What is financial contracting?
Financial contracting refers to the practice of hiring finance professionals on a contractual basis to fulfil specific roles or projects within an organisation.
Rather than employing individuals as permanent staff members, businesses engage finance contractors for a predetermined period or task.
These contractors typically possess specialised skills and expertise in various areas of finance, such as accounting, financial analysis, auditing, tax, or financial management.
We have already talked about the broader benefits of why your next job should be a fixed-term contract. But in this article, we wanted to get under the skin of what it is like to be a finance contractor in London in 2024.
Why are there more contracting opportunities in 2024?
With fluctuating market conditions and the cost-of-living crisis, companies are increasingly turning to the flexibility and expertise offered by contractors to navigate these challenges.
Employers are choosing to delay any long-term investment decisions, including people until the picture becomes clearer. To mitigate this uncertainty, some businesses are choosing to fill their resource gaps with contractors.
Contracting provides businesses with the agility to scale their financial resources according to evolving needs, without the long-term commitment associated with permanent hires.
What can you expect as a finance contractor in 2024?
As a finance contractor in 2024, you can anticipate a dynamic and evolving landscape filled with new opportunities and challenges.
Here are some key expectations:
- High demand - finance contractors will continue to be in high demand across various industries, including technology, finance, media, and retail, as businesses seek specialised skills and expertise to navigate complex financial landscapes.
- Competitive compensation - contractors can expect competitive compensation packages. Our internal data at Marks Sattin shows that contractors can be paid up to 50% more than their permanent counterparts.
- Stability - despite the temporary nature of contracting roles, many contracts offer stability, with an average length of around 10 months. However, it's common for engagements to conclude as contractors seek new opportunities.
- Flexibility - contracting roles often provide greater flexibility in terms of location, allowing professionals to work remotely or in different geographic areas based on project require
- Increased focus on skill development - contractors will have ample opportunities for knowledge-building and skill-sharing, contributing to their professional growth and development.
Overall, finance contractors in 2024 can look forward to a dynamic and rewarding career path, with opportunities for growth, competitive compensation, and flexibility in work arrangements.
Why are so many finance and accountancy contracting roles hybrid or fully remote?
The surge in hybrid or fully remote finance and accountancy contracting roles is primarily due to advancements in technology and the widespread adoption of remote work practices accelerated by the COVID-19 pandemic.
Remote work offers benefits such as cost savings, increased productivity, and access to a wider talent pool, driving companies to offer remote or hybrid roles to attract top talent and remain competitive.
Overall, the shift towards remote and hybrid contracting reflects changing preferences in the modern work environment.
Predictions for finance contractors in 2024
In 2024, finance contractors can anticipate a dynamic and evolving landscape filled with new opportunities and challenges.
With technological advancements continuing to reshape the financial industry, contractors with expertise in areas such as data analytics, artificial intelligence, and blockchain technology will be in high demand.
Additionally, as businesses navigate economic uncertainties and regulatory changes, there will be an increased need for contractors who can provide strategic insights, risk management expertise, and financial planning support.
Overall, 2024 holds promising prospects for finance contractors who are adaptable, innovative, and equipped with the latest skills and knowledge to thrive in a rapidly evolving environment.
Is your business looking for finance contractors?
At Marks Sattin, we take pride in our expertise as recruitment specialists dedicated to sourcing top-tier finance and accountancy talent.
Through cultivating strong relationships, we ensure the provision of optimal contractors and services for our clients, streamlining their recruitment processes and allowing them to allocate resources efficiently towards their core business objectives.
Learn how our specialists can help your business today.
Land your next finance contracting job with Marks Sattin
By partnering with us, you gain access to exclusive opportunities tailored to your skills, preferences, and career aspirations.
Our dedicated specialists work closely with you to understand your unique strengths and match you with the right roles and organisations.
With our support, you can navigate the competitive contracting landscape with confidence, securing lucrative assignments that align with your expertise and goals.
Explore our finance contracting jobs today.
