Introduction:
A multinational company (MNC) in the education domain has been using staff augmentation services from various high end IT companies in Sri Lanka for many years Indian based regional hub approached CodeOne-X, in 2018. Since then CodeOne-X is into the tech resourcing business for more than four years. The company’s objective is to assist the client to achieve project deliverables by making sure that qualified tech resources are quickly and dependably deployed with a high selection rate. CodeOne-X oversees the full job life cycle, including hiring and offboarding.
Problem/Challenge:
In order to provide staff augmentation services to its customer, CodeOne-X had to overcome a number of obstacles, including:
1. Attracting qualified tech staff on a contract basis: In order to recruit and keep qualified tech staff, CodeOne-X had to contend with high-end IT firms operating in Sri Lanka.
2. Retention: In the cutthroat market, CodeOne-X faced a major challenge in keeping the deployed staff for longer than two years.
3. Managing compensation while taking into account USD rate fluctuations: CodeOne-X had to handle the compensation plans for its deployed employees while taking into account USD rate fluctuations.
Solution:
CodeOne-X developed a number of solutions to address these issues:
1. Jobfactory brand with top-notch TA team for hiring: CodeOne-X established its Jobfactory brand and built a top-notch Talent Acquisition team to draw in and hire the finest candidates.
2. Employee Referral Program: CodeOne-X created an employee referral program to entice its staff to suggest capable tech specialists.
3. Competitive salary: Compared to other IT firms, CodeOne-X provided a competitive salary package to its deployed employees, making it a more appealing choice.
4. Leadership that is people-focused: CodeOne-X created a collaborative team by adopting a leadership style that is people-focused and cultivates a close bond with all employees.
5. Employee Engagement: CodeOne-X placed a high priority on fostering employee engagement by offering better pay and benefits, equal job chances, and WFH facility management, which increased employee satisfaction and retention rates.
Implementation
The business has experienced success with the implementation of managing the complete employment process, including onboarding, renewals, performance management, compensation management, career development, and offboarding. The business has become the best in the industry at deploying the most resources by taking care of all these formalities.
Additionally, the business has established a reputation for dependability with the client’s team, leading to the employment of more than 100 employees so far and closer to 5 years of service to the client overtaking all other high-end IT firms. This demonstrates the client’s confidence in the business’s ability to deliver high-quality resources and services.
Lesson learned
Nevertheless, the business has gained some knowledge along the way. The management of compensation is one of the most important lessons because it can significantly affect employee retention and happiness. The business has also seen changes in the world software market, which have had an impact on its operations. As a result, the business has discovered how to account for external variables and maximise the potential of the work from home facility.
Conclusion
In conclusion, the business has been effective in giving its client the best service in providing resources while competing with premium IT firms in the sector. By ensuring employee happiness and providing them with genuine value, the business has built a long-lasting relationship with its clientele.
