Contract Consulting vs Permanent Employment:

July 23, 2015

Why you should be open to both and prepare well in advance

PTC Accounting & Finance BLOG  

August 2014

 

Contract Consulting vs Permanent Employment: Why you should be open to both and prepare well in advance

Most of us strive for the ideal permanent position. Job security is increasingly important as we grow into life’s new phases such as home ownership, world travel and starting a family. The perks that often go hand-in-hand with permanent positions further the desirability of such employment. They include benefit packages, vacation days, sick days, training and the growing trend of flexible work hours.

Why then would anyone consider a contract role?

Consultants and contractors are often grouped and referred to as Interim Professionals. Interim Professional roles are often short term, rarely have benefit packages and if you need a day off be prepared to lose a day’s pay. However, the average day’s pay is often 20% to 100% higher for an Interim Professional doing much the same job as their permanent counter part. This is one several important factors, listed below, that opens up a few exciting possibilities for someone considering a venture into the world of consulting. Even those that swore they would never accept a contract role and strictly pursue permanent opportunities can find themselves in a situation where a contract opportunity is the perfect fit. An important fact to consider is that contract roles frequently turn into permanent roles. The employer wants a chance to test drive the employee before brining them on permanently. A segment of the market with considerable opportunity is accounting and finance.

 

These are 5 exhilarating and powerful reasons to try contract consulting!

 

Suddenly Unemployed: Springboard to new a job

Whether the company is downsizing, outsourcing, reorganizing or you were driven to make a move, contract opportunities often start, “next Monday” whereas permanent roles may take weeks if not months to go through the hiring process.

 

New Skills: Gain a variety in a short time

Contracts enable employment with a variety of organizations in an assortment of industries. While in those diverse roles Interim Professionals are often delegated specialized and complex tasks of varying breadth and depth.  That leads to a plethora of new skills and experience that can accelerate career advancement and provide a significant advantage when applying for a dream permanent role.

 

Networking: The relevant kind

Often Interim Professionals will be physically grouped together in desk-pods and/or in the same area of the office. This allows a fantastic opportunity to meet other like minded individuals who can have a great deal of knowledge and experience working in the contract world. This benefit is also extended to management. Working at a few organizations per year will introduce you to lots of people with hiring power and valuable contacts. These individual will become your new references as well as people from whom you can get written recommendations to add to your growing portfolio. This will build your brand and increasingly make you the strongest candidate for whatever job your heart desires. The possibilities are immense.

 

More Money: Lots more

Interim Professionals have access to 100% of their pay each and every pay day. Because employers don’t make any deductions for taxes, benefits, EI, CPP etc. This creates a significantly higher, 50%-100%, amount of money at your disposal to use for investments, vacations and lump sum debt repayment, and money to cover time off between contracts. Of course taxes must be paid at the end of the year but that leads to yet another benefit of being independent, deductions. Many regular expenses, such as car, gas, clothes, and even primary residence can be partially deducted. As discussed earlier, the average day’s pay is often 20% to 100% higher for an Interim Professional doing much the same job as their permanent counter part. Accounting and finance jobs in particular are ones that pay above average.

 

Recruitment Agencies: Especially us!

Interim Professionals almost exclusively use recruitment agencies to do all the heavy lifting. Once you’ve registered they will do all the job searching, matchmaking and contract negotiations of your behalf. Those seeking roles in accounting and finance may find the use of recruiters especially beneficial as they can be niche areas of the market. Here are a few more benefits of working with recruitment agencies:

 

• Recruitment agencies are free of charge for job seekers. They will help get you a job for free!
• Recruitment agencies have a deep understanding of the current labour market. They have access and knowledge of jobs that aren’t made public and that you as a job seeker will never see posted.
• Recruitment agencies have a robust, fruitful network of valuable contacts. They can quickly get you in contact with the right company and the right people.
• Recruitment agencies provide expert feedback on your resume and interviewing skills. This is invaluable information that you use for all your career progression

 

PTC Accounting & Finance is a leader in specialized contract recruitment for Accounting, Finance and Human Resources professionals. We can help you find the perfect contract, immediately! Visit our website to apply and our social media pages to start a conversation.

 

Accounting & Finance: http://www.ptcaccounting.com/contracts/current-contracts.html

Human Resources: http://www.ptchr.com/contracts/current-contracts.html

Twitter: http://twitter.com/ptcaccounting

Facebook: http://facebook.com/PTCAccountingandFinance

LinkedIn: http://www.linkedin.com/company/ptc-accounting-&-finance

Google+: http://plus.google.com/+SusyPTCAccounting

 

 

For more information on how PTC Accounting & Finance can help you achieve your goals please feel free to contact me, Warren Benns, directly @ 905-660-9550 x388 and warrenb@ptcaccounting.com.

You can also view my profile on our company page here:

http://www.ptcaccounting.com/ptc-staff/staff-profile/all-staff/warren-benns.html

 

 

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