the candidates before you give out positions will be helpful.

 

Advertising Roles

Advertising positions yourself can be pretty difficult. Not getting enough responses is a frequent issue as you may not have as much reason as other companies in your industries. Furthermore, your advertisements may not be reaching people that fit your criteria.

Recruitment agencies will have a much larger reach, and they’re likely to gain a lot more responses. They will also be in contact with highly talented prospects that may be unlikely to see your advertisements.

This will help you get in contact with exceptional candidates without having to spend a fortune on expensive advertising platforms.

 

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How can businesses boost employee experience for finance professionals?

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By Martin Schirmer, President, Enterprise Service Management, IFS

Over the course of the last year, The Great Resignation has seriously impacted organisations across the globe. Staff are quitting in huge numbers, leaving companies unprepared and struggling to fulfil their workloads. In fact, mass departures are happening at all levels of the labour market, as employees attempt to adapt to the hybrid working model and growing socio-economic uncertainty.

In light of this, optimising the employee experience (EX) to attract and retain talent has become a top priority for employers. Organisations have come to understand the necessity of taking immediate steps to drive employee engagement and reshape workplace culture.

The financial services (FS) industry is no exception to this trend. From increasing employee burnout to growing career dissatisfaction, the pandemic has exacerbated the need for transformation across finance teams. This is exemplified by recent data from Spendesk, which found that approximately 40% of finance professionals are willing to leave their roles or already have concrete plans to do so.

Organisations looking to get ahead of the competition must put in extra efforts to retain their existing workforce. The fact is that employee expectations and requirements have irreversibly changed, with more workforces becoming increasingly distributed. Today’s hyper-connected workforce values flexibility and simplicity, and it is organisations which offer these experiences that will succeed in the long term.

As part of this process, finance companies must look towards the power of technology to create seamless user experiences across devices. From automating workflows to improving overall efficiencies, Enterprise Service Management (ESM) can help organisations to boost user satisfaction and go that extra mile for their employees.

How poor EXs are driving finance teams to quit

With over 40% of employees spending a significant proportion of their time carrying out mundane, manual tasks, it is not surprising that poor EXs are having a detrimental impact on job satisfaction. Finance teams in particular have been slower to digitise core processes, leading to a heavy reliance on manual tasks. This not only increases the amount of time spent on each task, but also impacts the engagement levels of finance professionals who cannot focus on more strategic aspects of their roles.

As a result of the pandemic, flexibility has also moved to the forefront of finance teams’ desires. Given the fast-paced nature of this industry, the conversation surrounding work-life balance has increased rapidly. Failure to offer flexible working policies, coupled with a lack of technology to facilitate this flexibility, has led to poor EXs across the board.

Most notably, the overarching move to omnichannel, digital-first approaches has dramatically reset both customer and employee needs. Finance is the third-slowest running corporate function behind legal and IT. Operating in a competitive environment, 73% of finance operations are facing pressures to speed up, improve efficiency, and prioritise automation.

Mitigating the problem using technology

ESM, an offshoot of IT Service management (ITSM), is the cornerstone of smart digital transformation for organisations. It can help finance teams to streamline and automate routine processes, such as monitoring the status of service requests, approving expenses, sending invoices, and tracking payments. In turn, this will free up employees’ time, reducing the burden of manual tasks and enabling them to focus on the more strategic tasks.

Another advantage ESM can offer finance teams is the ability to adapt to each department’s minimum requirements for data privacy. Accounting, for example, needs additional layers of compliance built into the system.

ESM can also facilitate cross-departmental collaboration, helping finance professionals to communicate with the wider business and perform tasks more effectively.  Organisations can use ESM to incorporate all internal services into a single platform, offering employees a well-rounded view of the business and promoting a sense of community across all levels of an organisation. This will boost productivity, whilst enhancing visibility and control.

Ultimately, the current job landscape has brought with it a new set of challenges. Organisations in the FS industry looking to navigate the storm and retain top talent must refocus their efforts on bolstering the EX. Embracing a new era of technological innovation that empowers employees and boosts engagement is a critical step in this process.

