Are you a contractor recruitment agency that’s keen on growing your business? At Parasol, we work with many such agencies looking to make a bigger name for themselves. We also know that growing a business comes with its fair share of challenges along the way.
In this blog, we’ve identified five of these big challenges and explored the effects they impose upon recruitment agencies, as well as how Parasol might be able to help with them. Have a read to find out how we could benefit your business.
1. Managing Cash Flow
When it comes to managing finances and cash flow, there is little room for major errors. Why? Miscalculations have the potential to result in losses that ultimately damage your business. One of the trickiest tasks facing recruiters is making sure their workers are paid on time when dealing with late payments from clients. As such, ensuring there is enough money in the business to cover such situations is essential. By keeping a close eye on incoming and outgoing expenses, we can help by identifying any potential cash shortages in advance. In turn, this allows you to implement the necessary measures to avoid this.
By taking payroll responsibilities out of your recruiters’ hands, lengthy payment periods and cash flow become our problem, not yours, and will be dealt with efficiently and expertly. What’s more, we will soon be launching new services to help agencies further stabilise their cash flow. More information on this coming soon…
2. Inefficient Recruitment Processes
There can often be demand for quick placement in the contractor recruitment industry, which can lead to mismatching candidates with roles that don’t suit them. The end result is dissatisfaction from both candidate and client. It goes without saying that high-quality candidates shouldn’t be sacrificed for quick placement, but it is understandable that this process becomes overwhelming when considering the lengthy timescale of an agency’s hiring process. That’s where we come in. Parasol can help alleviate some of your administrative tasks, free up your time, and allow you to focus on your hiring strategy rather than worrying about paperwork.
3. Finding & Keeping the Best Candidates
As mentioned above, sourcing the right candidates is a time-consuming endeavour, yet one which is necessary to grow your business. Keeping your temporary workers can be just as much of a struggle, especially if these workers have unique circumstances that need to be taken into consideration. When you add the admin that comes with having all these candidates on the books, sustaining good relationships while still upholding a personable manner can become taxing.
Let us assist you in becoming more efficient by taking care of payroll, so you can take spend more time taking care of your candidates. We’ve also been developing new services behind the scenes at Parasol to increase payroll efficiency even more. This will serve the recruitment agencies we work with well in due course.
4. Keeping Pace with the Times
Here at Parasol, we understand the fast-paced and ever-evolving nature of the recruitment sector. It isn’t always enough to use the same formula or business strategy time and time again to attract candidates and clients. In order to gain and keep the best talent, it’s important to also adapt to industry-wide changes, such as developments in technology. This isn’t necessarily limited to social media, although this is a great tool to source candidates. For example, having the latest up-to-date software is a necessity for increasing security and efficiency while minimising data leaks and general malfunctions. Such tools will allow your workers to know they are in safe hands; an important factor in building long-lasting relationships.
This is exactly why Parasol is dedicated to utilising software solutions that help streamline payroll processes and enhance efficiency. Our innovative approach to payroll management means we can simplify contractor onboarding, timesheet submissions and payroll processing. The more payroll responsibilities we can take out of our partner agencies’ hands, the better.
5. Managing Compliance
Incurring fines and legal penalties as a direct result of failing to meet tax obligations is bad news. The negative impact this could have on your current and future relationships with contractors and clients is, potentially, worse. From a business point of view, reputation is everything. A tarnished reputation can cause real damage to your business that will inevitably hinder future growth. With Parasol, you can sleep easy knowing you’re in safe hands.
When it comes to understanding tax, law, and all things HMRC, we’re more than well prepared. Parasol takes care of that side of things for our agencies by keeping up to date with changes to laws, preventing any mistakes and mishaps from happening. Get your contractors signed up with us during their projects and we’ll make sure their statutory obligations are taken care of efficiently.
Parasol – a Trustworthy Partner
We hope the information above has been useful for you and can help you identify new ways to grow your business. Throughout April, we’ll be expanding on some of the elements mentioned in this article, as well as touching on Parasol’s exciting new developments. Be sure to keep your eyes peeled for next week’s piece!
If anything mentioned here piqued your interest, you’d like more information, or you simply fancy a chat about our available services, get in touch with one of our team members today.
