How IT Staffing Companies Helps the Banking Industry

How IT Staffing Companies Helps the Banking Industry

How IT Staffing Companies Helps the Banking Industry

Why do Banks Outsource Staffing?

The banking sector focuses on holding and investing assets to create more wealth and regulate those activities by government agencies. Today it has evolved into a highly competitive industry that has to adapt to a constantly changing market and cater to clients more effectively. There has been a higher demand by the banking industry for better systems and software to handle their workload as well as a demand for individuals that are competent or proficient in managing these systems. Thus, banking industries opting to outsource IT staffing companies.

India’s banking industry began their journey in adopting IT in the 80s and 90s with the advent of banking software and the eventual reduction in the price point of PCs. Now, with the usage of Internet banking, online payment portals, and e-wallets, the banking industry has taken to IT in a huge way.

Given the banking industry’s dependence on IT, the scope for the sector’s need for qualified candidates who possess proficiency in the field of IT and banking software is diverse, given how different parts of the industry have various requirements. The banking sector also tends to outsource various processes to other organizations to lessen their workload.

One of the critical processes that organizations outsource is IT staffing. IT staffing is a process or strategy that companies use to gain qualified personnel for their positions that eventually aid in assisting companies to meet their objectives and targets.

Organizations use specialized companies called IT staffing agencies or companies. These organizations or companies come up with IT staffing solutions. This usually means that these organizations handle the entire staffing process.

The steps usually involved in IT staffing are:

Step 1: Evaluate the company’s requirements. For instance, the company might need individuals skilled in the handling of banking software such as Corniche or Coreplus, widely used banking programs. The staffing agency or company appraises the number of candidates required for those positions and the skills and competencies needed to carry out those tasks.

Step 2: The next step, recruitment is handled by recruitment consultants. The consultants may be independent entities outsourced by the staffing agency or be a part of the agency themselves. They are responsible for attracting top talent and match them to companies on the lookout to fill positions, either on a temporary or a more permanent basis.

Step 3: The next step is selection and placement- a process that is done with the help of the staffing agency’s Client Company or organization. The organizations handpick who they deem to be the best and place them in appropriate roles and positions

Step 4: Orientation training is done, once again in tandem with the organization. New candidates are given the training to familiarize with their new roles. In the case of specialized IT services, the IT staffing agencies at times also aids the organization by providing experts in the field to offer training to newly appointed candidates.

Given that staffing is a process done to estimate and meet needs by the client company or organization, in some cases, organizations may be looking for contract hire. IT contract staffing is yet another service that is usually offered by staffing agencies to organizations looking to fill vacancies. It is done when organizations are looking for individuals to fill an immediate, specialized need but on a contract basis. This means that these contract employees do not enjoy the same privileges as regular employees but work for lesser time periods.

Benefits of IT Staffing Outsourcing

The benefits to IT staffing outsourcing include a decrease in the level of cost and effort on the part of the client company. There is also a greater sense of flexibility and assurance that IT staffing agencies will deliver the best talent to suit the organization’s needs.

With the Indian staffing industry valued at nearly Rupees 33,000 crores and an exponential growth rate in the global field with new technology being embraced, the scope of growth in this field is high.

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