Sandra Patel
18th July 2019
Article by Greta Matulionyte, Account manager
https://www.linkedin.com/pulse/decisions-three-ways-know-contracting-right-me-greta-matulionyte/
Life as an IT contractor can be seen as something both financially and professionally rewarding, but daunting at the same time. Is IT contracting the life for you?
After having worked within IT contract market for almost 2 years, these are the main trends I came across when speaking to ex and current contractors:-
Advantages of contracting:
- Excellent remuneration package – it is common knowledge that contractors are often paid more than permanent employees based on their specific and/or niche skillset
- You are your own boss – contractors get to choose their own projects, clients, life balance, commute, working hours & environment
- Job variation – usual contract engagements run anywhere from 3 to 12 months, which means you have an opportunity to upskill quicker by working on varied projects
- Network growth – working on short term projects allow the contractors to build business contacts which can result in better work opportunities in the future
- Tax savings – by following the right financial advice, contractors often save considerable amounts of tax
Possible disadvantages of contracting:
- Job security – it’s the contractor’s responsibility to find one’s engagements, which can often be affected by weaker market, budgeting, termination or lack of skillset
- Constant job hunting – being active in the market and interviewing every 3, 6 or 12 months can be daunting for some people
- Administration hassle – contractors usually have quite a few administrative duties to keep on top of in their spare time than they would if they worked as permanent employees
- Holiday and sick pay – it’s left up to contractor’s discretion and can be seen as an additional worry
- Professional development – contractor is responsible for their own personal development which can mean extra courses & training
Three ways to know if you are ready to go contracting:
1. You have family circumstances that enable you to go periods without work
2. You are willing to commute longer for a contract
3. You are willing to be constantly job hunting for your next contract
No matter what you decided, here are some tips to become a more successful contractor:
- Flexibility – embrace longer commute, complex environment and new tools
- Networking – building on your own reputation and engaging with ex-contacts
- Proactivity – it’s all about going that extra mile and seeking work for yourself, utilising your network & building strong relationships with reputable recruiters
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I hope this has been helpful and I would love to hear more top tips and feedback!
I welcome to opportunity to speak more about this, whether you would like to meet for a coffee and find out more!
Catch me on 0113 457 1007 or drop me an email on greta.matulionyte@transition-partners.co.uk