How to Hire Contractors for Fintech Jobs

There is no doubt that the fintech industry is fast-paced. Hiring right is critical for bringing in the specialised talent needed to drive success. It's not just about finding skilled contractors. Companies also need to handle legal matters, offer fair pay, and employ smart recruitment strategies. 

So, in this guide, we will explore how to streamline fintech hiring by covering all bases, ensuring everyone's clear on the legal front, providing competitive compensation, and attracting top talent through strategic recruitment methods.

Our Top 5 Strategies for Hiring Contractors for Fintech Jobs

According to recent research, the fintech industry is expected to reach $492 billion by 2028, growing at a CAGR of around 25.18%. Naturally, industry growth leads to a demand for more talent to support expansion. 

As fintech jobs become increasingly in demand, the need for contractors to support project demands and bridge skill gaps grows in significance. So, employers must adopt savvy recruitment strategies to streamline the hiring process and attract contractor talent to implement business success. 

With that in mind, here are our top 5 strategies employers can use to implement a successful fintech recruitment strategy and attract talent within the industry:

1. Legal Considerations and Compliance

Before starting the contractor hiring process, it is important to address legal considerations and ensure compliance with relevant labour laws. Employers must avoid potential legal issues and ensure they adhere to all necessary regulations.

Let’s break it down:

• Avoid legal pitfalls - Clear classification prevents potential legal consequences and ensures compliance, safeguarding the company from costly lawsuits.
• Optimise resource allocation - Knowing the workforce structure helps plan and allocate resources efficiently, reducing wastage and enhancing efficiency.
• Make informed decisions - Understanding clear classification allows for better decision-making in hiring practices, meaning businesses can build a team that aligns with company goals and objectives.

It is equally important to create strong contractual agreements tailored to fintech projects. Agreements establish clear expectations, protect intellectual property, and build collaboration.

Let’s explore this further:

• Clear expectations - Clear agreements ensure everyone knows the project scope, timelines, and confidentiality measures, minimising misunderstandings and increasing project productivity.
• Protect confidential data - Strong contracts safeguard confidential information and innovations. By clearly outlining ownership rights, non-disclosure clauses, and restrictions on the use of data, companies can keep their competitive edge.
• Build collaboration - Clarity promotes trust and collaboration between companies and contractors. Clearly outlining roles, responsibilities and contract agreements creates a strong foundation for success. 

2. Meet Compensation Expectations

When it comes to benefits and salaries, contractors in fintech jobs typically expect competitive compensation reflective of their specialised skills and expertise. While contractors may not receive traditional employee benefits such as healthcare or retirement plans, they often expect higher hourly rates or project fees to compensate for this lack of benefits.

According to research, In the UK, typical day rates for fintech contractors range from £700-£900 for roles like Quality Assurance Engineer and Test Engineer. This figure provides a clear idea of the salary contract workers expect within the industry and the importance of meeting these expectations in attracting top talent and building strong contractor relationships.

Contractors may negotiate other perks, such as flexible working arrangements, remote work options, or project-based bonuses. Offering competitive compensation packages and matching contractors' preferences can further attract fintech talent.

Transparency around payment terms, invoicing procedures, and reimbursement policies is essential. As an employer, it is important to maintain trust and clarity in contractor relationships. Clear communication regarding payment schedules and expectations can prevent disputes and ensure a mutually beneficial partnership.

3. Use Online Platforms 

In the UK, there is a 136% year-on-year increase in the number of fintech jobs. Online platforms and social media are vital in attracting fintech talent for contractor jobs. Professionals with specialised expertise are essential in filling the increasing number of fintech jobs and meeting project demands.

So, how can employers utilise online platforms and social media to attract contractor talent and streamline the fintech recruitment process?

Highlight company culture and achievements

Using online platforms and social media is not just about efficiency. Platforms like LinkedIn and Twitter can be powerful tools for building a strong employer brand and attracting talent who share your company culture. 

You can connect with passionate fintech professionals with specialised skills by showcasing your unique culture, values, and exciting projects on these platforms. A targeted approach like this allows you to build a talent pipeline of engaged individuals, streamlining fintech recruitment.

Contractor management platforms

Explore dedicated contractor management platforms that handle onboarding, payments, and contract management tasks. This frees up time for your team to focus on core business processes while ensuring a smooth contractor integration process. These platforms can offer features like automated payments and time tracking, further streamlining the entire contractor lifecycle.

