In a highly competitive landscape, it is crucial to utilize staff augmentation services to stay ahead of the curve. For credit unions, it can be difficult to find effective talent to support your team when following traditional, rigid staffing models.
Staff augmentation consulting services present a unique and valuable opportunity to credit unions and other financial institutions. With the right staff augmentation partner, a credit union can gain access to trained professionals with deep knowledge of the financial industry without needing to onboard new employees.
In this article, we discuss what staff augmentation is, its importance, and the key benefits that come with this staffing strategy. Keep reading to learn about some of the top staff augmentation consulting services worth considering.
What is Staff Augmentation Consulting?
Staff augmentation is the practice of hiring external personnel to support a financial institution in various ways – from supporting and implementing platforms to enabling open banking and digital development. Staff augmentation consulting refers to the process of partnering with a professional service organization that can provide such staff augmentation services.
According to 2020 research from Statista, staff augmentation accounted for 6.3 percent of services sold by professional organizations worldwide. Additionally, technology and IT consulting accounted for 34.6 percent of these services.
The key difference between staff augmentation and the traditional staffing model is that the person hired through these services is not hired as a permanent member of the institution. Instead, these professionals are available for both temporary and ongoing support without requiring the institution to onboard them internally, allowing for greater accessibility to on-demand talent.
The Importance of Staff Augmentation for Credit Unions
Finding professional talent is becoming increasingly difficult within the financial industry.
In the What’s Going On In Banking 2022 report from Cornerstone Advisors, attracting qualified talent was named as one of the top challenges facing banks and credit unions in 2022. A major goal of these institutions is to implement real-time payments (RTP), yet 42 percent of credit unions and 37 percent of banks have yet to solidify an effective RTP strategy.
Traditional staffing models can be a major inhibitor to finding the right professionals an institution needs. On the other hand, staff augmentation presents a powerful solution to this problem, allowing credit unions and other institutions to find the qualified talent they need without having to hire new employees.
How Staff Augmentation is Changing Project Execution for the Better
In terms of project execution, staff augmentation offers credit unions a significant advantage.
Onboarding new team members for the purpose of a sole project can be a tedious process –it can also be difficult to find talented professionals interested in temporary positions. As a result, project timelines end up being continually pushed back, delaying necessary progress within the institution.
Comparatively, staff augmentation services offer credit unions the opportunity to work with highly qualified professionals that are willing to provide both temporary and ongoing services. By embracing staff augmentation, project deadlines can be met with much greater ease and efficiency.
Benefits of Hiring Staff Augmentation Consultants
While having on-demand access to qualified professionals is one of the core benefits of staff augmentation consulting services, there are many other advantages as well.
- Cost-Effectiveness: By utilizing staff augmentation, credit unions are not required to make any long-term commitments or salary offers to new team members. Instead, these institutions simply pay for the services provided within a set timeframe – and oftentimes, staff augmentation providers work with an institution to ensure the services provided fall within the institution’s budget. This can also cut operational costs associated with staffing taxes and insurance.
- A Competitive Edge: The flexible hiring model of staff augmentation allows credit unions to maintain a highly competitive edge, as they can access and leverage the talent they need in real-time. Additionally, staff augmentation gives financial institutions access to more innovation and a wider knowledge pool of professionals who understand evolving financial technologies.
- Specialized Expertise: When working with the right staff augmentation consultants, credit unions are guaranteed to find specialized experts trained for specific tasks, such as digital development. Moreover, these professionals will often be cross-trained in both finance and technology, ensuring they understand the intricacies of implementing solutions and executing projects for a financial institution.
Final Thoughts: Staff Augmentation Consulting Services Worth Considering
Finding the right staff augmentation consulting partner is crucial.
CPQi is the top staff augmentation service provider in the Americas, with more than 14 years of specialized experience and offices around the globe including in Canada, the U.S., Brazil, Mexico, Argentina, and Chile.
Moreover, CPQi has been widely recognized for its high level of credibility and expertise. CPQi has earned many awards, such as the Financial Markets Specialist of the Year (Innovation and Excellence Awards), the Most Outstanding FinTech Solutions Provider (Corporate Excellence Awards), and Best Financial Markets Leader Canada (Global 100).
To learn more about CPQi’s staff augmentation services, visit the webpage or get in touch with the expert CPQi team today.