As we approach our 4th month of Covid-19 enforced “lockdown” it is an interesting juncture to review how both work practices and businesses hiring initiatives have altered over this period, and more importantly, what the next number of months may look like as we approach the next phase of this journey in the wake of the easing of restrictions and a return to what we regard as “normality”.
Suffice to say, the world of recruitment has changed significantly in the past number of months, and a sea change in economic conditions in the short term at least, has created both challenge and opportunity. In times of uncertainty, taking a serious look at contracting can be very beneficial.
Benefits of Contract Solutions
While many of us yearn for certainly, and never more so than in uncertain times, there are many upsides to seriously considering contract positions:
- Demand – in an uncertain market, flexible finance professionals will always find their skills in greater demand than permanent candidates. For Businesses, this provides specialist solutions for short-term projects and priority jobs needing attention that either don’t require/don’t have budget to hire a full-time resource.
- Less competition – For candidates, depending on the type of work you are interested in, there can be a lot less competition for contract work than permanent positions. This allows you to get work experience in a specific industry that may otherwise have been rather elusive. Once you are in a contract role, you have the opportunity to work with hiring managers and prove your value. You never know what permanent roles they may be hiring for, and your current position allows them to see all the skills you could bring to a business/position. This is equally beneficial for employers, as a business case can be made for a good contract hire, in the right circumstances.
- Remuneration – People often associate contract work with a lower rate of pay – this is a myth, it is certainly not the case for skilled finance professionals. Contract placements can often provide an opportunity for a higher rate of pay than a full-time salary. Fixed Term and Contract work can be quite lucrative, and equally attractive for the employer given a reduced permanent overhead, depending on the scope and circumstances.
- Flexibility – depending on the position, contract work can allow for increased flexibility. For specific projects, one can assert greater control over hours worked, when worked and where (remote/in office) offering much greater flexibility than the traditional office bound role. You are able to take work when and how it is most convenient for you. Similarly, for employers, you do not have to go through the rigour and timely process of onboarding a permanent hire, and you can usually hire a specific skillset for a particular task.
- Upskilling – As one takes on contract work, you inevitably learn new skills, and work with new systems. This is a huge advantage in a world filled with ever advancing technology. The ability to adopt new skills is essential to being employable long term. As you will be working in a variety of workplaces you will not only develop your adaptability but also entirely new skill sets.
In the current market, contract positions and enquiries are increasing significantly, and we are working with clients and candidates to find the right solution for everyone. While fixed term or contract roles will not be for everyone, we would be delighted to discuss your options as an employer or a candidate at any stage. Please reach out for a confidential discussion.
Chief Operating Officer