Topic: - HR Sourcing activity in Financial Service

Introduction:- Sourcing in personnel management work refers to the identification and uncovering of candidates (also known as talent) through proactive recruiting techniques. The actual act of sourcing for candidates is performed by either a recruiter (be it an internal corporate recruiter or agency recruiter) or a dedicated recruiter just focused on the sourcing function. The definition of sourcing needs to be clearly defined by what it is, as much as what it is not. Candidate sourcing activity typically ends once the name, job title, job function and contact information for the potential candidate is determined by the candidate sourcer. To further develop a list of names that were sourced some companies have a second person then reach out to the names on the list to initiate a dialogue with them with the intention of pre-screening the candidate against the job requirements and gauging the interest level in hearing about new job opportunitites. This activity is called "candidate profiling" or "candidate pre-screening". The term candidate sourcing should not be confused with candidate research. In some situations a person that "sources" candidates can and will perform both 'primary' and 'secondary' sourcing techniques to identify candidates as well as the candidate profiling to further pre-screen candidates but there is a growing market for experts solely focused on "telephone sourcing", "internet sourcing/researching" and candidate profiling. The actual act to source candidates can usually be split out into two clearly defined techniques: primary sourcing and secondary sourcing. Primary sourcing/phone sourcing In recruiting and sourcing, this means the leveraging of techniques (primarily the phone) to identify candidates with limited to no presence of these individuals in any easily accessible public forum (the Internet, published list, etc.). It requires the uncovering of candidate information via a primary means of calling directly into organizations to uncover data on people, their role, title and responsibilities.

The term "phone sourcers" or "phone name generator" or "telephone names sourcer" generally applies to the utilization of primary sourcing techniques Secondary sourcing/Internet sourcing In recruiting and sourcing, this means the using of techniques (primarily the Internet and utilizing advanced Boolean operator to identify candidates. Individuals in the recruiting industry that have deep expertise in uncovering talent in the harder to reach places on the internet (forums, blogs, alumni groups, conference attendee lists, personal home pages, etc.). The term "internet sources", "Internet name generator" or "internet researcher generally applies to the use of secondary sourcing techniques. Hr sourcing activity initiated by the financial services After a drought of several years, financial sector companies have begun to recruit new employees once again. The financial standing of brokerage firms has improved along with rising share prices and increasing trade volumes. However, the current situation is still a far cry from the tech boom of five years back. Ex:Investment bank KaupthingSofi announced last week that they had hired four new

analysts. The company, which also offers brokerage and asset management services, currently employs 50 people, but the expected growth rate for this year is extremely high. They focus on finance professionals with prior work experience. The analysts who were hired last week were lured away from jobs with competitors. According to Niemel, the investment bank will also hire young people who are new to the field later on, and there should be plenty of such talent available. Up until now, the recruitment activity of Finnish investment banks and brokerage houses has mainly consisted of professionals switching from one employer to another. Also, people who lost their jobs during the cost-cutting rounds over the past few years have found new jobs.

They estimates that the job situation is still closer to the trough than the peak. The weakest phase is over, but not everyone who worked in the field in the boom years has yet found a new job and returned after the job cuts. The wage level that was common in the financial sector five years ago is also long gone. The people who signed contracts at the time and have retained their jobs earn much more than those analysts and portfolio managers who are hired today. 2. Maintaing payroll service In financial service as part of the hr sourcing they, generate payroll and statutory reports, bank payment files, as well as electronic payslips for your employees to view online. We will also designate a dedicated team to address your payroll queries and render advice on payroll policies and practices.

Maintenance of the Salary Master of the company including computation and preparation of monthly Salary Statements.

Devising and implementing a Tax Efficient and Tax Effective Salary Structure for all employees. Preparation and filing of Quarterly E TDS & Annual E TDS Returns of Salaries paid to the employees and Taxes withheld (Form 24Q)

Computation of the monthly TDS (withholding tax) to be deducted for each employee Preparation of the TDS Certificates (Form 16) and issuing the same to all employees. They focus on finance professionals with prior work experience. The analysts who were hired last week were lured away from jobs with competitors. According to Niemel, the investment bank will also hire young people who are new to the field later on, and there should be plenty of such talent available. Up until now, the recruitment activity of Finish investment banks and brokerage houses has mainly consisted of professionals switching from one employer to another. Also, people who lost their jobs during the cost-cutting rounds over the past few years have found new jobs.

They estimate that the job situation is still closer to the trough than the peak. The weakest phase is over, but not everyone who worked in the field in the boom years has yet found a new job and returned after the job cuts. The wage level that was common in the financial sector five years ago is also long gone. The people who signed contracts at the time and have retained their jobs earn much more than those analysts and portfolio managers who are hired today. HR outsourcing initiatives would take on the strategic importance today. For e.g. 1. Deloitte, various outsourcing solutions to clients, undertaking all HR-related administration - such as recruitment & selection, exit interviews, salary reviews, performance management, employee records, employee benefits, etc. via various IT solutions such as Oasys HR and Oracle PeopleSoft. By outsourcing, our clients stand to gain for a variety of reasons: costs can be reduced, HR delivery can become more effective as a result of our expertise and know-how and finally, our clients HR function can focus on playing an important strategic role and leave the administration part to us. When it comes to recruitment, companies, especially in IT, banking and financial sectors, are increasingly relying on the reference of their existing employees as it reduces hiring costs and attrition rate, an industry survey revealed. Employers prefer this programme because it's very cost-effective for them and employees are dedicatedly referring candidates to earn some extra money. It's a win-win situation for both. Under the employee referral programme, the companies generally pay a fixed amount to the employee on whose reference the hiring is done. While IT and IT-enabled services are leading the chart, it is followed by banking and financial services with 23 percent, telecom and FMCG with 19 percent each, infrastructure with 17 percent and retail 11 percent of the total recruitment done through employee referral. 2. This company has given outsourcing as one of the their hr sourcing activity. They offer various outsourcing solutions to our clients, undertaking all HR-related administration - such as recruitment & selection, exit interviews, salary reviews, performance management, employee records, employee benefits, etc. via various IT solutions such as Oasys HRand Oracle PeopleSoft. By outsourcing, our clients stand to gain for a variety of reasons: costs can be reduced, HR delivery can become more effective as a result of our expertise and know-how and finally, our clients HR function can focus on playing an important strategic role and leave the administration part to us.