Introduction
In the rapidly evolving biotech industry, where scientific breakthroughs and technological advancements happen at a lightning-fast pace, the need for robust and agile business support functions is more crucial than ever. This is the story of BioGenix, a mid-sized biotech company, and their journey with TalentHaul to fill a vital Junior Accountant position that became a game-changer for their financial operations.
Background
BioGenix, a leader in biotechnological research and development, faced a significant challenge in their finance department. As their research expanded and the company grew, the complexity of their financial operations increased, leading to the need for a skilled Junior Accountant. However, finding the right talent within their budget in the competitive Cambridge market proved to be a difficult task.
The Problem: High Demand, Limited Local Talent
The biotech sector in Cambridge is renowned for its high demand for skilled professionals. BioGenix found themselves competing for talent against major industry players, resulting in a steep increase in salary expectations and a limited local talent pool. This situation was not sustainable for a company of their size, especially when trying to maintain a lean operational budget to funnel maximum resources into research and development.
Why BioGenix Chose TalentHaul
Seeking an innovative solution, BioGenix turned to TalentHaul. What attracted them to TalentHaul was its reputation for quick and efficient staffing solutions, with a focus on sourcing talent from CEE and LATAM regions. The prospect of hiring a skilled professional at an affordable cost within a two-week timeframe was exactly what BioGenix needed.
The Challenge
The main challenge for us was to find a candidate who was not only qualified and experienced in accounting but also adaptable to the dynamic nature of the biotech industry. Additionally, the candidate had to be comfortable working remotely and be a good cultural fit.
The Solution
We leveraged our database to identify potential matches. The focus was on candidates with strong English skills, relevant industry experience, and a proven track record of remote work effectiveness. After a rigorous screening process, a shortlist of candidates was presented to BioGenix within just 7 days.
The Candidate
The selected candidate, Maria, a junior accountant from Argentina, stood out for her expertise in financial management within the healthcare sector, her proficiency in English, and her experience with US accounting standards. Her time zone, only a few hours ahead of the US East Coast, allowed for seamless collaboration with the BioGenix team.
The Onboarding Process
We assisted BioGenix in every step of the onboarding process. This included setting up remote work infrastructure, aligning on work hours to ensure overlap with the US team, and facilitating initial virtual team introductions. Maria adapted swiftly, impressing her new colleagues with her expertise and work ethic.
Results
Maria’s impact was felt immediately. She brought fresh insights into financial reporting and budget management, helping BioGenix streamline their financial processes. The company not only saved significantly on hiring costs but also benefited from the diverse perspective Maria brought to the team.
ROI Analysis
Hiring Maria resulted in a 40% cost saving compared to hiring a local candidate in Cambridge. This translated to an annual saving of approximately $30,000 in salary alone, not accounting for the additional savings in recruitment and training costs.
"Our partnership with TalentHaul has been transformational. Not only did they help us find the perfect candidate in a record time, but they also opened our eyes to the benefits of tapping into global talent pools. Maria has become an invaluable part of our team, and the cost savings have allowed us to invest more in our core research activities."
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