With the many changes to the economy, business activity and ways of working; A relatively recent development in the recruitment and job industry is that many employees are choosing to quit their positions in a company to work as a freelancer/contractor instead. As working from home and digital independance is on the rise, fixed-term contracts are becoming a popular option for those who don’t want to be tied down to a specific employer or who have been made readily available to employment due to redundancies during the pandemic.
There are many reasons why hiring an interim finance professional may benefit your firm, but here are just five:
HIring an interim finance professional or contractor allows you to meet business demands and manage fluctuations in the market. You may need to bridge a gap in your team temporarily, or bolster your team for a crucial deadline. There is more flexibility with a contracting than permanent employment, meaning that you can bring in workers during busy periods to help relieve the pressure on your permanent staff.
2. Cost Efficient
Freelancers/Contractors do not require the additional provisions which are expected by a permanent member of staff, which may include additional costs to total remuneration. By very definition, contractors and freelance staff will work with you knowing they are only there to fulfil a role in a temporary time. Outsourcing contractors only when you need them is a more efficient way of running a business, and makes sure that you never have employees left with nothing to do.
3. Highly skilled with broader experience
You will find that the majority of finance contractors come with a wide range of skills due to the number of assignments they have posted themselves to. Hiring a temporary contractor is incredibly useful in cases where you have a ‘gap’ in your company resources that needs to be filled for a short period of time; contracting is the best way to bring in someone with particular knowledge and skills when a specialist is required for a project.
4. Quicker hiring process
With an interim professional or contractor you are hiring a specific skill set for a predefined period of time. Therefore the hiring process can be quicker as you do not have to factor in the cultural fit of the individual to the organisation and you can just concentrate on the requirements for the specific skill set. Less management is required when working with contractors, as they often only need a briefing or outline before going away and completing a task under their own esteem.
5. Try before you buy
If you’re looking to develop a new role within your team, hiring an interim member of staff will allow you to test the waters and really help you shape a role within your team before having to put resources into onboarding a permanent member of staff. If you are really impressed with the work of a contractor, you can offer them a permanent role in your company at the end of their short-term employment.
In summary, interim finance experts provide a efficient solution for organisations experiencing a staffing crisis. However, they can also inject specialist skills, deal with fluctuating workflow or form part of a business transformation project. A contract worker is hired on a fixed-term contract in order to offer their services to your business or work as part of a project. Typically, they are paid an hourly or daily rate and usually work independently.