 

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CBDCs: the key to transform cross-border payments

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Dr. Ruth Wandhöfer, Board Director at RTGS.global

 

If you work in finance, you’ll have been hearing a lot about central bank digital currencies (CBDCs) and the moves different markets are making towards using, regulating and evaluating the viability of moving to an economy based on digital currency.

We are already seeing progress in the research, piloting and introduction of CBDCs into the financial system. The Banque de France for example, recently launched its second phase of CBDC experiments in line with the “triple digital revolution” unfolding in the financial sector. The infrastructures of financial markets and fintechs, however, are not prepared to accommodate their security, stability, and viability.

This could be an issue in the not too distant future. Each year, global corporates move nearly $23.5 trillion between countries, equivalent to about 25% of global GDP. This requires them to use wholesale cross-border payment processes, which remain suboptimal from a cost, speed, and transparency perspective. In fact, the G20 cross-border payments programme considers improving access to domestic payment systems that settle in central bank money, as one of the key components in facilitating increased speed and reducing the costs of cross-border payments.

The current state of cross-border payments

International transactions based on fiat are currently slow, expensive, and highly risky due to today’s disconnected financial infrastructure, messaging, and liquidity. Wholesale cross-border payment settlement can take 48 hours or longer, which is not practical in today’s digital world. Even if not every market moves to CBDCs, in an increasingly digital era, cross-border settlements between central banks will unavoidably involve dealing with CBDCs. So, not only will we have different currencies, we’ll have different technical forms of currency being exchanged – digital and fiat – as markets adopt CBDCs at different rates, adding another layer of complexity to cross-border settlements.

While there is much anticipation about the opportunities CBDCs can bring, the adoption of this technology will only be widespread if payment and settlement capabilities are overhauled to allow for new innovations in currencies.  This need for transformation represents an opportunity to redesign existing infrastructure to support cross-border CBDC transactions.

The current cross-border payments system involves correspondent banks in different jurisdictions using commercial bank money. Uncommitted credit lines used in cross-border transactions are a potential risk for any bank that relies on credit provided by a foreign correspondent bank. Interestingly, there is no single global payment and settlement system, only a complicated network of interbank relationships operating on mutual trust. While trust has allowed financial systems to function smoothly, when it begins to fail, as it did during the 2008 financial crisis, the result can be catastrophic.

Following the crisis, the Bank for International Settlements (BIS) implemented the Basel III agreement, which required banks to maintain additional capital against correspondent banking account exposures. These risk-weighted assets impose a costly capital charge on positions held by banks at other banks under correspondent arrangements. While this framework helps combat risk, it neglects to address the inherent problems in traditional correspondent banking that contribute to these risks.

Making the case for CBDCs

CBDCs can offer an improvement in settlement risks and are certainly thought to have potential benefits by the BIS. If implemented correctly, wholesale CBDCs can indeed accelerate interbank transactions while eliminating settlement risk. They can also encourage a more efficient and straightforward method of executing cross-border payments by reducing the number of intermediaries.

It is likely the evolution towards CBDCs will initially see the financial market supplement rather than replace existing payment instruments with new types of digital currency. CBDCs will coexist with current forms of money in a wholesale context, and their payment rails will also work alongside the existing payment systems. In simple terms, CBDCs will need to be linked to the broader capital markets ecosystem and applications such as securities settlement, funding, and liquidity.

If built with an innovation-first mindset, the future of banking infrastructure should provide full interoperability and convertibility between fiat, CBDCs, and any other type of digital money used in wholesale payments.

The future of CBDCs

To unlock the full potential of CBDCs, a ‘corridor network’ will need to be formed. This involves combining multiple wholesale CDBCs into a single, interoperable network under common governance agreed upon by all central banks involved. The legal framework of this platform would then allow for payment versus payment (PvP) or, where applicable, delivery versus payment settlement.

Practical wholesale CBDCs appear to be on the horizon, either as a supplement to existing financial systems or as part of a transition to a digital, cashless world. Looking ahead, central banks would benefit from collaborating with fintechs that provide innovative cloud native technology to enable seamless wholesale cross-border payments without interfering with the flow of funds. If wholesale CBDCs are to become a reality, fintechs must be prepared to accommodate them.

 

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