Historically, recruiting for finance roles has more often than not been finding permanent candidates to sit within an existing finance team in a business. However, the recruitment market is changing in a number of sectors - and, in particular, finance roles are evolving and changing more than ever before.
Without wanting to discuss COVID-19 for too much longer, it is important to note that the pandemic brought about many changes to the economy and ways of working. As a result, many finance teams throughout the UK were, for the first time, working from home. Unfortunately, some finance staff were also furloughed or made redundant, making businesses more aware of which roles were vital.
Now that remote working and digital independence is the norm for many workers, alternative solutions such as temporary and interim contracts have become a popular option for candidates who no longer wish to be tied down to one long-term employer. Similarly, candidates who may have become unexpectedly available to employment due to COVID-related redundancies are now becoming more open to the idea of working in temporary roles.
But why should businesses consider hiring temporary finance workers?
Temp and interim finance recruitment
Without a finance team, most businesses would struggle to function. However, this doesn’t mean all finance employees within your company need to be permanent members of staff.
- It enables flexibility - accountants, data analysts and payroll administrators are some of the most flexible finance candidates available on the market. If you need assistance for a period of growth or shift within your company, hiring interim finance workers will enable this without committing to more permanent employees.
- It’s quicker to hire someone - all businesses will have been through rigorous recruitment processes when finding permanent finance employees. However, when hiring temporary or interim workers, the time to hire is cut in half. Whilst considerations around topics such as cultural fit are still important, the skillset is the main priority. Therefore, you can bring in someone to do the work you need help with for a set amount of time, without spending months trying to find the right person.
- It can help you make business decisions - many companies are now bringing in temporary or interim finance workers to help them decide where the team should be heading. If there is a particular project or task that needs completing, this is an excellent opportunity to bring in an employee on a non-permanent basis. However, it could also help hiring managers to realise where there are gaps within the team, and if some temporary workers should in fact be made permanent. Learning as you go along with recruiting can often lead to improved business processes.
Do finance candidates want temporary or interim roles?
In a nutshell - yes! The start of 2021 saw the highest number of temporary finance placements made in the UK since 2017. Almost 70% of all finance roles being filled in the Midlands this year have been interim, followed by 55% of roles in London being temporary, too.
Finance candidates are now more open to temporary and interim positions for a number of reasons. For example:
- Many permanent roles come with contractual obligations, such as a certain number of days in the office per week. If companies looking for temp candidates can also offer fully remote working, this may entice some workers to look for interim roles instead.
- Building up their CVs is important to finance candidates, because the market is so saturated. With finance roles in the UK rising once again due to the post-pandemic recruitment boom, candidates are considering their options on how to best compete with other finance professionals. Accepting a number of interim positions will help them gain experience in a variety of industries and sectors in quick succession.
- It helps with work-life balance. A number of finance candidates are now considering if permanent full-time employment is what is best for themselves and their families. Being able to work for a few months while their children are in school, and take time off work while their children are on school holidays, is now a very attractive option to a number of candidates.
Where do I start with hiring interim or temporary candidates?
If you’ve only ever hired permanent employees up to this point, considering hiring temporary candidates can seem a bit daunting. WSH Recruitment offers assistance with alternative solutions for a variety of industries, and luckily for you, we specialise in interim finance recruitment.
Get in touch with us today to find out how we could help find the answers to the questions you’ve been asking.