When looking for a job in finance, most people want security. Having a permanent position in a company means you don’t have to worry about a steady income. It is a place to hang up your professional hat. The truth is, no job is permanent, and you may not have any control over the stability of your position.
More companies are starting to hire professionals on contract. This is the gig economy, and it gives them the flexibility of short-term hires when they need it. While it doesn’t seem like a secure way to work, there are many advantages to contract jobs that you may not have realized.
Contract finance jobs give you great variety and flexibility while building your skillset and expanding your network. It allows you to progress in your career, and if you find the right fit, you may have an opportunity to jump into a permanent position. This new, flexible economy is right down your alley for those who like to be free and be their boss.
Here are six benefits of contract finance jobs:
1. Developing New Skills
When working for one company, you will mostly work in one field. You develop expertise, but you can get pigeonholed into that one specialty. This isn’t the case with contract work.
You will be working with multiple companies and have the opportunity to broaden your skillset. Assignments will cover many different areas, including accounting, financial reporting, and forecasting, to name a few. Also, you will work with different systems and learn various software, which expands your knowledge and puts you ahead of the pack. The more you learn, the more attractive you are to a new employer.
2. Higher Salary
As you develop more skills, your pay scale increases. You will have an advantage over other potential hires and can command a high salary. Companies want contract employees who can function well in various departments and pay you more.
Another reason why salaries are higher is that there are no benefits, perks, or pensions paid to you. The employer can increase the salary as a result. This compensation is far above the standard pay rate of full-time salaried staff.
3. Job Variety
Working the same job year after year can get stagnant. You do the same tasks daily and see the same people with long-term employment. While that might be ok for some, you may want to have more variety.
Contract finance jobs open up your world to exciting, new challenges. Office dynamics can be tough, but you will experience different groups of people and new office cultures. It is a breath of fresh air and the challenge of a new position that will keep you inspired at a new company.
4. Network Building
When you work for different companies, you will meet many people in the finance industry. They are across many disciplines, and this network of connections will be an advantage when looking for new work. You will interact with more HR heads and CFOs, and other management. They could have connections in the industry that will help your career.
Building this web of contacts can assist in asking for recommendations and hearing about quick, short-term hires or other contract positions when they come up. Foster these contacts, and your employment opportunities will grow.
5. Try Out Different Companies and Industries
Working on a contract gives you a little taste of a company. This is a smart way to see if you feel comfortable there. Then when a permanent position comes up, you can decide if it is right for you. You get to learn what fits you across the finance world because contract work opens doors to different industries. A short-term position might come to you that you never thought you would like.
This sampling is a huge advantage because the last thing you want is to take a full-time job that makes you unhappy. Use this flexibility to experience different roles and companies; it will help you find where your passion lies.
6. Potential for a Permanent Position
As you work for different companies, you may find the perfect fit. Working on a contract gets your foot in the door and gives you a set period to prove your worth. If you like your role in the company and do an excellent job, they may offer you an extension or a full-time position. If not, then you may find it at the next place.
While contract work may bridge the gap between a permanent job, you should act like a full-time employee. This employment moves quickly because you are filling an urgent need, and it’s up to you to show your value.
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