Despite all the recent buzz about AI, thankfully there is still a role for us humans for a little while longer. So, it may not be a surprise that many employers are still struggling to find the right skills for their organisation.
Challenges in recruitment globally
A key recruiting challenge in 2023 has been a shortage in candidates to fill key roles. This is partly due to a reduction in international travel, meaning a reduced supply of international candidates alongside other challenges such as economic uncertainty, interest rates challenges, changes to visa rules and supply chain issues. These problems are even more acute when seeking specialist skills, and in markets which face geographic barriers.
Combine these and you have a challenge that can dent your growth ambitions, and / or create significant risks to the successful delivery of business-critical change.
What’s the solution?
There is no single solution that fits all circumstances unfortunately.
Your organisation may be able to unlock talent pools by investing in training, adopting flexible working patterns, and expanding the use of apprenticeships. Investing internally can stimulate company growth and minimise the cost of recruitment going forwards. This strategy is best suited to meet medium to long term needs.
If your needs are more immediate, or only for the short term, you need to look to partners to help you obtain the right skills. Recruitment agencies are a well-tested route, but this option still has substantial risks ensuring recruiters can attract the right skills and experience. And, you still need to integrate those skills which can be difficult especially when multiple roles are involved.
Resourcing issues in banking sector collections
In the fast-paced world of banking, effective collections system management is paramount to the seamless operation of financial institutions. Banks across the world use collections systems like Experian PowerCurve Collections, C&R Software Debt Manager and other leading systems to ensure regulatory compliance, maintain financial stability, and keep customers satisfied.
However, as these systems evolve, banks are confronted with the need for continuous upgrades and enhancements to stay agile in response to market dynamics and regulatory shifts.
But what happens when banks cannot find the right professionals with the necessary skills and expertise to manage these changes?
This was a challenge faced by some of the biggest banks in Australia and New Zealand who came to Arum to help them with the following challenges:
- Resource scarcity: In the competitive job markets of Australia and New Zealand, locating professionals well-versed in collections systems was a herculean task.
- Expertise gap: In-house teams lacked the specialised knowledge required to effectively implement and upgrade complex collections systems.
- Cost pressures: Hiring full-time staff for short-term projects was leading to cost overruns and unnecessary overheads, which were far from ideal in today's cost-conscious banking environment.
Arum helped our global banking sector clients overcome these challenges
Arum provided the perfect remedy to address these challenges head-on:
- We provided access to global talent: Arum has a global pool of collections system experts. We provided the right skills and experience precisely when the banks needed them face to face or utilising the latest remote working technologies.
- Seamless collaboration: Our team are experts in collaborating with in-house teams working closely with them to ensure knowledge transfer and a smooth transition during system changes and upgrades.
- Cost efficiency: Our model optimised costs by deploying Arum's expertise on a project-by-project basis, eliminating the need for costly full-time, in-house resources.
- Comprehensive support: We provided end-to-end support, from project planning and scoping to implementation, testing, and post-implementation monitoring.
- Reduced risk: Our experts bring a wealth of experience and best practices to every project, safeguarding your interests. We helped overcome issues before they became problems.
Click below to find out more about how our expert team can help you overcome your resourcing challenges and release the full potential of your collections system.
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About the author
Forid Meah
Principal Consultant
Arum
Forid has almost 25 years’ experience in Local Government and leads Arum’s government practice. He was a senior leader in two large unitary councils, leading innovation and improvement in service delivery across all council service areas and has also worked in central government leading national reform in local service delivery. He has supported several councils to improve collection of sundry debt, Council Tax, Business Rates, and rent arrears. Forid has provided hands on support to deliver new ways of way, changes to technology and process, and supported wider structural change where needed. As a former leader in local government, Forid is experienced in working across multiple council departments to secure improvement in practice and service delivery outcomes.