OnlineTaxman was looking to streamline its hiring process and reduce costs by delegating recruitment responsibilities to virtual staffing experts. By partnering with Vintti, the company was able to reach a wide talent pool based in South America and find skilled tax professionals with 40% fewer costs.
About OnlineTaxman
OnlineTaxman is a boutique accounting firm specializing in international taxation for ex-pats and international entrepreneurs. With a presence in the Americas, Asia, and Europe, and first-hand experience living in many countries, they give secure online consultations to clients all over the world.
They are not only highly qualified ex-pat tax professionals but are themselves ex-pats, digital nomads, immigrants, and entrepreneurs hence they have a firsthand understanding of international clients' situation needs.
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The Real Cost of Recruitment
OnlineTaxman needed to scale as the company was competing with other financial consultant firms that were offering similar services at lower prices. To stay in the race, they were looking to reduce costs, either in salary prospects or recruitment ROI while maintaining the high-quality standard they expect from their candidates.
Being a fully remote company, with a presence in almost every continent, and created by a team of ex-pats, immigrants, and digital nomads, hiring professionals from more beneficial cost-living countries was no news. The challenge was to do it at the best return on investment (ROI) possible.
“OnlineTaxman has been hiring professional from around the world since we started but as the company starts to expand and recruitments need become more specific, the added costs of finding the right candidate are becoming unmanageable for our operation”
Expressed Vincenzo Villamena, CEO of the company, in the original request.
But ¿What goes into the cost of recruitment? Recruiting new employees can be a costly process for many employers. According to Edie Goldberg, founder of the Menlo Park, Calif.-based talent management and development company E.L. Goldberg & Associates, the total cost to hire a new employee can be three to four times the position's salary, including both direct and indirect costs.
The indirect or soft costs, which include the time and effort departmental leaders and managers invest in supporting the HR-specific roles of the hiring process, can make up as much as 60% of the total cost which is not afforded in the course of a year but in just a few months. Depending on the urgency, fast recruitment can even higher the cost. This time investment can lead to lost productivity and missed organizational goals, which ultimately impact the company's ROI.
The Solution: International Staffing for International Companies
OnlineTaxman turned to virtual staffing solutions to recruit skilled accountants from South America, which has emerged as a popular destination for international employees due to its cost-effective living standards, highly qualified workforce, cultural similarities to U.S. companies, and English proficiency. By leveraging Vintti's solutions, the company was able to simplify the recruitment process and assign recruitment responsibilities while reducing costs by 40%.
The company was looking for a Tax Analyst and specified a total budget of $40,000 to $65,000/yr in salary. Within 5 days OnlineTaxman had 3 qualified candidates to go through the final stage of interviews.
By the end of week two, the company had a brand new Tax Analyst from Argentina already working with a total cost of $30.000 a year. This means fast recruiting by half the price.
“In only 10 days the new Analyst was going through the company's onboarding process and ready to receive his first client. We are looking forward to making Vintti a regular recruitment partner“.
Vincenzo Villamena, OnlineTaxman CEO.
OnlineTaxman has already booked two more talent searches in South America.
Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
