What are the benefits of contract work?
There are a variety of different benefits of contract work. If you find yourself in a position where you are immediately available, contracting can be a great option to trial new working environments.
Contracting will, most likely, enable you to return to the workplace quicker than if you are just applying for permanent roles. On average permanent roles take 6 weeks from reviewing a job spec to securing an offer of permanent employment.
Here are 8 different benefits of contract work:
1. Speed of securing a role
Unlike a permanent role, where you may have to go through 3+ rounds of interviews to secure the role, typically you will have a one stage interview for a contract job. You could even start work the following week.
2. Trialling new working environments
Moving into a contract role may mean you are moving into a new industry, culture and/or size of the company than you have previously worked in. You can use the contracting period to assess whether this new industry or size of business suits you. You can then decide whether you will actively apply for similar permanent roles in the future. Think of it as if you are renting a house in a new area prior to buying a house there!
3. Flexibility
Contract roles are typically 3-9 months in duration. This gives you flexibility for the remaining months of the year to take extended holiday or work on side projects/businesses you are pursuing.
4. Opening of new doors
Contracting is a great way to get a foot in the door of a company you really want to work for. Employers are often more open and flexible to taking on contractors than they are with permanent hires, especially during periods of greater economic uncertainty. This also provides the opportunity to build up a wider network of contacts who may open further doors for you in the future.
5. Financials
You will be hired into a contract role as you already have the existing skillset required for the role, an employer will expect you to hit the ground running (rather than a permanent role where employers invest time in developing your skillset). You are often, therefore, paid a premium for having the existing skillset for the role. There can also be tax benefits to contracting through an LTD company as well as the opportunity to earn money for any overtime.
6. Stop-gap
Rather than jumping into the first permanent role that comes along, secure a 3-month contract role. You can then continue to apply for permanent roles and will ensure that you are only investing your time in applying for permanent roles which you know will be right for you in the long term. A lot of candidates applying for permanent jobs will have a 3-month notice period. Employers will expect to wait for 3 months for someone to start in a permanent position. Therefore, you will still be able to commit to the full contract term by advising your future employer that you cannot start until you have completed your interim assignment. This also demonstrates to them you are a committed employee.
7. Faster Upskilling
With each contract role, you will be introduced to new projects, working environments, systems and processes. This will allow you to learn on the job and increasing your value in the market.
8. Variety
If you are constantly seeking new projects and challenges, contracting may be the answer for you. Typically, in a contract role, you will be parachuted in to work on a specific project or to fix a problem. Once you have completed the task set out, you move onto the next contract and next challenge!
If you would like any further advice with regards to moving into the contract market, please do get in touch. We will ensure to respond to you asap.
