Cool Freelance UK is the fastest growing umbrella company that streamlines and simplifies management for contractors. Providing freedom to contractors without bureaucracy. While allowing companies to benefit from access to specialized talent without the need to hire new employees, or deal with the official associated with contract recruitment.
Chris Simpson He is the UK B2C Head of The Cool Company and is responsible for UK Operations and Compliance. With over 10 years of experience in the Umbrella Payroll and recruitment sector, Kris is the right person for The Cool Company when it comes to changes in the UK and delivering the solutions our clients need.
What is the company’s traditional response to fintech innovations nationwide?
Fintech has always been a pioneer in improving operations in all sectors. But new technology often goes hand in hand “We’ve always done it this way” resistance. The umbrella market is no different. While staffing agencies have always welcomed smoother and simpler umbrella service, umbrella companies have a great deal of internal and operational legislation to navigate. And many companies do not believe that these challenges can be managed through technology.
As a result, Fintech entered the industry much later than other sectors and business types. That’s why we’re now seeing a new push to be the first to offer a technology-led end-to-end compatible solution.
How has this changed over the past few years?
Implementation of changes to IR35 legislation, along with the effects of the COVID-19 pandemic, has resulted in a busy and intermittent period for contractors and those companies that use a flexible workforce every day. New challenges presented by recent events have led companies to seek technology in a different way, from the emergence of video conferencing, and remote work, to the automation of time-consuming tasks. This increase in efficiencies improvement has allowed the umbrella companies to focus on important aspects of their service, including the customer experience.
Is there something that created a culture of change within the company?:
Cool Company is a Swedish company, and the cultures of the UK and Sweden are very different. The UK can be very traditional in some ways, but Sweden is embracing change in a different way. As a technology-driven economy, the attitude to making work more efficient and offering a technology solution to customers has been the biggest driver of change.
The Cool Company has successfully combined the old manual processes of running a UK canopy service with purpose built platforms and automated processes, a change that I feel is very refreshing.
What fintech ideas have been implemented?:
One of the primary issues preventing clients from adopting new services is excessive red tape. The FCA-authorized Cool Company is required to select some funds to ensure compliance. We’ve deployed FinTech solutions to help make this happen without breaking the customer experience.
By re-engineering the registration process and creating an intuitive user interface that serves as a guide through the registration process, we take our clients on a journey that navigates essential documents quickly, without duplication.
What benefits did this bring?:
For our customers, this means that they can benefit from a faster and more engaging setup experience, and access our services quickly and securely. Help them save timee on management, contracts, follow-up of payments, and removal of compliance concerns. For contractors, Fintech solutions have enabled them to manage multiple tasks with different clients while also maintaining a work-life balance.
All of this means that from October 2020 to October 2021, The Cool Company experienced a massive boost. During that 12-month period, the number of bills increased by 950%, while the number of contractors employed increased by 877%. The turmoil of the past year means that people are looking for ways to manage their work responsibilities more easily and relieve their stress. This has been huge for The Cool Company. Our total revenue increased by about 250% and our gross profit increased by 75%.
Do you see any other industrial challenges on the horizon?
We’re reading a lot about the “Great Resignation” or the “Great Cabinet Change” right now, and I think the next few years will see a lot of people leave jobs they may not have done as much. on their own. Contracting gives you a great deal of flexibility in terms of striking the right work-life balance and this is something that is more important to people. I think a lot of people would consider hiring as a career.
Beyond that, I think we’re still in generally unstable times in terms of legislation. According to research by The Cool Company in September, UK contractors are concerned that there will be more uncertainty and changes to the IR35 regulations in the near future. Of the 500 contractors we surveyed, 74% thought the existing rules would be revised and only 10% thought there would be no changes. After so much turmoil in 2020 and 2021, there will be another year of uncertainty that will certainly present a challenge to entrepreneurs, but there are options available in the fintech space to help.
Can fintech help address these challenges?
Solutions like Cool Company can take a lot of hassle out of disruption for businesses and contractors alike. Umbrella companies can handle the hard work for you in a simple and hassle-free way, which means that contractors and contracting industries can go ahead and do what they do best – and so can fintech companies in easing challenges for everyone.
Fintech plays an increasingly important role in all sectors as companies seek to meet the challenges of evolving business practices. Throughout the pandemic, the potential benefits of working from home — flexibility, reduced overhead, and access to specialized talent — have been revealed, leading many companies to consider using expanding these benefits while adding a contractual workforce going forward. Many current employees are accustomed to the improved work-life balance resulting from working from home to assess their future career paths.
With 4.3 million self-employed workers already in the UK, they contribute 162 billion pounds sterling For the economy in 2020, it is extremely important that FinTech continues to provide the tools these people need to succeed. And we’re really excited to be a part of that.