The business environment in Singapore is considered to be one of the best in the world, especially in South Asia, with rules and regulations clearly defined. Hence a large number of businesses in Asia and elsewhere have set up their offices in Singapore. Many of these businesses are offering financial and banking services like mutual funds, hedge funds, venture capital.
Hiring employees from outside Singapore can be time-consuming and tedious for the business since the employee will take some time to relocate to Singapore. So many businesses are interested in using the services of consultants specializing in recruitment for banking and financial services jobs in Singapore. Some of the benefits of outsourcing recruitment to a specialized service provider are discussed below.
A large number of businesses in Singapore have only a few employees locally. These businesses often do not have a dedicated human resources (HR) department for managing the recruitment since it is not economically viable.
The business can use the recruitment agency to replace the HR department, since the HR department will manage all aspects of the recruitment like sourcing the candidates, arranging the interview. The HR agency will be paid only for the employees hired, so it will usually not be a regular monthly expense for the business, who would otherwise have to pay monthly salaries for the HR staff.
Country Specific Information
The financial and banking system in every country is different, and Singapore is not an exception. Many of the businesses are opening only a branch office in Singapore, and their staff is not aware of the intricacies of the financial/banking system.
So the business owner may not be able to check if the job applicant has the required qualification and experience. In contrast, if the recruitment agency specializes in jobs in the financial sector, their experienced recruiters will be able to screen the job applicants properly and help the business choose the right employees based on the business profile.
In the financial services sector, especially banks, the employees are dealing with a large amount of money. If the employee is not honest, not ethical, he may commit financial or banking fraud or corporate espionage. Depending on the job profile for the employee, often there are many financial frauds which are not detected for months, and in some cases, only audits will detect the fraud.
Hence it is important to ensure that the employees recruited are of great personal integrity, will not abuse their powers, or misuse the money which they have access to for personal gain. Since smaller businesses do not have the resources to carry out a comprehensive background check on the employees, it is better to outsource the work to a reputed recruitment agency.
Since the agency has been providing recruitment services to a large number of businesses in the financial sector in Singapore, they are well networked, and can easily conduct a background check on the employees who are shortlisted for the job. For senior-level positions, a more comprehensive background check will be carried out.