Attracting the very best financial executives in Johannesburg to support your growing business is a key element of success for any business owner or management team. However when faced with the challenge of finding the right person, the question of whether one should recruit a full time financial executive or whether one could consider outsourcing as an option should be considered. Understanding both these service offerings can help a business to attract the best suited individuals for the financial employment needs faced by companies, as well as potential candidates seeking employment.
The scarcity of talent is one of the most critical risks in business today, and when it comes to talent acquisition, companies are turning to consultancies or agencies that can provide financial executives with proven capabilities and the vision to move business forward in times of change and opportunity. Given the time taken to recruit financial executives, which on average could be between six to nine months to find the right upper level executive to fulfil the fulltime role of financial manager (FM) or Finance director (FD), it is critical that one carefully considers a few key issues before electing to follow a specific sourcing approach.
Know what you need
Do you need a full time solution?
It is important to know if your business warrants a full time solution. Understanding the scope of work required will often dictate if you choose a recruitment agency in Johannesburg or an outsource service provider. Recruitment agencies deal primarily with full time placements as the talent pool that they select from are traditionally only looking for full time placements. Outsource companies, such as The Finance Team, specialise in providing highly skilled experienced Financial Managers or Finance Directors on a part time or interim basis. The outsource model works for companies that do not necessarily need a full time placement as the scope of work doesn’t warrant a full time placement or where the company is undertaking projects where they only need a talent source for the duration of a particular project
Cost of experience or expertise
The more qualified and experienced a financial executive is, the more expensive they become. However, many companies need the guidance and expertise of the more experienced finance executives but cannot afford to engage with them due to budget constraints. This is where selecting a reputable financial outsource company can be of benefit. They retain the services of highly qualified and experienced financial executives that have made a career of outsourcing their skills, whether it be on a part time (2-3 days a week) or interim basis.
Training vs Experience
Highly experienced Finance Directors and Financial Managers are able to quickly assess the financial status of a business and know what measures or processes to implement to benefit a company in the short term. Financial executives with experience across a variety of industries can apply their knowledge and know how, fulfilling a temporary need or by assisting companies during an expansion strategy. Finding the right financial executive with the right experience can save the company significant amounts of time and money as the need for training of the executive is limited to merely orientating the individual to the nuances of the company. Outsourced resources make a career of providing a part time or interim solution and are thus not in search of a full time placement and don’t participate in huge investments in training, only to leave for a better or more lucrative full time job offer elsewhere.
Here is a checklist to consider when selecting employment agencies in Johannesburg:
- Scalability: does the recruitment or outsource agency enable you to increase or decrease operations quickly and effectively to fit changing business needs?
- Talent quality: Does the recruitment or outsource agency provide Best-In-Class resources and operations, ensuring that you secure the right talent to support your company goals?
- Cost control: Does the recruitment or outsource agency provide visibility and control over resources and spend?
- Tailored solutions: Does the recruitment or outsource agency provide flexible deployment and operations to fit your talent and business needs?
- Sourcing Management excellence: Is the recruitment or outsource agency led by industry leaders, that provide dedicated sourcing development and innovation that keeps you ahead of the changing talent landscape?
- Agile operations: Does the recruitment or outsource agency provide rapid and adaptive outsourcing or recruiting capability?
- Proven track record: Does the recruitment or outsource agency have a proven track record within the financial environment?
- Quality: Are they a recognised leader in service excellence?
Both the recruitment and outsource business model have great value when sourcing financial talent, the trick is finding the best solution for you and you your business.