Tips & Advice
What are the benefits of using a staffing agency for companies?
The benefits of using a staffing agency as a company is that it takes a lot of the burden and expense of searching for qualified candidates away from the company, and places all the recruitment, screening, and testing responsibility onto the agency. It also allows companies to “try out” new employees without fully committing to them--i.e. onboarding with benefits and government tax paperwork. In industries where there’s a lot of turnover, or where needs fluctuate, companies appreciate working with staffing agencies that can fill many spots with qualified part-time talent for as long as the company needs them and no longer. In simple terms, a staffing agency reduces the “cost per hire” and protects companies from having to pay unemployment on employees that weren’t around for very long.
When it comes to using a recruiter-type of specialized agency, the benefit is nearly opposite in that these agencies devote time to finding the best passive candidates (i.e. those who are not looking to switch jobs) and convincing them to move the client company.
What are the benefits of using a staffing agency for job seekers?
The benefits of using a staffing agencies if you’re a job seeker is that the agency gets a commission for placing candidates, so they have incentive to place people in positions. At their best, they actively have people searching for new openings every day, and they also have people working to match the best candidates up with those openings. Even the not-so-great staffing agencies are still doing the “leg work” of combing through opportunities and sending resumes/applications out on behalf of their job-seeker clients. They might be sending through many candidates for the same positions, but it’s still better than nothing.
Another benefit is that if a candidate finds work through a staffing agency, in many cases they’ll receive benefits, or be paid as an employee, instead of being a 1099 contractor as many companies set up their contractors and freelancers these days.
What does a staffing agency do?
A staffing agency matches job candidates up with available positions. Many agencies also actively recruit new candidates for fields where there are many openings, or where there’s high turnover--or, on the flip side, where a job requires a highly specialized and qualified type of candidate. Staffing agencies range from high-volume temp agencies that place many people for short-term openings to very specialized niche agencies (AKA recruiters or headhunters) that only work with a select number of highly desirable candidates and high-paying jobs.
What documents are necessary when opening a bank account?
Generally, when opening a standard domestic bank account you will need two forms of government issued identification, like a social security card and a driver’s license (or legally issued ID), or a passport. Some accounts may require an Individual Taxpayer Identification Number (ITIN) or a proof of address, meaning you need to bring in something like a utility bill with your name and address on it. More complicated accounts can have different requirements. If you are not a U.S. citizen, you might be able to open an account with a state-issued identification from your country of citizenship.
The best way to pick a bank is to identify exactly what your financial needs are and find a bank, or banks, that provide those services. If you need basic checking and/or savings accounts, nearly any local bank can set you up. Some banks can cover the entire spectrum of needs, while some are more specialized toward businesses, international account holders, or high-end clients. If you are in a specific industry that has a corresponding credit union, those can be a great place to go. Do some research or get referrals or recommendations.
Online banking allows you can access your bank accounts on your computer (or smartphone) and pay your bills, write online checks, deposit checks (via the bank’s app) transfer money, check on account balances from the comfort of your home. Online banking is the new normal and is a convenient tool to manage your finances without ever having to step foot in a bank.
What is an overdraft fee?
An overdraft fee is when a checking or savings account is overdrawn. If you don’t have electronic notification set up when you balance gets below a certain amount, you might find out when a check bounces.Usually your bank will cover the difference and charge you a fee. These fees vary depending on the amount of the overdraft, how long you’ve been with the bank, how much money you keep there, etc. These fees can sometimes be waived if the overdraft is minor and/or if you are a valued customer in good standing with the bank.
Credit unions are non-profit banking institutions that are set up to serve their members. Credit unions provide many of the same services other banks provide, such as checking and savings accounts, loans and investment opportunities. The big difference between credit unions and banks is credit unions are also member owned -- the depositors are the owners and it works as a cooperative institution -- which provides a lower-interest loans and services.
What does FDIC Insured mean?
The Federal Deposit Insurance Corporation (FDIC) is a federal agency that protects and insures customer deposits in banks and credit unions. If a bank is robbed or goes bankrupt the FDIC protection means you will not lose (all of) your money, but you’ll probably still need a new bank. Most banks are FDIC insured and will have a notice on display (usually a sticker on the entrance) alerting you it is a FDIC insured institution. This provides protection of up to $250,000 per depositor, per branch, per account. Not every cent is guaranteed.
What services do banks provide?
Banks provide a variety of services. First, they offer a place to keep your money and financial assets and you can make dividends from interest. They can set you up with a credit card for spending or to just establish credit in order to make larger purchases. They provide loans for cars, homes, businesses, or just about any reason (as long as you can pay it back!) -- as well as provide financial services, such as investing guidance and opportunities. Most banks have safe deposit boxes where you can store things like jewelry, gold, or important documents. Banks are in the business of making money, so understand you will be paying for most services.