Regulatory Reporting Accountant

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The economy has contracted in the wake of Covid-19, and so too have business budgets. We’ve seen a slowdown in recruitment activity around the world, with UK hiring halving in June 2020 compared to June 2019, and some organisations shedding staff or closing their doors entirely. Despite these trying times, however, we are also seeing many businesses emerge stronger from lockdown. Some industries are experiencing growth – the likes of pharma, e-commerce and digital communications are all thriving – and many organisations are now looking to the future. Part of this includes strengthening teams and adding value through the strategic hiring of A-player professionals.This raises an oft-asked question: Is in-house recruitment a better option than using a recruitment agency? With all eyes on budgets and the bottom line, some might argue that an in-house hiring process will save on cost – but does it deliver the same results, and how much is your internal team’s time worth? We’re exploring the pros and cons of in-house recruitment.Pro: It can seem more cost-effectiveWhen reducing budgets and trimming costs, the outsourced recruitment function can be the first thing to suffer. External expenditure on hiring is a cost some companies think they can no longer justify. Instead, some businesses take their recruitment in-house, relying on hiring managers, HR teams or dedicated in-house recruitment professionals to identify, attract and hire the right people. Aside from time, there are many hidden costs to recruiting inhouse that business leaders do not anticipate. " These can include: subscriptions to premium social media accounts, advertising on job boards and other platforms, recruitment software and having a presence at recruitment shows. If your business hires high volumes every year, then these costs may be justified, however this is limited by both the capacity and capability of your in-house team.Con: It can be extremely time-consumingNever underestimate the value of your team’s time. Specialist recruitment companies have vast networks of vetted candidates, both active and passive. They tend to be well-known in their fields, highly social and always making new connections. This means their potential candidate network usually far exceeds that of an in-house team, and they can contact pre-vetted candidates quickly. In-house teams can struggle to have this reach and impact and typically take longer to search for, vet and contact candidates.Within Marks Sattin, we’re seeing some companies choosing to take their recruitment in-house, only to get in touch down the line after realising how much time it takes to identify a quality shortlist of candidates. When you consider that one third of vacancies in the UK are considered hard to fill, it’s no surprise that teams often struggle when taking recruitment in-house. Writing and advertising vacancies, proactively headhunting and contacting passive candidates, responding to questions and applications and vetting CVs all takes an extraordinary amount of time – and that’s before you even start scheduling interviews. For in-house professionals who are also juggling other responsibilities, this can become too much and many businesses end up reverting back to an outsourced model.Pro: You can boost your employer brandingAn in-house function means you’ll own the end-to-end recruitment process and be solely responsible for the candidate experience. This presents a great opportunity to build your employer brand and take control of how you are perceived by potential employees.If you outsource your recruitment function to a specialist recruitment agency, you’ll be trusting them to represent your company appropriately and guarantee the best possible candidate experience. They will often act as the initial touch point and introduction to your role and company. This means a good recruitment agency will take the time to get a strong understanding of your company culture, requirements, role and business objectives.Con: You miss out on expert insightsIf you hire an in-house recruiter to your organisation, make sure they have a deep understanding of your industry and wider market trends. A good recruitment partner will not only understand what developments, opportunities and challenges are emerging in your industry – whether that’s a new technology making waves or new legislation creating qualification requirements – but also what the market is like for candidates and clients. Crucially, they need to know about the specific roles they are searching for.This is especially important for executive search, where passive candidates need extra incentives to change roles. Executive recruiters must understand their markets inside out, and know what will incentivise certain professionals to move, something which in-house teams may not always understand. In-house professionals usually recruit for roles across the whole business, whether that’s a marketing intern, CFO or diversity manager, and it can be challenging for them to get a deep understanding of each of these very different roles.Save time and get the best candidates with Marks SattinWe are proud to be recruitment specialist in our markets of financial services, commerce and industry, professional services, executive search, business change and technology. We have 32 years’ experience and pride ourselves on repeat business, excellent customer service and our candidate care, where we source, meet and screen every candidate ourselves. We build long-term relationships that allow us to understand your business and requirements, ultimately saving you time and money and delivering professionals we know will be successful. Register a vacancy with us to see how we can help you.