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Freedom Day Delay - Increased Demand for Hiring Contractors

Posted by Petra Brown

With the UK’s announcement to extend the final stages of lockdown until July 19th, and as Rishi Sunak rejects calls by businesses for furlough extension, there has never been a better time to consider hiring a contractor to bolster your finance team.

More and more companies are turning to finance contractors rather than permanent staff during this unfamiliar time of economic growth. Real gross domestic product (GDP) is estimated to have grown by 2.3% in March 2021, the fastest monthly growth since July 2020, as government restrictions affecting economic activity continued to ease. Firms are concentrating on temporary workers due to uncertainty over the coronavirus pandemic and Brexit. Demand for temporary staff has increased at the fastest pace since October 2018, according to new research.

With firms looking for contractors at both executive and non-managerial levels, there are plenty of finance positions for contractors to find, which means a lot of temporary skills you can be brought into your teams to support timely projects or fill a skill gap temporarily.

Here are some in-demand key skills the Finance Interim, Temporary and Contractors can offer your business:

Commerciality

Technical skills are important, but companies place a high value on temporary staff who can see how their skills fit into the rest of the business operation and functions for any given project. The understanding of facts, figures and data, and the ability to translate that into a commercial reality, describing how it affects sales teams and operations are key. Additionally, professionals with interpersonal skills and a commercial background are sought after and can add bursts of value to your teams.

Big Data Analytics

This has been a big part of business and financial operations for a while now, but there are no signs that companies’ appetite for data analytics is decreasing. In a financial context, this means understanding your data sources and finding ways of matching them to sources in other areas so that your clients can be more in tune with changes in their customers’ needs. Hiring a Contractor will allow you to bring in skills, understanding and flexibility to work to a brief which your current staff members may not be able to offer, but can learn from.

Regulatory Knowledge

The effects of the recent pandemic continue to affect the financial sector with regulation remaining a top priority for government and international bodies. Experience in dealing with regulators and understanding what their key warnings are is important for companies of all sizes, but particularly for SMEs, which often do not have much in-house experience of these issues. A temporary member of staff needs little training nor introduction to this area and will be able to bolster your teams with on-the-beat knowledge.

Risk Management

Linked to regulation is the growing risk management industry, with many clients I am speaking to, having a greater focus on risk during the last year or so – both the potential liabilities of taking risks but also the opportunities afforded in new areas. Many Interim and Temporary finance professionals have experience using financial instruments to deal with credit risk, market risk or foreign exchange risk, they are in high demand but add invaluable resources to your business.

Finance contracting is a growing area of the market with plenty of opportunities for professionals and organisations alike.

Here are more reasons to hire a temporary, interim or contractor to support your finance operations

For a more detailed discussion about your finance recruiting needs and how I can best advise on a temporary solution, please call me on 07791 400 731 or email petra.brown@pro-finance.co.uk

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