How to Manage Fintech Talent in Remote Contractor Jobs

Managing fintech talent in remote contractor jobs presents unique challenges and opportunities. As the fintech industry evolves, harnessing the expertise of remote contractors can provide your business with the flexibility and specialised skills needed to stay competitive. However, successfully managing remote talent requires a strategic approach that lets your contract workers feel part of your company and motivated to help your organisation achieve its goals.

So, how do you manage professionals in remote fintech contract jobs? In this guide, we'll answer this question and discuss five approaches you can take to manage remote contract workers effectively. 

This guide explores the following:

• Set Clear Expectations For Your Remote Fintech Contract Jobs
• Establish an Effective Communication Strategy
• Avoid Micromanaging Fintech Talent in Remote Contractor Jobs
• Consider Compliance Regulations for Remote Contractors
• Praise Your Fintech Talent in Remote Contractor Jobs
  
  

Set Clear Expectations For Your Remote Fintech Contract Jobs

When managing fintech talent in remote contractor jobs, one of the first steps to take is to set clear expectations. Setting these expectations from the onboarding stage and reiterating them throughout the duration the remote contractor spends with your company can ensure your business and the professional are aligned. 

When you place talent in your remote fintech contract jobs, make sure you clearly define the deliverables to the individual. Over a virtual call, walk them through the brief they'll be working on and ensure they understand the project timelines and their responsibilities. Follow up with an email or link to the project or task brief to ensure the remote fintech professional knows what's expected of them. Taking this step can mitigate the possibility of project delays and ensure everyone stays on track.

Set your fintech talent metrics to measure their performance, be it remote contractors working in data and software engineering or sales and marketing. These metrics, or SMART targets (Specific, Measurable, Achievable, Relevant, and Time-bound), motivate the professional to strive toward an objective while allowing you the ability to review the talent's performance based on predefined criteria.

These performance metrics could be anything from how much money they make or save your business on a project to the quality of a campaign or piece of code they help produce. Liaise with your wider fintech team and the remote contractor to determine what targets should be achieved, ensuring they are realistic and benefit both the contract worker and your company.

Whether you've onboarded one remote contractor or a team of fintech contract workers, make time to schedule performance or progress reviews with them.  These one-to-one sessions should fit around everyone's schedule and be used to ensure the fintech professional is working towards or has achieved the expectations you set them. Again, this can be done virtually and led by a member of leadership and management and HR.

As you set expectations for contract workers in your remote fintech jobs, make sure to allow and encourage the contractor to ask questions or clarify aspects of their role. No matter the question, ensure your fintech contractor understands what's expected of them before they begin working on the task or project. 

Remember, it's your responsibility to relay the expectations and ensure your contractors have everything they need to complete the work on time, within budget, and to your standard. Doing so can help lay the foundations for a strong relationship with your contractor while preventing misunderstandings and ensuring projects are completed as expected.

Establish an Effective Communication Strategy

Cloud engineering and modern technologies have made virtual interactions and communication with others across the globe seamless. That said, another key step for managing fintech talent in remote contractor jobs is to establish a clear communication strategy. Doing so can enable quality deliverables and effective collaboration between your remote contract workers and permanent employees, be they remote themselves, onsite or hybrid.

As you begin establishing your communication strategy with your remote fintech talent, consider using pre-built tools and software to facilitate streamlined communications. Platforms like Microsoft Teams, Zoom, Google Drive, and Slack have been proven to support communication with remote contract workers. They allow for collaboration through instant messaging, data sharing and video calls between colleagues - no matter where they are in the world.

When onboarding remote contract professionals into your business, schedule an introduction call with the wider team. This communication can establish the working relationship between your remote workers and the fintech team, allowing your people to get to know each other. 

Following this, assign a member of your fintech team to schedule regular meetings with your remote contractors. Depending on the duration of the contract, these could be daily check-ins or weekly. The purpose of these calls could be to see if the contractor is progressing well, provide feedback on their work, or see how they’re finding the job in general. These regular calls can ensure the contractor is aligned with the project expectations and feels part of the fintech team.

When possible and if the person feels comfortable doing so, encourage your contract workers to turn their cameras on during virtual meetings. Video calls can help establish rapport between the onsite, hybrid, and remote members of your fintech team. They also allow others to see expressions and reactions to ideas, which can reveal a lot about how people feel about projects and can strengthen team building.

It’s important to find a balance in communication. There’s a fine line between creating an effective strategy and overdoing it. That’s why assigning the contractor to people they should contact for specific support and setting up internal calls that don’t disturb workflows or overwhelm the contractor is essential. 

Consider that certain remote workers may be in different time zones. For example, your business may be primarily based in London with a remote fintech contractor working in New York. In this scenario, ensure the remote contractor has someone to go to during their working hours. 

Your fintech talent will be tech-savvy and will likely have used the communication tools and platforms that your business uses. However, you should still ensure the remote contractor understands how to use these communication tools to their advantage. Ensure they are secure when using these platforms and know the risks associated with cyber security. 

Avoid Micromanaging Fintech Talent in Remote Contractor Jobs

Companies in the fintech industry seeking to manage talent effectively in remote contractor jobs should avoid micromanaging. Doing so could prove counterintuitive and result in your remote fintech talent deciding not to work with your business in the future. 

