Category: Blog

Pros and cons of hiring temporary staff

Pros and cons of hiring temporary staff

Diya Consultancy: Pros of hiring temporary staff

Hiring temporary staff has played a big role in the success of many companies. While this is just optional for all businesses, it is a great way to boost your company’s productivity and help you manage heavy workloads from time to time. 

Whether you need staff for the holidays or a special project, short-term hires can help your company in numerous ways. Here are some things you may need to consider before hiring one: 

Advantages

Temporary employees provide companies with a variety of benefits. Check them out below:

Cost-efficient

The first thing you will notice when hiring temporary staff is their reduced costs. Since permanent employees have access to different types of benefits while they are covered by the agency, you will be able to save money. Moreover, you will have the chance to save time in sourcing, recruiting and onboarding new staff as well. 

By working with a recruitment agency, you will also have access to their roster of temporary staff workers which makes it easier for you to find the perfect worker to hire during your special projects. 

Flexibility

There are times where companies get experience with a huge amount of workload–makes it harder for them to cope up with the tasks at hand. By hiring a temporary worker, you will be able to fill the gap that is needed to assist your team. You can also hire them on specific occasions or special projects when things get too hard to handle. 

Since there are a lot of agencies you can work with, rest assured that you will be able to find the right one for you. If you’re short on staff, this is the best option to consider. 

Payroll management

By working with a recruitment agency, you don’t have to worry about being the burden of payroll management for your temporary staff since staffing agencies will manage the process for you. For this reason, you will have the chance to only think about the permanent employees, making it easier for your accounts team to manage the costs.

Efficiency

Since temporary workers are only needed on specific projects, you have the chance to pick the type of worker for your business to run more efficiently. By working with a recruitment agency, you can hire a worker that has a specific skill set. However, you still need to do a background check about the person for safety and assurance. 

Make sure to explain properly about the project you will be assigning them with, so that they can help your other team members efficiently and even boost their morale. 

Quick recruitment process

Temporary workers are a great option to hire for your company if you are lacking some staff. Compared to permanent employees, temporary workers are much easier to hire since they are only being assigned to a certain project.

However, if you really have no time to waste due to a big project you’re working on, you can just contact the recruitment agency to do the work for you. 

Managing problems

While hiring temporary workers is a great way to boost productivity, it can also be risky at the same time. If ever your temporary employee is unable to perform their job properly or does not get along with other employees, you can contact the recruitment agency instantly. 

By doing this, the temporary agencies will quickly counsel an underperforming worker or replace him/her with someone else if he/she repeats it again. Compared to permanent employees, you don’t have to do anything since staffing agencies directly manage them.

Why start a career in investment banking

Diya Consultancy: Why start a career in investment banking

When you’re just starting your job as a banker, several career paths for you to follow are laid out. Out of all those, one of the most sought out careers is in investment banking. With the jobs in this field offering a lot of benefits especially once you’ve climbed the corporate ladder, it’s no wonder it’s the most famous one. 

But, what is investment banking and why should you start your career in it? Let Diya Consultancy fill you in on that!

Investment banking works with management teams in companies to find potential target businesses to acquire. Acquiring or merging with a company lets the financial service company earn from the shares of the company they bought.

Many people are attracted to the salary made by working in this industry. Even those in the mid-level positions are part of the top 1% income earners in most states. Meanwhile, others are attracted to the thrills of making deals. From the high-stakes negotiations, they make to the deal mechanics they learn about, they just couldn’t get enough.

However, others are also attracted to investment banking careers because of the next opportunities. You can’t just work in any industry and stay in the same position. In this career path, they can use these positions as stepping stones to their next job, and keep moving upward.

There is a definite career path for those interested in investment banking. There are a lot of opportunities to earn, learn and get promoted. Let Diya Consultancy tell you more about it.

The grunt work

Your first step in this career is being an analyst. You’re in charge of creating Excel and Powerpoint presentations, mostly for clients to use. You’ll also handle administrative work, particularly tracking buyers and sellers. Moreover, you will be in charge of managing the data room and deal documents, and responding to client calls.

While analysts are offered a high yearly salary, it’s also required for them to be in the office 70-85 hours a week. It’s not all work though, there’s also significant downtime. There’s also less work during weekends.

It also doesn’t take too long to be promoted from an analyst. Usually, it takes about 2-3 years for a promotion. If you decide to leave this position, you’ll be able to apply to other positions available in another investment bank.

A step above

The next position on this career path is being an associate. While an analyst does most of the grunt work, an associate assigns it. They meet with customers more and are included in meetings. If needed, they also jump in to do Excel and Powerpoint work. 

Associates are mostly seen as long term hires and as such, are usually promoted from other positions. They also earn more significantly than analysts and spend less time in the office than them. However, it’s not as easy to be promoted when you’re an associate as the bank might not need another vice president soon.

It also won’t be as easy to leave your current position as there are few options for you outside. Headhunters of larger banks won’t actively court you to join their company. You need to be more proactive and submit your CV yourself. 

You can still apply in corporate finance or corporate development careers as options though. However, if you want to stick with investment banking, you should be proactive and aim for smaller firms.

The coveted job title

The next position to aim for is as vice president. While the investment banking VP assumes the role of project manager, they don’t do so much work as associates and analysts. They communicate directly with directors and managing directors and understand their requests. They then provide these to analysts and associates to complete it and check the finished work.

