Right Talent Need Not Be Costly – Vulcan Post Feature – Jan 2018
According to IFS Capital, the company spends about $10,000 a year on recruitment.
“We used to hire recruitment agencies to help us get the right candidates, but they are very costly. To save cost, we decided to do the recruiting in-house,” said Patrick Chew, Head, HR & Admin of IFS Capital.
The company also has an internal referral programme to encourage staff to recommend their friends or contacts for the vacancies available.
Other than this, the company also regularly posts the vacancies on quite a few job portals including JobsBank.
In recent years, IFS Capital also started to tap on Workforce Singapore’s (WSG) career fairs and events to source for and hire good candidates.
When looking out for a potential employee, Chew said that the company looks for an individual that best fits the job requirements.
Conversely, one of the key factors a potential candidate looks for in a new role is the salary.
“Salaries are based on the skillsets of the candidates and their contribution to the growth of the company,” said Chew.
“We will offer salaries according to the market value and what the potential employee can contribute to the organisation.”
He added that beyond salaries, IFS encourages new employees to look at longer-term rewards as they want them to “grow with the company”.
As salary cost is the biggest expense for the company, they have leveraged on WSG’s Career Support Programme (CSP) for salary support, which has helped IFS Capital substantially to hire talent which they may not have been able to afford.
Under this programme, employers can receive salary support of up to a maximum of 18 months for every eligible Singapore citizen Professionals, Managers, Executives and Technicians (PMETs) hired.
What this does is help defray a portion of their salary to allow employers to tap on the pool of experienced and skilled PMETs.
Commenting more on reducing hiring costs, he added that since the employee turnover can adversely impact on the company’s business, IFS is continually evaluating on how to retain their employees.
”We are currently looking at flexi-benefits to cater different segments of the employees in the company,” said Chew.
“Most importantly, we ensure that the working environment is favourable. We adopt and practice the principles of meritocracy, transparency, and respect for the individual.”
“Employees are our company’s most important asset, hence recruiting and retaining the employee is of utmost importance.”
The above extract was reprinted with permission from a Vulcan Post feature and the full article can be found here.
To visit IFS Capital Careers page, click here.
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