OnlineTaxman.com 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 50% fewer costs*.*
About OnlineTaxman.com
OnlineTaxman.com 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 hens they have a firsthand understanding of international clients' situation needs.
The Real Cost of Recruitment
OnlineTaxman.com 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.com 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.
For example, if a company is hiring for a position with a salary of $40,000 a year, they may end up spending $120,000 or more to fill the role. 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.
International Solution for International Companies
OnlineTaxman.com 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 50%.
The company was looking for a Tax Analyst with knowledge in Agregar algunas calificaciones para el puesto. The projected budget for the role was $30,000 to $65,000 in salary, along with the standard recruitment agency fee of 10% to 30% of the compensation package. Additionally, an advertising budget of $5000 was allocated for an in-house search through LinkedIn in 4 different countries. We are looking at a $90k to $95k final cost.*. revisar todo esto
Vintti made a quote of a 10% charge on the total compensation package, including the services of:
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Job posting in 5 South American countries.
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Internal revision of pre-selected pool candidates
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Selection Interviews and automated rejection emails
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Candidate preparation for final stage interview with company’s representative
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Onboarding process
By the end, OnlineTaxman.com got their Tax Analyst from Colombia with a total cost of $42.000, recruitment charges included, for a new hire found within the term of two weeks. 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.com CEO.
OnlineTaxman.com has already booked two more talent searches in South America and is considering delegating the new hires' payment process as well.