The investment banking VP is considered the toughest job though. They interact more with the clients and call potential buyers too. Then, they start to develop a relationship with the client and balance that with deal pitching. Due to the project managerial duties, they only spend at least 55-70 hours a week in the office.

They are also offered a very high yearly salary and usually promoted from within the company. While you can get promoted to director in 3-4 years, it’s also as easy to get stuck in the VP level or forced out instead.

It’s also more limiting for a VP to leave as it won’t be possible to win a private equity or hedge fund role. It would be best to switch banks, move into corporate development or go into a different field. However, this poses a drawback as switching industries often provide significantly lower pay.

Getting the director chair

Once you’ve shown your grit and your skills to the bank, the next position will be an investment banking director or the senior vice president role. 

They are known as senior VPs since the role is a mix of VPs and managing directors. They are focused on working on developing client relationships, or they do execution work and project management.

While there’s a slight bump in the salary and bonuses a director receives, it’s not as significant. While one can be promoted within 2-3 years, they need to perform well and win clients.

It’s also not as easy to leave the directorial position. If you were developed as more of a Rolodex, then it might be possible to move into a buy-side role like private equity. This means that they will be buying shares of a company as an investment and earn from it. Take note though that this is still rare as banks usually hire at an early stage to develop them instead of hiring mid-level.

The above and beyond

The last position with a set path is the Managing Director. Their only goal is to earn a lot of income for the company. They’re usually on the road winning over clients, meeting companies, and developing relationships with them. 

Managing directors are usually who everyone answers to. While they do get involved in deal negotiations, they’re mostly focused on winning deals. They only participate in negotiations when it’s for very important deals or if they have a special relationship with the clients.

Most of the time, people reach this position in their late 30s to 50s and since this is a high-pressure position, few have worked as MDs until their retirement age. They do earn a high figure amount every year and with a buy-side role, they can earn more than that.

While there are a few levels above the MD, there’s no clear path or time frame to get to them. Most banks would usually keep you as an MD. Additionally, those leaving this position will be able to win over high-level jobs in other companies. 

Head, COO, CEO, and more

As stated, there are a few other levels above the MD position. However, little is known on how to reach these positions or how long will it take to do so. What can be confirmed is that these very senior levels are 100% results-driven. 

This means that they’ve consistently shown that they are the right folks for the job and that they can handle more than what the MDs can.

While the different positions and paths in investment banking can be overwhelming, these are just the different positions and info on them. Remember that nothing beats experiencing or being part of investment banking. 

Is this the career for you? There’s no correct answer for that one though. Only you, through your experience, knowledge and skills, will be able to answer that. However, there are people and agencies willing to help you through when deciding to start on this path. 

Diya Consultancy aims to assist and offer advice about getting into this career. Our friendly and professional staff will be more than happy to help you out. You can contact us online to set up an appointment. We also welcome walk-ins and we’ll be glad to see you in our office. We hope that we’ll be able to shed some light on what this career is all about.

About Diya Consultancy

Diya Consultancy is a placement agency and with an impeccable track record, we’ve helped numerous people find and land their dream job here and overseas. We believe that finding work should not be difficult and that’s why we started our agency. 

It is our aim to provide companies with employees with the right skills and experience and offer companies for employees to use their skills and talents.

With a diverse team of professional staff, we were able to keep watch on job openings and inform customers about them. We’ve also created an interactive and responsive app so that they can access our service anytime, anywhere.

Kolkata

Diya Consultancy: The best jobs in Kolkata today

As the primary business hub in Eastern India, Kolkata is one of the main sources of employment in the country. This means that there is no scarcity of jobs from different industries. Here at Diya Consultancy, we can definitely help match your skills to the right company and job.

Local industries with great job opportunities

Being the third-largest urban economy of India, they generate a lot of income from the products and services they produce. This means that the economy in Kolkata is getting better. Therefore, there will be more opportunities for employees to have better jobs and income. 

But, what are the best jobs to apply to? Let Diya Consultancy shed some light on this.

Banking

There are many banking positions available in Kolkata, most of them in the back office. You can apply for the Data Entry operator who is mostly in charge of entering or updating data into a computer system. 

Since you’ll be typing in data, it’s required that you have a good typing speed. No worries! You can definitely practice on speed typing websites before your interview.

Delivery

Aside from banking, there are also opportunities in the delivery service. You can apply for the Delivery Drivers or Executives position in delivery partners all over Kolkata. Your main task is to deliver food or grocery items ordered by customers. No need to use your own vehicles too as they will provide you with one. 

BPO

You’ll also be able to start a career in the BPO industry in Kolkata. Providing support to customers over the phone and speaking with global clients, great communication skills will be an advantage. Additionally, there’ll be a chance to work at home and use your own laptop or tablet for work.

It would be best to have a good command of the English language, both written and verbal. Good technical knowledge and knowing customer service principles and practices will be great advantages too.

Home improvement

You can also start a career in home improvement as an interior designer. You’ll be making creative designs as per the customer’s request. Having product knowledge will also be an advantage since you will need to educate the customer of its advantages.

Having great communication skills will be a great advantage since you’ll be presenting your design to the customer. It would be great to have at least 1-year of experience in interior residential projects too.

We do hope that you will be able to work in these careers in Kolkata. As one of the most dependable placement agencies, Diya Consultancy aims to provide customers with a platform to look for and choose a job where they can use their skills. Don’t hesitate to contact us back or visit us in our office, we’ll be glad to assist you in getting your dream job.