Permanent vs. Contract Finance Staff: Which Is Best for Your Business?

The correct finance recruitment is an important choice for any company. Choosing between contract and permanent finance staff can affect your company's success and performance if your company is a new start-up or a big company in Abu Dhabi, Dubai, or anywhere in the UAE. Most companies today look for the services of professional agencies like Alchemy Search for finance recruitment Abu Dhabi, Dubai, and elsewhere in the UAE, as it is not always simple to make.

In this blog, we will discuss the pros and cons of permanent and contract finance employees and help you decide which is best for your company.

What Is a Permanent Finance Employee?

A permanent finance staff member is an individual who is hired full-time by a company. They usually receive a fixed salary every month, benefits such as medical cover, holidays, and a bonus. Such employees are fully on your side and will probably work for your company for decades to come.

Advantages of Having Permanent Staff:

Stability: Permanent staff offer long-term help. They feel more at ease with your company's goals and operations.

Loyalty: The staff would be likely to stay committed and develop with your company. 

Skill Development: You can train them to meet your business needs over time.

Disadvantages of Permanent Staff:

Increased Costs: Pay, benefits, and training add to the cost of employment.

Training Time Increased: Finding the right person may take some time.

Less Flexibility: If your business needs change quickly, it would be harder to shift responsibilities.

What Is a Contract Finance Employee?

A contract employee is an employee who works for a temporary project or duration. These professionals are engaged for a few weeks, months, or until the end of the project. This is most desired by companies if they need immediate help or have limited financial allocation.

Advantages of Hiring Contract Workers:

Flexibility: You can hire experts when you need them and terminate the contract once the work is done.

Cost-Effective: They only receive payment for the time they work, and there are no other benefits to fund.

Specialized Skills: Contractors have worked with many firms and bring fresh ideas and skills.

Disadvantages of Contract Staff:

Lack of Loyalty: As they are with you on a temporary basis, they may not be as committed.

Training Time: They may take time to learn your processes and systems.

Availability Issues: Skilled contractors may be available on other projects and not when you require them.

Which One Do You Hire?

Your business goals, budget, and where you are at the moment will drive the best decision. If you require someone to be an employee of your company in the long term, the better option is a permanent employee. If you have a temporary requirement or an extraordinary project, contract staffing may be the more convenient option.

Many Abu Dhabi companies prefer working with a tax recruitment agency like Alchemy Search to get the perfect blend. They give you an awareness of your needs and introduce the finest finance talent in permanent or contract positions.

When to Employ Permanent Finance Staff

• You've got a firm budget and would prefer someone to grow with your business.

• You're building a long-term finance team.

• You wish to reskill someone within your in-house systems.

When to Choose Contract Finance Staff

• You need help with a one-time project, like an audit or year-end report.

• You’re facing a busy season and need extra hands temporarily.

• You want to test someone before offering a permanent role.

How Alchemy Search Can Help

It is not difficult to locate the right finance talent. Alchemy Search is the best finance recruitment Abu Dhabi agency with a good reputation for delivering excellent results. If you require locating a skilled permanent recruit or a smart contractor, they will guide you through.

As a top tax recruitment agency, Alchemy Search is well accustomed to the local market and has excellent contacts with the finest finance talent within the region. They take note of your needs and do the work to find the best individual to suit your business.

Conclusion

Both contract and permanent workers have their pros and cons. Your best choice depends on your business needs, project timeline, and price tag. Whatever you decide, the appropriate set of individuals in your finance team is critical to your business success.

Finding the right finance professional to employ?

Call Alchemy Search today! Whether you need a long-term staff member or some short-term assistance, they can pair your company with the right person. Call them now and let Alchemy Search handle the recruiting so you can focus on growth.