Client Overview:
Mas, the Managing Director of a leading financial advisory firm in Singapore, faced significant challenges in sourcing and retaining top talent within the local market. The escalating wages and a limited talent pool were putting immense pressure on the firm’s operational costs, threatening its ability to sustain growth and profitability.
Challenges:
- Talent Shortage: The Singaporean market offers a limited pool of skilled professionals, making it difficult to find suitable candidates to meet the firm’s growing needs.
- Escalating Wages: Rising salary expectations in Singapore were increasing operational costs, affecting the firm’s bottom line.
- HR Management Strain: The process of recruiting, onboarding, and managing a growing team was becoming a substantial burden, diverting attention from core business activities.
Solution:
In 2023, Mas engaged Elitez to address these issues by leveraging offshoring solutions. Elitez helped the firm establish a team in Malaysia, where the talent pool was more abundant, and wage expectations were significantly lower.
Outcomes:
- Cost Savings: By offshoring a team to Malaysia through Elitez, the firm successfully reduced wage costs by approximately 40%.
- Operational Efficiency: With the HR processes managed by Elitez, Mas could focus on scaling the business without the distractions of talent acquisition and management.
- Expansion Potential: The success of this strategy has empowered Mas to explore further expansion into the ASEAN region, confident in the ability to manage talent and costs effectively.
