We’ve spoken before about why employees should consider making the career change from permanent roles to contract work. There are a lot of benefits, starting with a handsome salary and progressing to being your own boss.
However, you don’t have to completely turn your back on permanent contracts completely to reap some of the benefits. For finance professionals in particular, taking a contract role could skyrocket your career in half the time it could take in a permanent role.
If you’re in a finance career, you’re probably naturally risk adverse in life. You’re most likely on good money in a permanent contract, perhaps in one of the Big Four, enjoying a whole host of benefits. Those who have a permanent contract in a finance career will be particularly careful about leaving that role to take up a fixed-term contract. However, avoiding these moves completely is a mistake, especially for finance professionals and here’s why.
The global workforce is becoming more agile. Intuit notes that 25-30% of the workforce is currently involved in ‘contingent work’ and this is expected to exceed 40% by 2020. Traditionally, the contingent workforce was associated with the tech industry, but the benefits of contingent workers has become clear and more industries are looking to take advantage of this, the finance and accounting industry in particular.
In fact, in 2017 PwC estimated that the finance industry was made up of around 30-40% contingent workers. With a lot of major multinationals such as Facebook, Google and Microsoft using contingent workers to fill their finance roles, contract work will soon become the best way to gain experience at companies like these. This is because a contingent financial workforce allows them access to niche skills for project work, the ability to upscale and downscale depending on demand and reduce costs in the process.
The Oxford Economics Workforce 2020 survey, found that more than 80% of executives said they’re increasing usage of contingent workers, on an ongoing basis, with finance one of the most popular functions in which companies search for contingent workers.
With the global workforce and the financial industry in particular quickly becoming more contingent than permanent, getting some contract work under your belt as a financial professional at the moment would stand well to you.
Being risk-averse is one of the most common qualities in a finance professional, and most likely part of why you’re good at your job. So naturally, you will be more uncertain about leaving your secure, permanent, pensionable role to take a fixed-term contract with no idea what will happen afterwards.
But here’s where finance professionals can win the day. First, if you’re qualified, experienced and good at your job, you’re still a hot commodity, both in the contingent world and the permanent world. Both newly qualified and Big Four-trained Chartered Accountants remain highly sought after within the industry, particularly if they have gained one or two years’ post-practice experience.
So, while no one is guaranteed a job straight after another, those in a financial career are often of high value and if you’re coming from a Big Four firm, that experience will still be under your belt at the end of your contract and those firms aren’t going anywhere.
Secondly, the unique experience you will gain from a short space of time will put you above a lot of other people in your industry. It will open many more doors for you within the contingent financial workforce but it will also enhance your skill set if you decide to return to permanent roles.
As I said, while taking an 11-month contract over a permanent one may feel risky, the benefits that 11 months can give your career could far outweigh the safety of staying put. In fact, the skills and experience gained in that short stint could make it easier for you to get your next job than ever before.
For a start, you will gain commercial experience with a large multinational company outside your Big Four experience. Secondly, contract work is usually focused on defined, tangible projects and those who work those roles are often far more hands on, giving you ownership, authority and seniority over the tasks and projects you complete.
This means that, along with your previous experience in more traditional firms, you have strong, project-based experience in which you achieved deliverables in a very different type of company and will have demonstrable experience in which you were able to take ownership of certain tasks. This will make you a far stronger candidate both on paper and in person compared to many of your peers in future job applications.
If you’re still concerned about your future in finance if you were to take the risk of a contract role, it’s important to know that at RECRUITERS, you are supported throughout your contract, not just when you land the job. Our contractor care model means that you will not just be dropped off at the door of your new role and picked up at the very end.
RECRUITERS will be in touch throughout your role and will discuss your future options 6-8 weeks before your contract finishes. This means your consultant can talk to you about whether or not you want them to pursue another contract role or if you wish to return to permanent roles, our contracting team can refer you to Gar O’Gorman, our finance recruitment manager.
Another thing finance professionals worry about is the loss of perks and benefits. While they stand to make a lot more money in a contract role than their permanent role, they often lose perks such as VHI healthcare or the ability to set up a pension. However, with RECRUITERS, you will still be able to avail of these perks through us instead of the company the contract is with.
Want to make your finance career soar with a lucrative contract role? Get in touch with Robert Fagan now at +353 1 632 5027 or by email at robert.fagan@recruiters.ie to find out what exciting roles are waiting for you.
Feeling confused about your career? We’ve got everything you need to know about progression, new jobs and happiness in your career right here.
Written with contributions from the RECRUITERS team.
Rocket photo by Bill Jelen on Unsplash
