What to Expect When Considering Contract Work
Are you an expert in your field? Do you have a portfolio of successful project deliveries? Do you feel as though your ability to be innovative is stifled by challenging processes or that you are being held back by a lack of developmental opportunities? These are only some of the reasons why talented technical staff make the change from permanent employment to contracting.
Far from being a terrifying leap of faith, many organisations are now reaping the benefits of employing contractors to address their talent shortage issues and to facilitate successful project deliveries. Contractors offer a very efficient and cost-effective alternative to permanent employees, being utilised only when required without the fixed overheads of PAYE employment.
Taking a hybrid approach to resourcing is proving beneficial to business success, making now the ideal time for career-focused individuals to supplement their income or change their career direction.
What to Expect When Considering Contract Work
The tech industry is just one of many that are struggling to fill vacancies following the Great Resignation of 2021. Even organisations with highly attractive benefits packages are finding it challenging to bring in the necessary personnel to achieve all of their business objectives and this is where contracting comes in.
Contractors are responsible for identifying and pursuing their next opportunity. They can be very flexible in the way that they deliver, often benefiting from increased levels of autonomy, but this is balanced against the need to plan their workload carefully to avoid fallow periods between assignments.
Contractors are paid a day rate that reflects their experience and risk appetite. They are entirely responsible for reporting their earnings to HMRC and ensuring that they remain compliant with tax and self-employment legislation. They treat each and every assignment as a bespoke contractual relationship and are expected to hit the ground running, delivering results within a very short timescale.
The terms and conditions that apply to every assignment will be different and mutually agreed between the contractor and hiring organisation prior to commencement. They will detail the agreed day rate, the duration of the assignment and the expected output. Successfully delivering on every assignment will greatly improve your visibility with the community and keep you in demand.
Understanding the Benefits and Drawbacks of Contract Work
Contracting offers many benefits to talented technical personnel. With boundless opportunities across the IT, HR, Digital and Public sector to participate in or lead exciting and high-profile projects, your ability to develop your skills, apply your existing knowledge and expand your professional network are limited only by your own imagination.
Where an organisation is experiencing a talent shortage, they will often bring in contract staff to supplement gaps in the workforce or to deliver a bespoke element of a project, often something that requires specific knowledge or experience in a niche subject area.
Whilst contracting offers exciting opportunities to talented individuals, it must always be remembered that there is no long-term agreement with the hiring organisation and that you will not be entitled to paid holidays, sick pay or other employee benefits. This means that you need to earn enough to pay yourself a decent income and to cover any fallow periods between assignments.
Tips for Finding Contracting Positions
Once you have successfully delivered at a number of different organisations, you will develop a reputation and should be in high demand by organisations requiring your skills and experience.
Until this point, you will need to identify opportunities where you can add benefit and develop your experience. You will need to understand the type of contract that will help you on this trajectory and the roles that will best suit your capabilities.
Remembering that every organisation's terms and conditions will be slightly different, it is essential that you make no assumptions but thoroughly review all paperwork associated with each assignment prior to agreeing to it.
For those that are considering making the move to contracting, Addition+ are a highly experienced talent partner who can help you to secure your first position. We introduce the best talent to the organisations that need them, ensuring mutual benefit.
Contact us today to learn more about how we can find your ideal role and help develop your career.
https://www.additionsolutions.co.uk/services
Far from being a terrifying leap of faith, many organisations are now reaping the benefits of employing contractors to address their talent shortage issues and to facilitate successful project deliveries. Contractors offer a very efficient and cost-effective alternative to permanent employees, being utilised only when required without the fixed overheads of PAYE employment.
Taking a hybrid approach to resourcing is proving beneficial to business success, making now the ideal time for career-focused individuals to supplement their income or change their career direction.
What to Expect When Considering Contract Work
The tech industry is just one of many that are struggling to fill vacancies following the Great Resignation of 2021. Even organisations with highly attractive benefits packages are finding it challenging to bring in the necessary personnel to achieve all of their business objectives and this is where contracting comes in.
Contractors are responsible for identifying and pursuing their next opportunity. They can be very flexible in the way that they deliver, often benefiting from increased levels of autonomy, but this is balanced against the need to plan their workload carefully to avoid fallow periods between assignments.
Contractors are paid a day rate that reflects their experience and risk appetite. They are entirely responsible for reporting their earnings to HMRC and ensuring that they remain compliant with tax and self-employment legislation. They treat each and every assignment as a bespoke contractual relationship and are expected to hit the ground running, delivering results within a very short timescale.
The terms and conditions that apply to every assignment will be different and mutually agreed between the contractor and hiring organisation prior to commencement. They will detail the agreed day rate, the duration of the assignment and the expected output. Successfully delivering on every assignment will greatly improve your visibility with the community and keep you in demand.
Understanding the Benefits and Drawbacks of Contract Work
Contracting offers many benefits to talented technical personnel. With boundless opportunities across the IT, HR, Digital and Public sector to participate in or lead exciting and high-profile projects, your ability to develop your skills, apply your existing knowledge and expand your professional network are limited only by your own imagination.
Where an organisation is experiencing a talent shortage, they will often bring in contract staff to supplement gaps in the workforce or to deliver a bespoke element of a project, often something that requires specific knowledge or experience in a niche subject area.
Whilst contracting offers exciting opportunities to talented individuals, it must always be remembered that there is no long-term agreement with the hiring organisation and that you will not be entitled to paid holidays, sick pay or other employee benefits. This means that you need to earn enough to pay yourself a decent income and to cover any fallow periods between assignments.
Tips for Finding Contracting Positions
Once you have successfully delivered at a number of different organisations, you will develop a reputation and should be in high demand by organisations requiring your skills and experience.
Until this point, you will need to identify opportunities where you can add benefit and develop your experience. You will need to understand the type of contract that will help you on this trajectory and the roles that will best suit your capabilities.
Remembering that every organisation's terms and conditions will be slightly different, it is essential that you make no assumptions but thoroughly review all paperwork associated with each assignment prior to agreeing to it.
For those that are considering making the move to contracting, Addition+ are a highly experienced talent partner who can help you to secure your first position. We introduce the best talent to the organisations that need them, ensuring mutual benefit.
Contact us today to learn more about how we can find your ideal role and help develop your career.
https://www.additionsolutions.co.uk/services