Is your finance team experiencing burnout?

Finance professionals play a pivotal role in maintaining the economic health of organisations operating in Ireland's labour market. However, our annual Market Trends and Salary Report research uncovers a YoY decrease in job satisfaction, dropping from 82% in 2023 to 70% in 2024. One reason for this drop in job satisfaction is because people are feeling burned out and stretched in their roles.

An effective strategy to avoid your people burning out is to utilise competent contractors. They can provide extra support when navigating demanding periods, such as budgeting, or provide vital cover if a member of the team is on long-term sick leave, or parental leave.

The Role of Finance Contractors

Key responsibilities could include:

• Budgeting: Developing and managing budgets to ensure financial stability and efficiency.
• Financial planning: Creating long-term financial strategies that align with organisational goals.
  
• Compliance: Ensuring adherence to financial regulations and standards.
  
• Risk management: Identifying and mitigating financial risks.
  

Address staffing challenges by utilising contractors

Covering Long-Term Sick Leave

Long-term sick leave can disrupt an organisation's financial operations. Contractors offer a flexible solution to fill temporary gaps, ensuring continuity in financial management. According to Peninsula Group, “Employers must provide adequate cover to avoid disrupting business operations during an employee’s long-term sick leave.” Contractors can step in with minimal onboarding, maintaining financial oversight and ensuring compliance with regulatory requirements.

Supporting Parental Leave

Parental leave is another area where finance professionals are crucial. In Ireland, employees are entitled to up to 26 weeks of maternity leave, with an additional 16 weeks of unpaid leave. This extended absence can impact financial planning and reporting. Contractors can provide the necessary expertise to manage these periods effectively. BrightPay notes, “Time spent on maternity leave is treated as though employees have been in employment, allowing them to accumulate annual leave entitlement.” Contractors can help manage these entitlements and ensure seamless financial operations during parental leave.

Managing Budgeting Periods

The budgeting period is a critical phase for any organisation. It involves meticulous planning, forecasting, and allocation of resources. Engaging finance contractors during this period can provide specialised skills and additional support, ensuring the budgeting process is thorough and accurate. McMahon Solicitors highlight the importance of precise financial planning, stating, “Effective budgeting is essential to maintain financial health and achieve strategic objectives.”

Benefits of Hiring Finance Contractors

Hiring finance contractors offers several advantages for organisations:

Flexibility

Contractors provide the flexibility to scale staffing levels based on current needs. This is particularly beneficial during peak periods or when covering for permanent staff on leave.

Expertise

Finance contractors bring specialised skills and experience. Their expertise can enhance the quality of financial management and introduce best practices.

Cost-effectiveness

Contractors can be a cost-effective solution, eliminating the need for long-term employment commitments and associated benefits.

Quick onboarding

Experienced contractors can integrate quickly into existing teams, reducing the time required for training and onboarding

Expert Insights

Gemma O’Connor, Head of Service at Peninsula Group, emphasises the importance of compliance and planning in managing maternity leave effectively:

Conclusion

Finance professionals, especially contractors, are indispensable in Ireland’s labour market. Their expertise ensures that organisations can weather staffing challenges like long-term sick leave, parental leave, and budgeting periods without compromising financial stability. By engaging finance contractors, hiring managers can maintain continuity, compliance, and efficiency in financial operations.

Find your next hire with Marks Sattin Ireland 

Are you facing staffing challenges in your finance department? Marks Sattin Ireland is uniquely placed to help businesses look for talent. Consider engaging experienced finance contractors to ensure seamless operations.  We specialise in a variety of markets, including financial services, professional services, executive search and commerce and industry. If you would like to learn more about how Marks Sattin can help with your recruitment needs, I am a highly experienced finance recruitment consultant with many excellent finance contract professionals within funds services and commercial businesses in my network. Don't hesitate to get in touch with me to discuss any support you might need within your teams.