An uncertain market has seen growing demand for a contingent workforce. However, according to our research, despite a spike in contract opportunities available in the market, only 30% of professionals are currently working within a contracting capacity, and only 11% have spent most of their career in contract positions.
This could be a result of the perception that this kind of employment comes with a number of disadvantages such as a lack of security and no sick or holiday pay, but professionals could be missing out on key opportunities if they are not aware of the many benefits contracting.
Here we discuss how the pros may really outweigh the cons, and why more professionals should seriously consider contracting as a way of getting ahead.
The trend towards employing contract staff continues to grow as companies recognise the benefit of a more flexible workforce. However quality contracting professionals can be difficult to source, as top talent are often drawn to permanent positions which offer stability.
However, with more contract opportunities across a range of industries and roles on offer than we have seen for a long time, it’s important that professionals understand the key benefits that come with this type of employment before they disregard great opportunities to progress their career,” said Leigh Jones, Manager of Accounting & Finance – contract, Chatswood.
Why would professionals consider contracting?
1. Different experiences with no need to commit
Getting experience in different industry sectors and organisations with no need to commit is often considered the main benefit of contracting. Contractors often progress through their career at an accelerated rate, purely because of their exposure to a range of work environments, responsibilities and projects. It reduces the risk of being pigeonholed in their career.
2. Higher rate of pay
Another key benefit of working as a contractor is the higher rate of pay and flexible working arrangements. Your pay may not include annual leave, but if you work an eight or nine month contract on a higher rate, you have the luxury of choosing whether to take extended time off before entering into a new role. You are not bound by a limit of four weeks per year.
3. Better work/life balance
Contractors don’t just have flexibility over the length of their contracts, but also the days and times they work. In most cases, contractors will be employed to work on specific projects, and can pick and choose the opportunities that meet their needs. Full-time employment generally doesn’t offer this kind of flexibility and as such, contractors often have a better level of work/life balance.
Not only are there clear benefits of working as a contractor, but the way organisations are managing their contingent workforce is evolving, and now is a better time than ever to consider contract employment.
To ensure they secure the best talent, organisations are implementing improved processes to ensure contractors remain engaged and motivated, such as clearly identified objectives, effective communication strategies and even training and up-skilling opportunities for their temporary workforce. It is also becoming more common for organisations to offer higher degrees of certainty in terms of project briefings and length of contract, essentially eliminating the key perceived disadvantage of contract employment.
Click here for more information on how best to leverage your contingent workforce.