Is Contracting Right for You? Three Key Questions To Ask Yourself Before Moving To Contact Life Sciences01 Dec, 20223 minutes
Are you considering a career move into contracting? You're not alone. Many people in the Lif...
Are you considering a career move into contracting? You're not alone. Many people in the Life Sciences industry work alongside contractors, and you might be wondering if it's the right choice for you. It can be a daunting decision, especially if you've never been a contractor before. But there are plenty of reasons why you might want to consider it.
Money and flexibility are two of the biggest draws for many contractors.
You could earn up to 40% more than you would in a permanent role, and you have the freedom to move between roles, work part-time, or take time out whenever you need to. You'll also have the opportunity to broaden your experience and work abroad without having to relocate permanently.
But it's not all sunshine and rainbows. There are also some potential negatives that you need to consider. Financial insecurity, uncertainty over future roles, and market-dependent opportunities, to name a few. If the market is slow you may need to take less desirable roles.
So, how do you know if contracting is right for you? For many, the answer to this will be “absolutely”, and many of our contractors wish they had made the move sooner. However, contracting isn’t right for everyone, it depends on your career situation, personal life, goals, values, etc.
There are three key questions you should consider before taking the leap.
1. Will I find work?
Do some research and assess the contract job market for your functional area and preferred locations. You can search our database of vacancies or contact us for more information about the quality and quantity of contract opportunities in the current market. We can also offer you advice on the contract market in general.
2. How much will I earn?
Do some calculations and look at the best-case and worst-case scenarios when it comes to financial reward. Is the pay increase for the best case worth the jump from a permanent role? Can you survive on the worst case financially, and if so, for how long? If you decide to move into contracting, taking on an accountant for your tax returns is definitely advisable. Contact us for any advice and help regarding this.
3. Is now the right time?
Consider this question from both a professional and personal point of view. What do you want to achieve in your career? If you're motivated by a promotion, a career ladder, or people management, then a permanent role might be more suitable for you. But if you want to broaden your experience, try a new area or company, contracting could be ideal.
You should also consider this question from a personal point of view, especially if you have children. Do you need financial or job security from a permanent role, or is it increased flexibility and extra income you are after? It’s important to discuss the situation with your family before deciding on a move to contracting.
If you're interested in contracting, our recruitment consultants would be happy to help. Get in touch with us for an initial conversation, help, and advice. Remember, contracting isn't for everyone, but it could be the perfect fit for you.