The middle office in staffing and recruiting is the financial services division of a company, investment bank, or hedge fund, which helps bridge the gap between the front and back office. It generally organizes risk and estimates profits and losses. It is commonly in charge of the IT department as well.
Three sections typically break up the financial departments of a staffing and recruiting agency:
- The front office includes corporate finance and sales personnel.
- The middle office addresses risk and IT resources.
- Finally, the back office provides administrative, payment services, and support.
How does the Middle Office in Staffing Work?
The middle office pulls from the resources of both the front and the back offices.
Middle and back office jobs usually do not directly produce revenue but are essential to managing risk and ensuring the correct execution of transactions. As a result, they are considered a part of the company’s vital infrastructure.
Early foreign exchange and investment banking protocols had front and back offices share today’s middle office responsibilities. Front office personnel retained the salespeople, deal makers, and traders. Most front office personnel had college degrees, and many had MBAs.
Back office personnel did clerical work; many only required high school diplomas.
As dealings and technology evolved, more complex functions developed. As a result, portions of the back office split off to create the middle office. These employees usually have at least earned a bachelor’s degree, and growing numbers have either an MBA or a master’s degree in Computer Sciences.
Key Insights
- The middle office tracks and processes all of the arrangements assembled by the front office before being negotiated by the back office.
- The division is accountable for risk management and an enterprise’s information technology.
- The middle office developed out of the increasing sophistication of contemporary financial commerce.
Click HERE to schedule a Live Demo
Requirements of the Middle Office in Staffing
Middle office personnel ensures that the deal negotiated by the front office is accurately booked, processed, and paid. Therefore, this can include managing a wide range of International Swap Dealers Association (ISDA) agreements. These transactions track the profits and losses of a business’s deals.
The middle office ensures the completion of all required compliance documents. In addition, some enterprises have technical legal support groups as part of the middle office.
Information technology processes of the office direct a broad spectrum. For example, IT ensures operational payments and receivable procedures to design software to enforce trading strategies. IT middle office personnel even handle contracted software systems utilized for trading.
Therefore, they reinforce the front and back offices. They are so important they are often on call 24 hours to ensure that essential market data is continuously captured and monitored.
Why Choose AkkenCloud for your Middle Office Software?
AkkenCloud is the most comprehensive, enterprise, cloud-based platform available for staffing and recruiting agencies. We built our software to streamline middle office workflows. Therefore, using the AkkenCloud platform, customers have observed increased efficiency, placements, and profitability.
We are managing over 14.8 million candidates and 33,000 users within one forum. Therefore the size and success of AkkenCloud have provided our customers with daily growth.
AkkuOffice
Collaborating internally with customers and clients from one location is key to keeping your staffing and recruiting business processes efficient. AkkuOffice, combined with an in-house document manager, makes your database even more robust.
Staying organized and on-task has never been so simple. For example, never omit a follow-up with clients or candidates again. Instead, keep your business running smoothly using AkkenCloud’s suite of AkkuOffice tools such as email, calendar, task manager, and reminders.
Click HERE to schedule a Live Demo
Critical features of AkkuOffice:
Our exclusive “Auto Capture” and “capture” features allow you to import job orders and timesheets easily. You can also quickly parse resumes directly within your email.
There are multiple ways to access your data. For example, you can use our web-based platform, the AkkenOnTheGo app, or our AkkenCloud.Mobi mobile site.
These applications allow you to read and respond to email anytime and anywhere. Every email can be associated with a candidate or client profile, whether you are on a desktop or mobile device. A deep dive search with our features capabilities saves you time by quickly finding the information you need.
Calendar
View your calendar in one global view, and access each team member’s calendars through a single drop-down selection feature. Find out who is available and when, enabling you to quickly and easily send out interview requests, meeting invites, and more.
Our system also allows you to set meetings and proposals from within your client’s or candidate’s profiles, keeping all communications in one place.
Task Manager & Reminders
Eliminate the need for written lists, sticky notes, and separate applications to remind you of your to-dos. Instead, manage your daily schedule with our task management tools, set automatic reminders to notify you of time-critical tasks, and create in-calendar events to keep you on track and working efficiently.
Document Manager
Eliminate wasted time searching for lost or hard-to-find documents. Instead, save documents to specific CRM records or calendar appointments for immediate access to any document when needed.
Critical features of Document Manager include:
- Unlimited data storage
- Permission-based folder system
- All files are accessible ANYWHERE, ANYTIME
- All files accessible via mobile
The middle office responsibilities are time-exhausting endeavors. AkkenCloud’s Middle Office software helps preserve your time. Decreasing the time to complete the hiring process will also help increase your earnings.
Click HERE to schedule a Live Demo
Whether you require unlimited data storage, a permission-based folder system, or a capture email system, AkkenCloud is here to help you. If you are having trouble finding the specific software of your dreams, don’t hesitate to contact us.
About AkkenCloud
AkkenCloud offers the most comprehensive front-office, middle-office, and back-office staffing software with AkkuPay payroll for staffing agencies and recruiting agencies looking to increase efficiency, streamline operations, and grow revenue.
Click HERE to schedule a Live Demo.
