Should I turn down a fixed term contract to wait for a permanent role?
As a result of continuing tough market conditions a fair number of candidates still find themselves on the market looking for a position whilst not currently employed, particularly at the senior end of the market. For these individuals it can be a very challenging time, and as discussed in some of our previous blogs it is important that you have a game plan.
Uncertain market conditions create a dilemma for some candidates. Do they accept a fixed term contract or do they be brave and hold out for their “dream” role? It is not straight forward but there are a number of questions you should ask yourself before deciding whether to take a fixed term contract or wait for a permanent position.
How marketable are your skills and experience? - If you have been looking for a new role for a period of time you should get a real sense as to how marketable your specific skills and experiences are given the current market conditions. With continued competition clients will often be looking for the most relevant experience available and so you need to identify how many roles are available that match your specific experience.
Be honest with yourself about how your job search is going– If you have been looking for a while you will also have a feel about how it is going. What response have you had from the market? How many irons do you have in the fire? My advice here is with the competitive nature of the market you need to be in quite a few processes to stand a good chance of landing a role.
Realistically how long can you afford to be out of work?- This question will be pivotal in whether to take an interim role because this will affect your appetite for risk.
How long is the contract for?- This can be a double edged sword. If it is a role which is going to add to your skills and experience then clearly a longer term contract will give you more stability. A longer contract will also afford you the time to focus on securing the right role.
Accepting a temporary or fixed term contract can be lucrative and many contractors enjoy the freedom of being in charge of their own careers, but is this really the right approach for you?-At first glance, the answer to this question may appear obvious. Any form of gainful employment, even temporary employment, is widely considered preferable to prolonged unemployment. As always it is not that simple. At a more senior level it is widely accepted that because of the nature of the market over the last few years it will often take individuals a sustained period of time to find a new role. Many people find temporary work to be very beneficial, since both employee and employer understand the temporary nature of the job and fixed term contracts. For the individual it can be a great way to broaden their experience and work maybe within a new sector. For the client they are likely to be gaining a very flexible solution to a problem. Of course the downside is that in a competitive market, looking for a new role can be a full time job and therefore by accepting a fixed term contract you may be reducing your chances of securing the permanent role your really desire. From a CV perspective the positives also depend on what the contract will add to you? Is it additional skills and experiences that will be attractive for the sought of role you are looking to secure?
So to summarise…..
Contract
Could lead to a permanent role
More flexibility to attend interviews
Could provide experience and knowledge in new areas/sectors
Length of contract is important
Potentially Higher earnings
Could be better from a CV perspective than a long period not working
Satisfy your financial needs in the short term
Permanent
Security and stability
Training and learning opportunities and career progression
More likely to achieve a higher profile or managerial position
Benefits, bonus, holiday pay and pay increases
More rights as a permanent employee
May suit your broader career plan
Without question it can be incredibly difficult to decide between accepting a fixed-term contracts or holding out for a permanent role. It can be argued you are better performing a fixed term contract role than accepting a permanent role which for a variety of reasons may not last. In the current market I am generally advising candidates to go for the short term contracts and I gave seen it work well for a number of individuals. It is a big decision for anyone to make and I feel ultimately it will come down to an individual’s personal circumstances, marketability and preferences. Hopefully some of the comments above will provoke thought and reflection for anybody in this difficult situation.