Common Misconceptions About Staffing Agencies

Accounting and finance firms need to hire employees who have the appropriate qualifications, skills and experience, as well as a clean background and a strong sense of ethics. Can staffing agencies assure that?

Do you remember the Enron scandal? It was one of the biggest corporate frauds in history, involving the manipulation of accounting records to hide billions of dollars of debt and losses. The scandal led to the bankruptcy of Enron, one of the largest energy companies in the world, and the dissolution of Arthur Andersen, one of the Big Five accounting firms. The scandal also exposed the flaws and loopholes in the accounting standards and regulations, and prompted major reforms and legislation to improve the transparency and accountability of financial reporting.

Today, accounting and finance are highly regulated fields that require compliance with various laws, standards and codes of ethics. Any violation or misconduct can result in severe consequences, such as fines, lawsuits, reputational damage or loss of license. Therefore, accounting and finance firms need to hire employees who have the appropriate qualifications, skills and experience, as well as a clean background and a strong sense of ethics.

While the Enron scandal was a shocking and devastating event, it also highlighted the importance and relevance of accounting and finance in the modern business world. Accounting and finance are essential functions that provide reliable and accurate information for decision-making, performance evaluation, risk management, compliance and governance. Accounting and finance also play a vital role in creating value, ensuring sustainability and fostering innovation.

This is why some firms may have some misconceptions about staffing agencies that specialize in this field. Staffing agencies are companies that provide temporary or permanent workers to other businesses that need them. They can help accounting and finance firms find qualified candidates for various positions, such as accountants, auditors, analysts, controllers, CFOs, etc.

Staffing agencies can also help job seekers find opportunities in accounting and finance firms that match their skills, experience and goals. They can offer guidance, coaching and support throughout the hiring process, and help them negotiate salaries, benefits and contracts.

However, some firms still have some misconceptions about staffing agencies that prevent them from taking advantage of their services.

Myth #1: Staffing agencies only offer low-paying or entry-level jobs

Some people may think that staffing agencies only have access to low-paying or entry-level jobs in accounting and finance, and that they cannot help them fill more challenging or rewarding positions. Nothing could be further from the truth. As COVID-19 changed the entire landscape, especially the way the international labor market operates, staffing agencies have been leveraging an ever-widening pool of candidates from all latitudes, and therefore, for every level of expertise, from bookkeepers and junior analysts, to CFOs and accounting managers. Staffing agencies work with a variety of clients, from small businesses to large corporations, across different industries and sectors. They have access to a wide range of jobs, from temporary assignments to permanent placements, and from junior roles to senior positions.

Staffing agencies can help you find candidates that match your expectations, skill requirements, and operational needs. They can also assist in managing your international team by handling end-to-end management and payments. Whether you are looking to solve a short-term project or need a long-term workforce, staffing agencies can help you find the right fit for you.

Myth #2: Staffing agencies charge fees to job seekers

Some people may think that staffing agencies charge fees to job seekers for their services, such as resume writing, interview preparation, or placement assistance. This is not true. Staffing agencies do not charge any fees to job seekers. Their services are free for candidates who go through their selection process to the final vetted group of candidates.

Most staffing agencies make their money from the selection process charged to the client, hence the hiring company. They can also charge a fee that varies depending on the type of job, the duration of the assignment, the level of skill required, etc. The fees are usually a percentage of the worker's salary or an hourly rate.

Staffing agencies do not deduct any fees from the worker's pay. The worker receives the full amount agreed upon with the employer. Staffing agencies also handle payroll taxes, insurance, and other administrative tasks for their workers.

Myth #3: Staffing agencies do not care about quality or fit

There is a misconception that staffing agencies do not care about the quality or fit of their workers for their clients after the hire. Many firms think that the only concern is to make the first available candidate get through the process and close the deal, without considering their skills, qualifications, or cultural fit with the company. If this were true, most candidates wouldn't last more than a year after onboarding, and as we mentioned before, staffing agencies survive thanks to the fees and payment management. This means, the longer an employee and employer are satisfied with each other, the longer the agency can receive their share.

Staffing agencies have rigorous screening processes to ensure that they only recruit qualified candidates for their jobs. They conduct interviews, background checks, reference checks, skills tests, and personality assessments to evaluate each candidate's suitability for each position. They also consider each candidate's career goals, interests, and expectations to match them with compatible jobs.

Staffing agencies also care about their clients' needs and expectations. They communicate with them regularly to understand their business objectives, culture, and challenges. They tailor their services to meet their specific requirements and preferences. They also monitor their workers' performance and satisfaction to ensure that they deliver quality results and fit well with their clients' teams.

Myth #4: Staffing agencies do not offer benefits or security to their workers

Some people may think that staffing agencies do not offer benefits or security to their workers. They may think that staffing agencies only provide temporary or contract jobs that have no stability, protection or growth potential. This is not true. Staffing agencies offer different types of jobs, such as temporary, temp-to-hire, direct hire or contract-to-hire. Each type of job has its own advantages and disadvantages, depending on the worker's situation and preferences.

Temporary jobs are short-term assignments that last from a few days to a few months. They are ideal for workers who want flexibility, variety and exposure to different opportunities. They can also help workers gain experience, skills and contacts in accounting and finance. Temporary jobs may or may not offer benefits, such as health insurance, retirement plans or paid time off, depending on the staffing agency and the client.

Temp-to-hire jobs are temporary assignments that have the potential to become permanent positions. They are ideal for workers who want to try out a job before committing to it, or for employers who want to test a worker before hiring them. Temp-to-hire jobs usually offer benefits after a certain period of time, such as 90 days or 6 months, depending on the staffing agency and the client.

Direct hire jobs are permanent positions that are filled by staffing agencies on behalf of their clients. They are ideal for workers who want stability, security and growth potential. Direct hire jobs offer benefits from day one, such as health insurance, retirement plans, paid time off, etc., depending on the employer.

Contract-to-hire jobs are contract assignments that have the potential to become permanent positions. They are similar to temp-to-hire jobs, but they usually last longer, from 6 months to a year or more. They are ideal for workers who want to work on specific projects or for employers who need specialized skills or expertise. Contract-to-hire jobs may or may not offer benefits, depending on the staffing agency and the client.

Talent Offshoring with Vintti

One of the challenges of offshoring is finding and managing reliable and qualified partners in other countries or regions. That’s where Vintti comes in. Vintti is a platform that connects US businesses with top-notch accountants from Latin America. Vintti offers:

Quality: Vintti only works with vetted and experienced CPAs who have proven skills and track records in various technologies and domains.Affordability: Vintti offers competitive rates that are significantly lower than hiring accountants in the US.

Communication: Vintti ensures smooth and effective communication between US businesses and accountants. All accountants are fluent in English and work in similar time zones as the US. Vintti also provides tools and support for project management and collaboration.

If you are looking for a great alternative to offshoring your hiring needs, look no further than Vintti.