Ever desired to be your personal boss? Becoming a contractor could possibly be for you! – Viewpoint

The demand for non-permanent staff has increased over the previous couple of years, making it a lucrative marketplace for contractors. Individuals with the suitable specialist skills could be of use to a variety of organisations and revel in plenty of advantages in the method. 

Is that this profession path best for you? Does it give you the opportunities you’re searching for? And, if that’s the case, how are you going to start? 

I recently led a LinkedIn live event through which I explored the world of contracting, discussing all the pieces from the advantages of being a contractor to the abilities you’ll need. Listed here are the important thing takeaway points. 

Why are contractors in demand? 

Not only are contractors highly wanted without delay, but I expect it to be the identical into 2024 and possibly beyond that. How come? 

Certainly one of the important reasons is the provision of expert staff – or, quite, lack of supply. Let’s pick on technology for instance. There just aren’t enough technology staff. Employers need to herald individuals with these skills, and contractors are the answer, especially if it takes less time to onboard them. 

Hiring contractors also makes it easier for employers to scale up or down the dimensions of their workforce. There are various reasons for this. Here in Canada, it could possibly be that the snowfall means it’s unwise to rent agricultural staff all 12 months round. Meanwhile, in construction, the necessity for staff depends on the length and size of the project. 

Which industries are hiring? 

The easy answer is, just about all of them. Nonetheless, our own insights at Hays show us that there are some areas where contractors are particularly in demand. 

An obvious one to start out with is technology. Not only are big tech firms hiring non-permanent staff, but organisations in other sectors, resembling banks and government bodies, are searching for IT contractors to support them as they grow or evolve within the digital space. James Milligan, Global Head of Technology Solutions at Hay, has put together some things to contemplate before you jump in. 

Engineers have specialist skills that appeal to businesses within the sector, in addition to those in other areas, and is due to this fact a career that lends itself to contracting. We even have vocations which might be higher suited to shorter projects versus everlasting employment, resembling mining and consulting.  

What are the benefits to being a contractor? 

As alluded to within the title, you’re ultimately your personal boss. It’s a part of the legal status! This offers you a variety of freedom – you’ll be able to select when to work, and who your clients are. In response to 41% of the respondents to a recent poll that Hays posted on LinkedIn, that is the most important advantage of leaving full-time employment behind. 

Then there’s the whole compensation. Versus being a daily worker who earns the salary offered by your employer, as a contractor, you’ll be able to set their very own rates. When you offer your services on an hourly basis, this might end in a better annual income. Possibly the hourly employee has a second customer or passion project which could usher in extra money. 

It’s rather more common for contractors to be flexible staff. Your employer may not must see you day-after-day, and even in any respect – just so long as the work is getting accomplished. 

What are the abilities and traits you wish? 

It probably goes without saying that you just’ll need the technical expertise, but what else is essential? 

A key one is being motivated. If a contract ends every few months, you have got to be prepared to get on the market and find your next task. My colleague, Marc Burrage, has written about this at greater length here. 

Are you energetic on LinkedIn and comfy in reaching out to your network? Following one other Hays poll on LinkedIn, 52% of the ten,045 respondents stated that crucial trait for a contractor is the flexibility to construct and maintain relationships.  

Being your personal boss, you want to have the opportunity to administer your corporation. This implies keeping a calendar, coping with insurance requirements and excited about the perfect option to actually pay yourself. 

How can I discover more? 

This text only scratches the surface of what I discussed in the course of the event. To observe me go into more detail on the entire topics above and more, plus hear my answers to questions from the audience, I like to recommend you watch the event back in full here.