Of course, setting expectations and communication channels with remote contract workers is important. However, it’s essential to work with the contractor here and find a balance without overwhelming them or dictating exactly how they should work. 

Remember that contractors in remote fintech jobs are well-versed in time management and are specialists within their niche. They also know how to work on behalf of various organisations and projects simultaneously without the need for excessive oversight or interference. Aim to respect their remote nature and their expertise.

Ensure check-ins and the support you offer your contract workers are pre-agreed to avoid micromanagement or interference with their work. Essentially, you want to facilitate their work without controlling it. Encouraging their independence and allowing them the flexibility to work remotely will help build trust between your business and the contractor. As a result, the remote contractor will be more inclined to seek future work with your company over one of your competitors. 

Perhaps you’ve partnered with a reputable fintech recruitment agency to source talent for your remote contractor jobs. In this case, the professionals you receive will be at a level where you can trust them to deliver on your set expectations with minimal interference. Focus on guiding remote contract workers to the outcomes you want them to achieve rather than managing every aspect of your role. Doing so will result in success for your remote contractor and your business. 

Consider Compliance Regulations for Remote Contractors

As mentioned in our guide, How to Hire Contractors for Fintech Jobs, addressing compliance considerations is essential when managing remote contract workers. Remaining compliant with the relevant and necessary laws and regulations can safeguard your business from potential financial and reputational damages while allowing for a seamless and successful working relationship with your remote fintech talent. 

Fintech professionals in remote contractor jobs are typically independent and self-employed workers, and they manage their own taxes and pay. Alternatively, a third party, such as a fintech recruitment agency, supports this. Regardless, make sure you understand the rules surrounding contract workers and ensure the talent you onboard are genuine remote contractors without misclassifying them as such. 

Ensure your business, be it your head of HR or legal team, adheres to the relevant labour laws associated with the locations you operate in and where your remote contractors work. You should also ensure tax and pay obligations are compliant within your company and that data protection laws are followed to keep your remote workers secure when working on behalf of your team.

It can be challenging to understand specific sector standards and market regulations. Therefore, it’s worth liaising with a legal professional or a trusted fintech recruitment agency to support your business through these processes. 

They can draw up legal contracts outlining the mutually agreed terms with the contractor. These terms could include the scope of work payment plans, contract duration, expected deliverables and confidentiality requirements. Taking this step allows you to focus on other aspects of your day-to-day operations while ensuring your company and remote contractors are protected from unintentional compliance breaches. 

Praise Your Fintech Talent in Remote Contractor Jobs

If you’re hiring a mix of fintech talent for in-house and contractor jobs, you’ll understand that remote contract workers are not technically employees. Instead, they are self-employed professionals working on behalf of your business. Therefore, how they get paid differs, and they may not be eligible for certain company benefits. 

Despite all this, you should strive to treat these remote contractors like your own, and one way to do this is to praise them in the same way you would your permanent hires. Showing recognition for remote workers and recognising their achievements can boost their morale and motivation to work on behalf of your fintech team. It tells them that you value their expertise and appreciate the work they’ve delivered.

You can share this positive feedback over a virtual meeting with the remote contractor and the wider business or through a company-wide email. This praise can also be shared on your social channels or in a case study on your website to highlight the impact the remote fintech professional had on your organisation. 

Instigating this praise will leave the remote contractor with a positive impression of your business, making them more likely to return to support your future fintech-related projects. It also sends a message to other contract workers who are looking for work. If they see that your company endorses contracting and highlights the contractors who work for them, they’ll be more inclined to apply for your remote fintech contract jobs. 

Remember that even though they may not be full-time employees, fintech talent in your remote contractor jobs is still a valuable asset to your business, so be sure to treat them as such and praise them when necessary.

Final Word on Managing Fintech Talent in Remote Contractor Jobs

Effectively managing fintech talent in remote contractor jobs can be enhanced with the clear steps outlined in this guide. Setting clear expectations from the outset will align your remote contractors with your business goals and ensure projects are completed smoothly. Establishing an effective communication strategy with the right tools is also an essential step to instil seamless collaboration while keeping everyone on the team on the same page.

Avoiding micromanagement is crucial to respecting the expertise and independence of your remote contractors. It helps to build trust and encourages long-term professional relationships with the contract workers your partner with. 

Compliance with relevant regulations is also essential to remember and safeguards your company from legal risks associated with contract work. Finally, recognising and praising the contributions of your fintech contractors boosts their morale, making them feel valued and motivated to deliver their best work.

By following these steps, you can create a supportive and productive environment for your remote fintech contractors, ensuring successful outcomes for both your business and the talented professionals you onboard.

If you found this guide useful, read our related piece on the Top Contracting Fintech Trends of 2024.

Looking for a Specialist Fintech Recruitment Agency?

If you're seeking a specialist fintech recruitment agency to help you find the top professionals for your remote contractor jobs, we can help. Our team of experienced consultants come with a deep expertise of the industry and an extensive network of fintech talent across various sectors. By partnering with us, we'll connect you to the best remote contract workers in your niche.

Contact us today to find the perfect fit for your remote fintech contractor jobs.