With continued change in the job market internationally, there are still great opportunities for candidates wanting to take a contract job. Although contracting is not for everyone, there are still good benefits that can be expected. Security and uncertainty on securing the next interim role is the biggest consideration for those wanting to make a change from permanent to interim. With many companies still making redundancies, even permanent opportunities are not secure and the benefits from contracting can often outweigh this concern.
The earning potential for contract jobs is often higher than comparable permanent roles, especially for candidates with unique or in-demand experience. Interim candidates with BeecherMadden typically earn between £400 and £1000 per day, often in a non-management position. To turn this into a consistent, six-figure annual salary, candidates need to keep their skills up to date and maximise the amount of time they spend in contracts. Although benefits such as health care and insurance aren’t included in the compensation of any contract job, the daily income is usually more than sufficient to cover these annual expenses. A good accountant will be able to help work out the best way to do this.
Industry experts will agree that experience is key, particularly within the IT field. Whilst education and certifications are impressive, hands-on knowledge of tools and technologies within a variety of sectors are usually what is considered most valuable when considering suitability or compensation. As an interim professional, candidates can often choose which clients or assignments they work on, getting exposure to different sectors and cutting-edge projects. This can make for some interesting and continued professional challenges.
Breadth of skills
There are times when permanently employed individuals would like to work on a particular project or on a new technology but the opportunity does not present itself. There are two options; one is to find an organisation where this position is available, or to take a contract job, which gives the complete freedom to choose projects, technology and working environment.
Due to our current economic situation there are very few companies that are willing to invest heavily in the training and up-skilling of their staff. When contracting, candidates are in complete control of their professional career and training needs. Getting professionally certified can be very expensive and employers may be willing but not able, to fund that training. With the increase in compensation that comes with contracting candidates will be able to fund desired training for themselves.
A concern can be leaving the safety net of a structured career plan within an organisation. Candidates can be concerned that they will move between assignments but not move up. However, a number of senior professionals have spent time as interim professionals, as this gives a breadth of industry experience and the ability to get up to speed quickly. His hands on experience, can not always be gained, or gained as quickly, in a permanent role.
Permanent employees are usually required to be at work for a set period of time, with very limited time off during the year. Contractors have the freedom to choose when they want work as well as greater control over the working hours and location. As a contractor candidates are their own boss and the company they will be working for will not be an employer but a client instead.
In between contracts is usually the perfect time to take some time off, where you are free to take as much or as little time off as you would like. Some take whole summers or months off and improve their work-life balance as a result.
Less internal politics
Everyone working for a large corporate machine is involved in office politics and avoiding these office politics can be one of the reasons for accepting an interim role. In a contract job, candidates can be more honest with management as the primary interest is completion of the project rather than climbing up the corporate ladder in that organisation.