If you’ve only known permanent contracts for your whole career, the life of a contractor can seem terrifying. The biggest reason we find candidates avoiding contract work is because they believe there’s a lack of security in contracting and it’s safer to stay with the permanent, pensionable job that gives them the guaranteed salary every month.
“It’s that fear that they’ll be out of a job at the end of a contract term. There’s a fear that they won’t be able to get another job, it’s generally just a fear of change,” said Sarah Pope, RECRUITERS’ contract division manager.
“What they don’t necessarily understand is that the whole world is moving towards a contingent model and a contract model, particularly the larger multinational organisations.”
While a more contingent workforce means more contracting jobs all the time, Pope does recognise the need candidates have for financial security. “It’s about being able to pay bills and the risk of not having a role in six months, because it is a risk,” she said. “It’s for us to alleviate that and make sure that we’re working with people throughout so that we know where they’re going to stand by the end of that six-month contract and we can have something else lined up.”
While a career change from permanent roles into contracting roles can be a big step to take, once you’re in there, you can build up your experience, your knowledge and your reputation and become a highly sought-after professional and the benefits to becoming a contractor are massive.
As an experienced contracting consultant, Pope said the number one biggest benefit for contractors in her opinion is the flexibility. “You can have the flexibility of deciding when you work and when you don’t. If you’ve got a family at home and you want to spend the summer off or you need time off for Christmas, you essentially are your own boss,” she said. “Yes, you need the support of an agency to get in there or to secure contracts time and time again but you can decide how long your contracts are up to a point.”
When it comes to contracting, there’s also a lot more flexitime and options for remote working. “A lot of companies are moving more towards remote working anyway but as a contractor, it’s almost expected that you’d do some time remotely or you’d work from the road,” said Pope.
The second major benefit is the speed at which you can upskill, specialise and really become an expert in your field, simply by virtue of working on a variety of projects across a number of different organisations. “You are bringing with you the best of the industry’s experience because you’re getting a taste of what some of the most successful companies are doing and you’re able to bring that with you,” said Pope.
“It’s the best way to become the best professional that you can be. If you understand how 10 different huge organisations work because you’ve contracted in all of them, you are the person that the market wants because you know the best practices and the best processes.” She added that with so many companies moving towards a contingent workforce, contracting can be a great way to get into some of the biggest organisations.
Finally, while not the biggest driving factor for most contractors, a major reason for permanent employees to consider a career change to contracting is the financial benefits.
“Contracting is really lucrative,” said Pope. “As a limited company contractor for example, there are ways to organise your expenses so that they’re taken off before tax and things like that. There’s a myth that contractors don’t pay tax, you’re still paying tax but there are ways of offsetting your expenses against your tax,” she said. “And when I say it’s more lucrative, it does depend on the role and who it’s with and how experienced you are and other factors, but you could essentially take home up to 20-25% more as a limited company contractor than as an employee.”
Change is scary, and for those who are used to permanent contracts, becoming a contractor can be a major step. While there are certain plans that you will need to put in place when you embark on your journey, a career as a contractor can be incredibly rewarding.
Interested in learning more about contract work in Ireland? Contact Sarah Pope, contract division manager at RECRUITERS by email at sarah.pope@recruiters.ie or on the phone at +353 1 632 5045.
Feeling confused about your career? We’ve got everything you need to know about progression, new jobs and happiness in your career right here.
Andrew Sheehan is the marketing manager at RECRUITERS
Woman on laptop photo by Christin Hume on Unsplash
