Benefits of Contract Work in Financial Services
The financial services job market in Ireland is adopting England’s contract precedent in the sector. Global bank and boutique fund companies use agencies for headcount control and budgetary control. The vast majority of our contractors would move into a permanent role or into another area of the business once their contract is completed, and use the contract as a foot-in-the-door to their company of choice. This model of accepting a contract position, that is designed to last for a fixed amount of time, has its benefits in the current market.
Significantly salary growth of around 10% is predicted during this year in the contracts area of financial services. Top industry picks in 2017 include hedge fund accounting, regulatory reporting/compliance and risk roles. From a job seeker’s perspective within these areas, contract work offers a perfect chance for a career switch to try on different area, work in various types of sectors or add new skills and experience.
The additional benefits of contract work include the following:
- Career progression — Contracts offer individuals at associate level the opportunity to make the transition to supervisor/assistant management level which can be difficult to do in a permanent job in some financial services companies due to flat structures internally.
- Higher salary —Contracts will get you better pay. They offer a higher basic salary in lieu of a benefits package. You can make your experience really work to your advantage. Employers are typically willing to pay you generously, providing you meet their requirements, if you solve their problem or need quickly. Employers tend to really value experience, since they want to bring onboard someone who can jump right in and hit the ground running.
- Contracts get you back into employment quicker —Onboarding for contracts moves much faster than permanent roles, due to the fact that they are filling an urgent vacancy.
- Potential for permanency and/or contract extension —You get a chance to get your foot in the door in excellent companies of your choice and if you really impress the employer this can lead to an offer to be brought on board full-time as a permanent employee
- Win-win for jobseeker —it might be just the flexible work schedule you’re looking for or if it’s a permanent job you really want, it still can go in your favour.
- Choice and flexibility —You have an opportunity to sample a number of employers in your industry by taking on a series of different contracts in a variety of sectors. Contract roles also usually only require 1-2 weeks’ notice so you can still keep looking for a permanent role while earning money
- Trial run —Experience an organisation before taking a permanent position
- Builds your professional networkwhich may lead to opportunities in the future
- Keeps your CV currentand your skillset up to date
- Bridges the gap between your permanent rolesif you have been out of your industry due to travelling/voluntary redundancy/returning to education etc.
For additional information or if you want to have a chat about current live roles contact us on 01-6760505 or email firstname.lastname@example.org (Roles available in Dublin and nationwide)