The Future of Finance: How the Part-Time Model is Changing the Game

Traditionally, businesses have either hired a full-time finance director (FD) or managed with an existing finance team, including a finance manager, accountant and finance assistant - until they could afford a full-time, high-level FD. However, there is a growing trend towards hiring a part-time FD and for good reason.

The benefits of hiring part-time

Cost savings:

Hiring a part-time FD can save businesses up to 40% on the cost of a full-time FD. This is because part-time FDs are typically paid on a per-hour or per-day basis. This cost-effective approach allows businesses to allocate their financial resources more efficiently. They can direct the savings towards other important aspects of their operations or investments in growth.

Flexibility:

Part-time FDs can be hired to work as much or as little as needed, depending on the business's requirements. This can be particularly beneficial for businesses that are seasonal or that are experiencing rapid growth. For example, a startup may only need part-time financial expertise during its initial phases and can scale up as it expands. The flexibility of part-time FDs adapts to these changing needs seamlessly.

Expertise:

Part-time FDs are typically highly experienced and qualified professionals. This means that businesses can access the expertise they need without having to make a long-term commitment to a full-time employee. The part-time model allows access to a breadth of experience that would be cost-prohibitive if hiring a full-time FD. Businesses can tap into the specialised knowledge of seasoned professionals to address complex financial challenges.

Introducing the part-time FD model

However, while employing a part-time FD within your SME can be incredibly rewarding, there can be some cons. For example, what do you do if your part-time FD is taking time off due to sickness? What about maternity pay and holiday pay? Further, you’ll still have the administration cost and timeframes of employing them yourselves, as well as any training and support they require. 

This is where the part-time FD model, offered by The Finance People, comes in. 

Different to hiring your own part-time FD or consultant to work within your business, the part-time FD model offers a number of benefits to your business, including:

Security:

Working with a finance recruitment agency like The Finance People, you’ll gain access to more than one FD, should you need it. For example, if your part-time FD was taking extended leave or had unexpected sickness, you’d have immediate access to another FD within our network, ensuring your business and finances are secure no matter what. The reassurance of having a dedicated partner like The Finance People extends beyond the initial recruitment process. If any issues arise or if your financial needs change, we're here to provide solutions and ongoing support.

Hiring & Onboarding Costs:

When hiring your own part-time FD, you may need to pay recruitment fees, HR costs, sick pay, and maternity pay. With a part-time FD from The Finance People, you avoid all of these costs, as we take care of everything for you.

Evolution Opportunities:

The relationship with a part-time FD from The Finance People is adaptable and flexible. If your needs grow, your relationship with your FD can too. If your FD from our team cannot manage your requirements, we have a network of FDs with a wide range of experience, so we can easily match you with a FD who has the skills and experience you need, without having to go back through the recruitment process. This may not be the case if you hire your own part-time FD, as they may wish to stick with their agreed hours/days with you, and may not have the flexibility to expand, meaning you’ll need to pay to recruit once more.

How the Part-Time Model is Changing the Game:

The part-time FD model is changing the game for many SMEs by making high-level financial expertise accessible to businesses of all sizes. In the past, only large businesses could afford to hire a full-time FD. However, the part-time model makes it possible for even small businesses to access the financial expertise they need.

Moreover, this shift in the finance landscape is altering how businesses perceive financial management. In the past, financial management was often seen as a back-office function. However, the part-time FD model is helping businesses to see financial management as a strategic function that can play a vital role in the success of the business. It's not just about balancing the books; it's about steering the ship towards sustainable growth.

Benefits of Hiring a Part-Time FD from The Finance People:

The Finance People is a finance recruitment firm that specialises in placing part-time FDs with businesses of all sizes. We have a network of employed, highly experienced and qualified FDs who are available to work flexibly and remotely for your SME on an affordable part-time basis. 

You’ll have access to a wider pool of talent:

We have a network of highly experienced and qualified FDs who are available to work on a part-time basis. This means we’re pros at matching SMEs with the right FD for your business, regardless of your requirements. We understand that each business has unique financial needs, and our extensive network ensures that you have access to a diverse pool of talent, including experts in various industries and sectors.

You can finally have peace of mind:

We offer a range of roles to support our clients, including Finance Managers, Financial Controllers, Finance Directors, Accountants and more. This means that you can be confident that you will have the support you need to fulfil the individual tasks, rather than assigning someone who is too experienced (and overpaying) or underqualified (and not delivering).
Plus, if your part-time expert needs to take some extended leave, you can simply discuss with us and we’ll match you with a different expert within our network.

Leverage our flexible working arrangements:

We understand that every business is different, so we offer flexible working arrangements to suit your needs. This means that you can hire a part-time FD to work as much or as little as needed - and they can work remotely or on-site if required. The ability to adapt the working arrangement based on your business's evolving financial requirements ensures that you get the most out of your part-time FD. Whether it's a short-term project or long-term financial strategy, we can tailor the arrangement to fit your goals.

How to Hire a Part-Time FD

If you are interested in hiring a part-time FD, the first step is to contact The Finance People. We will discuss your requirements and work with you to find the right FD for your business.

Once we have found the right FD for your business, we will arrange a meeting. This is an opportunity for you to meet the FD and ask any questions you have.

The part-time FD model is a great way for businesses of all sizes to access high-level financial expertise without having to make a long-term commitment to a full-time employee.

If you are interested in hiring a part-time FD, contact The Finance People today. We will work with you to match you to the right FD for your business and help you to make the most of the part-time FD model.