Some examples of contractor management platforms include:

• Upwork Enterprise
• Toptal
• MBO Partners
• WorkMarket
• BambooHR
• Kalo
  
  

Targeted outreach

Utilising specialised job boards like LinkedIn and Upwork is a great way to access prescreened fintech contractors. These platforms let you fine-tune your search by specifying what you're looking for. Whether it's skills, experience, or location, search filters and smart algorithms deliver tailored results just for you. By creating a targeted outreach, you can access specialised expertise and fill contractor jobs effectively.

4. Collaborate with a Fintech Recruitment Agency

Partnering with a fintech recruitment agency can streamline your hiring process, provide access to top talent, and ensure compliance, ultimately boosting your efficiency and success in securing the best professionals to fill advertised fintech jobs.

As the fintech industry rapidly grows and the demand for fintech jobs rises, businesses are increasingly turning to fintech recruitment agencies to support their hiring practices and address the complexities of the process. 

So, how can partnering with a fintech recruitment agency significantly boost hiring for contractor jobs? 

• Specialised Expertise - Fintech recruitment agencies have deep knowledge and understanding of the sector, meaning they can help businesses navigate the complexities of fintech recruitment. Recruitment agencies know the specific skills and qualifications needed for various fintech jobs, meaning they can attract and retain top contract workers.
• Access to Broad Talent Pools - A strong fintech recruitment agency has an extensive database of pre-screened candidates, meaning they can quickly connect businesses with suitable candidates to fill contractor jobs.
• Compliance and Legal Assistance - Dealing with complex compliance and legal regulations can be difficult to manage alone. Agencies are knowledgeable about industry-specific regulations and compliance requirements and can ensure that all contractual and legal aspects are properly managed.
• Market Insights - Partnering with a fintech recruitment agency grants you access to valuable insights into market trends and salary benchmarks, helping businesses stay competitive in attracting and retaining talent.
• Cost-Effective - Working with a fintech recruitment agency can reduce overall hiring costs. Agencies streamline the recruitment process to help avoid the expense of a lengthy hiring process and potential bad hires.

5. Network Effectively 

Networking is an essential step in building an effective recruitment strategy. Employers can access an extensive pool of qualified contractors by forming strong partnerships. 

Here are some top tips on how your business can network effectively:

• Attending industry events - By participating in industry events, businesses can meet potential contract workers, exchange ideas and remain educated on the latest market trends.
• Collaborate with educational institutions - Another essential networking strategy is collaborating with educational institutions. Partnering with these institutions means tapping into emerging talent and building relationships with potential candidates.
• Encourage referrals - When searching for new hires, it is important to embrace referrals from existing employees to gain access to trusted recommendations and specialised fintech talent.
• Join professional associations - Enrolling in a professional association is an excellent way to expand your network, gain valuable industry insights, and access potential hiring opportunities.
• Engage in social media - Leveraging social media platforms is essential in showcasing company culture, connecting with potential contract workers and promoting job advertisements to a broader audience to attract and retain top talent.

To learn more on the top contracting trends and opportunities in fintech, discover our insightful guide - Top Contracting Fintech Trends of 2024.

Final Thoughts on How to Hire Contractors for Fintech Jobs

Hiring contractors for fintech jobs involves careful planning to ensure legal compliance, fair pay, and smart recruitment strategies. The fast-moving fintech industry needs specialised talent, so companies must be proactive in hiring. By following these strategies, businesses can manage the hiring process smoothly and avoid legal issues.

Offering competitive pay is essential for attracting top contractors. Clear communication about payment terms and expectations helps build strong, trust-based relationships. Using online platforms and social media can showcase company culture and achievements, attracting talent that fits well with the company's values and needs. easier

Networking is a key part of a successful recruitment strategy. Attending industry events, working with educational institutions, encouraging employee referrals, joining professional associations, and engaging on social media can help businesses find and attract qualified contractors.

These strategies make the hiring process more efficient and ensure companies have the talent needed to thrive in the growing fintech industry.

Looking for an Expert Fintech Recruitment Agency?

Are you an employer looking for support with your fintech recruitment strategy? Do you need help onboarding contractors? As leading experts in fintech recruitment, our specialised consultants excel at identifying top contract workers who precisely match your business requirements. 

With a culture focused on growth, vast talent networks, unparalleled resources, and strong industry connections, we facilitate the connection between global businesses and outstanding fintech talent.

Contact us today to discuss your individual requirements.