3 reasons to get on board with FastTrack
The Australian job market is predicted to grow in most industries between now and 2020, by which time millennials will make up about 35 per cent of the workforce.
According to the Department of Employment, more than half of the job growth will occur in four sectors – health care and social work (up by 250,200), professional, scientific and technical services (151,200), education and training (121,700), and retail (106,000).
Due to the expected workforce expansion in the coming years, Australian recruiters may need to fill more roles than ever, and agencies would be well advised to start integrating technology solutions that enable greater efficiency across their business. Cloud-based software such as FastTrack360, a complete recruit-pay-bill platform, is one such solution.
Here are three reasons why your agency should get on board with FastTrack360:
When a job vacancy opens, employers must act quickly.
1. Reducing time-to-hire
When a job vacancy opens, employers must act quickly to fill the role so the business can continue operating without major disruption. A prolonged vacancy for a crucial role can be very costly, as is hiring the wrong person and getting a new person up to speed if they need to be trained.
These pressures create demand for novel approaches that can reduce the time it takes to hire new talent. Skipping on thorough interviews may compromise an organisation’s ability to select quality candidates. Other aspects of the recruitment process should therefore be the focus when looking for efficiency gains.
Adopting FastTrack360 recruitment software, which is designed to increase the rate of placements, without compromising on the quality of new hires, can provide the answer.
2. Bringing payroll in-house
Payroll is one of the most important tasks for a business to handle. However, many employers find it to be a difficult undertaking and choose to outsource this task. While outsourcing to a external payroll vendor may alleviate some of the hassle of payroll management, it has the disadvantage of fragmenting the company’s data and can attract costly transactional fees.
Using an end-to-end software solution such as FastTrack360 can bring payroll back in-house and provide many of the same efficiency benefits as outsourcing, allowing data to flow easily from the front to the back office, rather than being dispersed as can occur during outsourcing.
At the same time, such technology can enable a business to regain control of information which provides a better picture of performance indicators and profit margins.
Companies can speed up their debtor payments.
3. Speeding up payments
Small business owners know how vital good cashflow is to the smooth operation of their business. Some firms may not have the resources to cope with a late payment. To ensure they are able to continue operating and remain competitive, it is important they put measures in place to maintain their cashflow.
Embracing productivity software can help improve the overall efficiency of client invoicing and billing processes is a practical solution that can help speed up payments. Configurable recruitment software such as the type offered by FastTrack can be customised to a company’s branding and other specific needs.
By leveraging upon such technology, big and small companies can speed up their debtor payments and steam ahead with a more certain cashflow situation.
Don’t miss the technology train
Dr Alexandra Heath, head of economic analysis at the Reserve Bank of Australia, recently talked about the changing nature of the Australian workforce.
“Technological change is likely to have profound effects on how work is organised,” Dr Health said. “Organisational structures may need to change to accommodate more flexible work practices and foster more collaborative and team-based styles of work.”
FastTrack360 recruitment software is a cost-effective and complete recruit-pay-bill solution that streamlines the entire recruitment process, providing tools such as workflow automation and job status views, and making time-consuming administrative tasks such as payroll and billing more efficient.
With an end-to-end system that can manage everything, FastTrack360 helps recruiters to become more productive, allowing them to focus their attention on what they do best – finding the right talent for their clients.