Today, more than ever independent recruiting and staffing firms are outsourcing the financial risk, liability and headache of running a comprehensive back office solution in house. Outsourcing your back office functions to a provider who specializes in running full back office EOR and payroll funding exclusively to recruiting and staffing firms allows you to focus on your core competency and therefore grow your bottom line.
So what do you need to know when doing your due diligence when comparing back office services and all the components involved? Below is a list of 17 crucial features to ensure you have the best back office solution for your recruiting and staffing firm:
• An instant online calculator so you can calculate your exact profit per hour in real time when negotiating with clients using a computer, smart phone or tablet.
• A best profit per hour guarantee to make sure you’re earning top dollar.
• Recruiter-centric. Your back office partner should consult with you before contacting your candidate and clients if there are any issues or questions.
• Featured branding. Your back office partner should focus on keeping your brand in front of your clients and candidates not their back office brand.
• The right back office should have 20+ years in the industry and be 100% exclusive to independent recruiting and staffing professionals.
• Recruiters should not be liable if their client does not pay the invoice.
• No long term contracts! Your back office partner should have to earn your business every week with every contractor or you should be able to look elsewhere.
• Your % fee should be 100% on the pay rate and not any part of the bill rate so you aren’t penalized for negotiating a better bill rate.
• The full back office solution should be 100% web based including online time cards, online forms, online agreements with digital signatures, direct deposits, online contractor on-boarding, weekly reports via email and more.
• Easy recruiter enrollment to get setup and running within 48 hours.
• Quick turn around with a New Assignment in one business day if needed.
• You should be assigned a dedicated account manager who will get to know your business and whom you can use as a one stop contact.
• No contractor minimums so you can run one or hundreds contractors.
• No pay rate minimums so you can run any pay rate amount as long as the bill rate covers the breakeven threshold.
• Understand the Fair Credit Reporting Act (FCRA) as it relates to running candidate background checks.
• Easy 2 step process to get a new contractor up and running.
• Cloud reporting so you can access your profit and aging reports 24/7.
Put simply; the above 17 features should be provided to you by your back office provider or you’re not getting what you deserve. Outsourcing to the right back office provider can deliver significant savings and an increase your gross profit. The time savings can be significant and free up resources that benefit your organization and customers.