Short Term, Interim and Contract Terms Amendments

Due to the global outbreak of COVID-19, we are introducing immediate changes to our short term/contract terms agreements to facilitate the timely and cost-effective recruitment of finance and compliance professionals on short term/fixed term contracts.  This is with the aim of helping our clients to maintain business operations during a tumultuous time where staff shortages and headcount issues can arise quickly.  Our consultants have held in depth discussions around the best way to assist our clients during this time and have decided upon the following amendments/addendum to our standard terms specifically for short term/fixed contract workers: 

  • Removal of our normal minimum fee for fixed term contracts
  • Pro rata percentage fee for short term contracts
  • No daily charge or daily fee payable 
  • Extendable contracts with simple fixed percentage fee agreements should contracts be extended or be made permanent 
  • No minimum contract length/term will apply 
  • Engagements will be direct with the candidate minimising the supply chain for administration purposes and clarifying the employment and tax status of the Contractor as a result
  • Candidates from FINCO Search will not be introduced elsewhere should our client decide to extend or make the contract permanent and FINCO Search will not present the candidate elsewhere during the period of employment
  • Simple contract extension fee structure up to a maximum of 12 months.  After 12 months no fee will be payable, and candidates will be deemed permanent employees 

What this means for Clients

We have implemented these terms to give our clients increased flexibility and speed of response for short term and interim staff where a rapid response is needed to continue operating at full capacity.  During times of uncertainty, there is little growth on front office requirements however we understand the need to keep existing contracts fulfilled and back office systems running smoothly.  At a time when it is so difficult to plan, we want to remove the barriers to seeking the assistance of a recruitment agency to fill roles quickly and offer the flexibility of contract length/fee structure to keep cashflow concerns to a minimum. 

What this means for Candidates 

We will be able to offer a more diverse range of positions and will not be restricted by minimum contract lengths or fees, meaning we can offer more opportunities with a quicker turnaround to our candidates.  We will work closely with the hiring company and candidate during the contract to identify any opportunities for extensions or transitions to permanent contracts and stay in touch during this process.  As always, no fee is payable by candidates for our service and our priority will always remain finding the right fit for all our stakeholders, fostering long term relationships that go beyond the immediate uncertainty.  

The above changes will be in effect as of 17th March 2020 for an indefinite period. To discuss anything in relation to these changes, please contact us on +44 (0) 203 927 5080