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Reducing Agency Reliance in Guernsey

Posted by Naomi Hyett on 08-Mar-2018 11:38:20

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Figures from the Guernsey Financial Services Commission (GFSC) have recently shown that there has been consecutive growth in the fund service for Guernsey. This growth was largely due to an increase in Guernsey-domiciled closed-ended funds of £13.7 billion over the year.

This consistent growth highlights how appealing Guernsey has become to the finance and funding sectors.

Guernsey is an international finance centre utilised by the UK as a gateway for investing into, and raising capital from, the rest of the world.

This is not surprising; what with a better-than-average wage compared to the UK, alongside more preferential tax rates; Guernsey is becoming increasingly attractive to businesses and professionals from the banking and finance sectors.

A growing pot of talented professionals relocating to the island can only be a good thing, right?

While the finance sector grows in Guernsey the competition for the best talent is only increasing - which is great for finance professionals, but expensive for businesses.

An agency will charge between 12.5% - 25% of a successful client’s wages for their services; this is convenient but expensive.

With more than 30 recruitment agencies on Guernsey – some boasting more than 25 years’ experience – it’s no surprise that Guernsey-based businesses have traditionally relied upon local advertising and recruitment agencies to source their talent.

Typically, an agency on the island will charge between 12.5% - 25% of a successful client’s wages for their services; this is convenient but expensive for local businesses. Increasingly so if they are not tapping into all of the potential candidates on the island.

We have found from speaking to 10 independent companies that none were advertising through any of the mainstream job boards or using any CV databases. If a company is relying on a couple of agencies, then they are certainly missing out on the pool of available talent.

Sovereign Group Ltd, a trust in Guernsey, spoke of the challenges they face when attempting to fill job openings. Much of the talent offered from agencies were found to be recycled from

business to business, neither benefitting the company or the candidate. If a company cannot successfully recruit, a business’s growth can be affected.

How can Vacancy Filler help?

With Vacancy Filler’s recruitment services, we offer you the opportunity to reach out to a large number of candidates through branded advertising and headhunting via our recruitment tool.

We offer all the advantages of an agency, except that with our GDPR-ready Applicant Tracking System (ATS), you also get full access to every available candidate that applies for your role – so you could make 1, 2 or even more hires for the same price as one.

This service is not only transparent in that it gives you full visibility of all submitted candidate applications, it also saves you time from labour-intensive admin tasks usually involved when sourcing the best available candidates.

We helped Sovereign Group save in excess of £11,000, on just two roles.

Further to sourcing candidates, we offer pre-screening and shortlisting for every role, saving your team on time on sifting through each individual application; we can even manage the interview process for you.

Vacancy Filler acts as an extension of your existing HR department, allowing you to gain easier access to the best talent out there, removing or reducing your reliance on expensive agencies.

Our recruitment services can help with costs too, based on the work we have done with Sovereign Group, we have managed to save them in excess of £11,000 on just two roles alone, allowing them to continue, and even speed up, their growth.

Click here to request a call today to see what we can do for you.