The IT Recruitment Market in Bangladesh is buoyant even in these challenging times. For a recruitment company, being able to offer contractors a little extra can tip the balance and help persuade them to take a contract. Margins are always under pressure, so that anything which offers high value to a contractor but is of zero cost to a recruitment company has got to be worth considering. The complications of contractor management in Bangladesh can be considerable, and many contractors see this as an obstacle to making a move – international tax complications are not something they relish on top of all the other issues they face at the start of a contract.
Our service is free to contractors and agencies, and considerably eases their route into a stable, well managed contract. Simply, we specialise in contractor management services Bangladesh. Following a consultation about individual circumstances, we introduce a contractor to appropriate Bangladesh contractor management companies. These umbrella companies relieve a contractor of regulatory and fiscal compliance issues, allowing them to focus on the ultimate client – and that is a recipe that works well for the recruitment company too - with both parties working to ensure that the client is satisfied and will come back for more. We do not recruit and we have no relationship with ultimate clients – our role is that of an objective advice broker with specialist knowledge of umbrella companies in Bangladesh.
Bangladesh contractor management companies offer services which can even include sponsoring a work permit. All the regular administration tasks are taken care of over the full contract life cycle: invoicing the recruitment agency, tax deductions, social security levies and fees; the contractor receives formal documentation including payslips and tax certificates. Taxation is minimised and other complexities can be managed, too. If tax withholding is an issue, then the contractor management company can invoice the ultimate client and pay the recruiter a commission. This all relieves a contractor of considerable administration when there may be opportunities to build up the timesheet and provide a higher return.
Funds flow through to the contractor on the same day as they are received from the agency – after all, the umbrella company has a vested interest in keeping both sides happy.
We have a deep working knowledge of contractor management in Bangladesh, and all the leading umbrella companies. Contractors appreciate the considerable research time we save them and the advice we give – we tune in closely to personal circumstances and objectives so that we can identify the most suitable umbrella company for a contractor. Our service is free to the contractor (we receive commissions from contractor management companies in Bangladesh – but the final choice of umbrella company is up to the contractor). This all helps to increase the comfort level of a contractor, which strengthens emotional lock-in to a contract.
The typical recruitment agency model seeks to match contractors to contracts, and provide a client with a range of choice. Our advice comes into play when a final selection has been made – our client is the successful contractor. Exceptionally, we can help with advice immediately pre-contract if an agency requests it, when a particularly strong final candidate may have reservations about the complexities of contracting in Bangladesh.
There is no cost to a recruitment company for introducing us to a contractor. Further, the advice we give is valuable to the contractor and an introduction enhances a recruitment agency’s service offering. So, an introduction benefits both the agency and the contractor, and neither incurs a cost.
Beyond the IT sector, we also work with contractors in other high-demand sectors including Engineering, Telecommunications, Finance and Oil & Gas – our wide knowledge of umbrella companies and contractor management in Bangladesh is second to none.