Banking, financial services, and insurance (BFSI) institutions provide various monetary services that often deal with confidential and sensitive information. Since there’s a need to protect delicate data, BFSI companies must utilize various software and systems.
The thing is, they also need to look for competent individuals to manage the software and systems’ complex IT functions. It’s no longer surprising that financial institutions opt to outsource their IT staff.
This article is for you if you’re from the BFSI industry and looking for IT staff augmentation. Let’s look into the steps you have to take to get started and drill down into your options.
How to Get Started with IT Staff Augmentation for BFSI
Knowing that you need help is a good sign that you’re willing to evolve to serve your clients better. But how exactly do you begin outsourcing IT resources to do the complicated tech stuff? Let’s discuss the crucial steps below.
1. Assess your company’s needs
First, you need to assess your company’s requirements. For instance, do you need business analysts to recommend process improvement plans to boost your efficiency?
Or do you need to use a new software solution tailored to your organization’s requirements? Identifying your challenges and pain points is a crucial first step to getting started.
This will help you pinpoint the people you need to accomplish specialized tasks your internal staff can’t manage. It will then be easier to relay your resource requirements to your outsourcing partner.
2. Make a list of IT staffing companies
Many financial institutions partner with third-party providers because they have industry hiring experts that know better. These experts know the competencies and essential skills to look for in an applicant, which your HR staff may not be familiar with.
This means you can guarantee that you’ll have knowledgeable, highly skilled, and qualified candidates for the job. For example, Yondu, a leading IT solutions provider in the Philippines, helps companies augment their existing IT teams by deploying more skilled resources.
Yondu ensures that you get only the best people to work with so that you can guarantee top-notch outcomes. It handles the task of recruiting talents, allowing you to focus on more strategic responsibilities.
3. Select competitive resources for open roles
After talents have been attracted to apply for open roles, it’s time to select the best fit. If you’ve already partnered with an IT staffing company, you don’t have to worry about this crucial (but often tedious) step.
Your IT staffing partner will carefully scrutinize and select the candidates that will perfectly match your needs. Technical recruiters are knowledgeable about the competencies essential for specific tech jobs, so they’ll know whether a candidate is truly qualified for the role.
They will also help you process the candidates’ applications and requirements, giving you time and cost savings. As a result, you can maximize your time and effort running the business.
4. Conduct orientation training
After your IT staffing partner has successfully processed the talents deployed to your organization, you can proceed with the orientation training. Now, if you’re asking who will conduct the tech training is totally up to you.
Many organizations are unaware that they have two options for IT staff augmentation for BFSI. And the management of talents, including the training, is dependent on your selected model.
We’re going to discuss that in a short while, but basically, you must orient the new candidates on your internal policies. As for the training specific for the job that they’ll do, you can discuss this with your IT staffing partner, depending on your chosen landscape.
IT Staff Augmentation: What are Your Options?
Earlier, we’ve mentioned that you have two options for IT staff augmentation for BFSI. Let’s discuss them below to understand what works best for your business goals.
Finding the best IT professionals for your organization shouldn’t be difficult. IT Staffing provides you with the right people for your team on a project basis.
What’s excellent about IT Staffing is that you wouldn’t need to comb through extremely busy job portals. IT hiring experts will do that on your behalf to save you time and money.
This is ideal for organizations that need help with special projects under a time-based engagement lasting no less than six months.
Note, though, that IT Staffing has limited commitment. Staffing deliverables are relative to input. Assigned tasks are executed but with limited commitment that the result will be in your desired outcome. Also, the cost of the service is tied to the hours worked by resources.
You also need to supervise the augmented staff and manage the resources, processes, and tools to be used. Additionally, IT Staffing is dependent on customer management.
We’ve mentioned above that the onboarding process and training will depend on your chosen model. If you select this landscape, you’d have to onboard the talents for knowledge transfer, and risk mitigation is also your responsibility.
Managed Expert Services
MES is your best bet if you need help with outcome-based engagements, either short-term (one to two months) or a long-term partnership (beyond six months). Managed Expert Services (MES) is an IT staffing approach Yondu uses to help organizations with more pressing needs.
MES will provide you with either a team of highly skilled experts or individual resources to accomplish specialized functions. The only difference is that it comes with more advantages for your organization.
Yondu will hire the candidates or deploy its existing employees to your company. This means that Yondu will be responsible for training and managing the deployed resources – less headache for you! There are more benefits to MES, and we’ll discuss them further below.
6 Incredible Benefits of Managed Expert Services
MES take your best interest at heart to help you meet your corporate demands and boost your team productivity. Here are some of its incredible advantages for your organization.
Secured process and guaranteed results
Having experts on board helps ensure compliance with standard measures and optimal delivery at the given time frame.
Access to a variety of quality resources
With MES, you’ll not only have access to expert resources who are skilled in diverse fields but also a wide range of tools and technologies.
Stable and reliable management
Experts will help you manage all aspects of development to guarantee stability and reliability.
The service cost is also tied to the outcome, which means you’ll get what you pay for. This allows you to maximize your investment.
Minimize risks and issues
Knowledgeable, skilled, and certified experts will handle the complicated IT functions to mitigate risks and prevent stressful tech issues.
More focus on business
With experts managing the often complex IT work, you can focus on more strategic functions like improving client satisfaction.
IT Staffing and MES both come with several benefits for organizations in the BFSI industry and other sectors. From ensuring secure processes to mitigating risks and problems, IT staff augmentation can help you significantly, especially if you lack technical expertise and qualified talents.
The key is to identify your organization’s priorities and budget and assess which model works best for your organization. Partnering with an IT solutions company like Yondu makes a practical next step. Get in touch with us today to learn more about our IT Staff Augmentation Services.