Around the world, businesses of every sort, size and shape are using freelance specialists, from designers to content creators, video editors, advisors, marketeers and more, to get fantastic results. Why do Cypriot firms seem to shy away from this practice?

We’ve just finished our ultimate home office guide (Part 1, Part 2), and while doing so we were inspired to take on a topic that comes up from time to time. Cypriot companies seem resistant to working with freelancers, or contractors, they’re very office-focused. Why is that?

This article will explore why this might be, it’s based on several years of anecdotal “evidence” and feedback from not only business owners, including those in the finance, fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term and forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term fields, but a number of self-employed service providers, including HR professionals, designers, writers, and digital content creators. It’s also informed by countless conversations with recruiters based on the island.

Check out the full list: https://t.co/mSZj9SVCrC

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Sites like UpWork open up a world of potential collaborators.

Many Cypriot Companies are Conservative

Many Cypriot companies are family affairs, they’re been run by the same people for years. If a family-run business is doing well, and there are many studies which show how and why countless family-run businesses can do well, then they’re unlikely to adjust how they work. However, many family-run businesses fail to adapt to the times, perhaps the founders are getting old, or the next generation doesn’t have the same drive, and that’s where they can come unstuck. Looking to outside support might help.

Resistance to Remote Work Prevails

Many of us believed that with the pandemic, remote work would take off. With COVID largely over, that’s simply not the case, with huge numbers of businesses all over the world, Cyprus included, calling people back into the office – though perhaps not five days a week. This includes progressive companies which one might have assumed would retain the remote model. Working with a contractor, or freelancer, is very much along the same lines as the remote model and therefore it can be off putting to managers.

A Preference for In-House

Cypriot companies have a strong preference for keeping it all in-house. By that, I mean that they’d rather hire for a full-time role than go for freelancers. This is a common refrain among recruitment and HR professionals. The argument is that the company has greater control over the full time staff member, that they can better monitor their performance and take corrective action. Tie that in with the resistance to working away from the office and freelancers, to many Cypriot companies, are a step too far.

Time-Orientated, Not Task Orientated

Many companies are tangled up in the idea that time = work done. That’s not necessarily true. With experience, many tasks become routine, they can be done quickly and efficiently. However, companies can get tied up by high hourly rates. Surely, if the contracted task is completed, then what does it matter how long the staff member worked on it for? Sadly, many companies, including many in Cyprus, have never made the switch from being time-orientated to task-orientated. As a result, experienced contractors, who can do a lot in a short time (and do it well), get the short end of the stick.

Freelancers are Expensive

This idea is tied into the previous two points. The mantra goes that freelancers are very expensive. This is true. To an extent. However, if you factor in the amount of quality content a specialist can produce in a relatively short period of time, added to the fact that you’re not paying for social insurance or holidays, and you only work with them when you need them, and you’ll perhaps find that you’re doing quite well out of the relationship.

The funds are released to the freelancer only upon completion of the work or meeting certain milestones.

Work Assurance: On the other hand, clients benefit from escrow services by having assurance that the freelancer will deliver on the agreed-upon work.

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There are any number of ways to protect yourself.

The Benefits of Freelancers

The benefits of working with freelancers or contract workers are numerous and substantial, but here are just a few:

· You’re paying for work done, not time spent twiddling thumbs

· Work tends to be delivered quickly and according to your schedule

· Freelancers are often very experienced

· They often don’t need all that much supervision

· You stay flexible in terms of your staffing on any given project

All-in-all, freelancers, or contractors, offer companies a serious degree of flexibility and access to expertise they might not otherwise have. However, working with freelancers can be intimidating, or confusing to companies, especially those with a more traditional mindset. Some of this is true, and we're not saying that it'll work for everyone, however, it's certainly an avenue that many businesses could with exploring.

Our advice is to get a contract sorted out, specify deliverables, deadlines and pay. But above all, call them in to a meeting, or get them on Zoom and see if they’re a fit for your organization. Find a good one and you won’t be disappointed.