With the impact of the pandemic on jobs, pay cuts, and the increased amount of fixed term contracts recently, you might think now is not the time to switch to contracting. Contrary to popular belief, contracting is still a viable option for many candidates given its many benefits.
There are so many benefits when it comes to joining the self-employed sector. Not only will you be able to potentially earn more than those working the same role in a permanent position, but you’ll have so much more freedom and flexibility. In today's climate, we have seen so much change over the past 12 months or so that an accommodating work environment is a key draw for a lot of people.
For many, having a better work-life balance is worth its weight in gold. Increased flexibility is particularly useful if you have children or other responsibilities, as you are able to manage your own hours. Thankfully, employers these days recognize the need for flexibility and are more accepting of this concept. Especially with the new hybrid model of working from home and office, we have learned how to adapt to and accept new ways of working.
Budgets and forecasts are constantly being re-assessed. When a business faces uncertainty over projected revenue they need to remain as fluid and agile as they can. That spells contractor. In the short term a contractor can meet a business need or work towards a certain goal, but with the flexibility and limited cost to keep the balance sheet in check.
In addition, there is often a unique skill-set associated with a professional contractor. They are perhaps more adept at handling change and coping with the demands of whatever projects a business may have running at a given point.
Contractors will often move seamlessly and methodically from one position to another. The time frames associated with a temp hire are typically 3-7 working days and that compares with 4-6 weeks for your average permanent hire. So not only are there now very high levels of demand for contractors but getting to the 'offer' stage is usually a lot quicker.
Has the average contractor pay gone down since the introduction of IR35? It has had an impact but some of the stories or examples you hear about come from some of the large banking institutions, who have culled large amounts of contractors in a bid to re-align themselves with the current market challenges.
There were a number of employers now looking to utilise contractors on their own payroll when IR35 first came into play, but that has settled down now as they understand the legislation and requirements surrounding it. So in short a typical contractor looking for a qualified finance role should be expecting the same rate of pay as they were 12 months ago.
To find out more about how we can help you with your recruitment needs, please do not hesitate to contact us via firstname.lastname@example.org or visit us at www.savantrecruitment.com