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Friday, 4th JulyContactors differ from temporary employees as they have usually made a conscious decision to work on projects / assignments and are not actively seeking permanent employment-they have chosen this as a specific long-term route.
Contractors usually work on fixed term contracts and thus normally are able to plan a more secure income / work flow than standard temporary employees. Contractors normally work under contract, which gives them notice rights not enjoyed by temporary workers. They also enjoy the flexibility of planning their working life and are able to build up a skills base, which can be transferable to many different organisations.
Contractors are often paid considerably more than their permanent counterparts, especially when their skill set / experience has a particular scarcity in the marketplace. Payment is made either weekly or monthly and many contractors use limited companies to make their particular situation as tax efficient as possible (more information available on this site).
If you enjoy flexibility and prefer not to have the rigidity of set holiday allocations and time, contracting affords you a high degree of flexibility. Many contractors work solidly for 6-9 months and then take extended holidays following the completion of a project. Please be aware that a contractor is normally only remunerated while actually engaged on the project so any breaks between assignments are unpaid.
Contractors work for a fixed period of time at a client company and therefore gain a variety of experience in different cultures and management structures. This often provides lots of stimulation and motivation, which can often be difficult for some people to achieve when working in a long-term permanent job with one particular organisation. If you are the sort of individual who can become "stale", the life of a contractor could definitely be for you.
If you enjoy a particular part of your job or have specific expertise in a given field, contracting often gives you the ability to decide on the type and nature of your work. This is a luxury not usually available to permanent employees. However, the laws of supply and demand often apply and contractors are not always able to "pick and choose" their work.
As with anything in life, there can be a downside...
Contractors often need to be flexible and "go where the work is". This can either necessitate long commutes or even relocation. Contract assignments can often be based anywhere in the UK or even overseas. It is not unheard of for contractors to spend Monday to Friday in a B&B and return to their home only at weekends.
Contract work is assignment driven and very much depends on the prevailing market. At certain times or periods within the year it may be difficult to find work. As contractors are only paid for the time they are working, any breaks can be difficult to budget for unless you are very disciplined with your finances.
As discussed, contractors have a limited shelf life with a particular company...once a project is completed you need a new organisation to work for. Although the variety of experience will have some value for you CV, there is little opportunity for career progression and you can quickly be labelled as a "serial contractor". Accountancy, like many professions, is constantly changing and there is little opportunity (if any) to pick up additional training through your client companies. Any courses / further qualifications will normally have to be self-financed.
