Contracting may not always be the preferred way of working for the majority of employees, but those who do choose to take on temporary and contract roles often prefer it over permanent work for a number of reasons.
Although temporary contract work is often associated with a lack of job security, there are a number of benefits to it that outweigh this.
So what are the reasons why you should consider Temporary, Contract and Interim roles?
Temporary contractors tend to earn significantly more than a Permanent counterpart for a number of reasons. Day rates are the main reason as it includes your NI and your holiday pay within your daily rate.
Another reason is that of the urgency of some temporary roles which require candidates at short notice with relevant experience to come in and ‘hit the ground running’, which may require a premium on the pay for the right candidate. Agency worker Regulations also plays a part in the money being equal to, if not more, than a permanent equivalent.
Experience and Exposure
Contract jobs allow you to gain great experience and exposure as you aren’t tied down to one business. You are able to learn different company styles of working that can be adapted in your next job.
In some cases, Contractors can be within the same company for several years, across different business units for different projects, as a Temporary Contractor. Naturally, this will further add to your skillset as you are constantly working with a range of people within the business.
This is no different than if you moved from company to company for each contract. The exposure you gain when contracting is far greater than if you were permanent as the assignments are shorter and the roles tend to be more versatile.
Just the same, working in new businesses and with different people continuously diversifies your skillset and adds a lot to your experience as well as your exposure.
Many people really enjoy the flexibility between contracts which allows them to go into their next role with the mindset of working without any days off.
I have several Contractors who will contract for a year and have a month to two months off in between in order to travel or spend time with their loved ones, making it very fulfilling for them.
Contracting can be good for lots of people who try it but is particularly appealing for post-qualified candidates as well as project focused candidates who want to build on their experience and exposure.
It’s a great way to learn about new industries, particularly if you are coming from an Accounting Practice background and have just qualified! I feel being qualified is important as these candidates have their key skills and fundamental knowledge established by this point.
For project focused candidates it allows you to move from project to project seamlessly, whilst building up your portfolio of completed assignments, which in itself adds value to your profile.
But let’s not forget the money – definitely the most appealing reason to try contracting, let’s face it! It can be lucrative if on a Ltd daily rate and that in itself is a great benefit to any Contractor.