Many professionals have been employed full-time for so long that contracts are associated with risk, uncertainty, financial insecurity, job hopping, and starting over.
What is the truth behind these preconceptions?
It is possible to earn much money and professional satisfaction through contracting. Diversification, flexibility, and increased earning potential are benefits of contract work or top admin jobs in Singapore. There are also the benefits that come with being your boss, such as more control over your schedule and better work-life balance.
It’s also not as uncommon as people think to hire contractors. Gig workers, particularly in Singapore, are becoming increasingly essential with the rise of the gig economy.
Ninety-two percent of Singaporean CFOs would permanently hire an employee who has worked continuously as a contractor.
Digital transformation initiatives are frequently implemented by interim IT employees/contractors hired by 53% of Singaporean CIOs.
McKinsey Global Institute research shows that 20-30% of working-age Americans work independently.
Over the past five years, one in two employers surveyed by Ernst & Young has increased their use of contingent workers.
Singapore Contract Work Benefits
There’s no doubt that contract work is a significant part of the workforce; here are some benefits.
1. Experience Working for a Variety of Organizations
You will be exposed to various organizations, industries, and sectors as a contractor.
A diverse workplace is intellectually stimulating, encourages continuous improvement, and maintains the relevance of your skills.
2. Become More Flexible and Autonomous
Interested in booking a holiday that exceeds your annual leave allowance? Would you like to work intensely on a project and take a break afterward? Do you want to be independent of a particular company or job?
Contract work could fit you well if you want more flexibility and autonomy. Your career (and schedule) will be in your hands.
3. Earn More Money
It is possible to command a higher salary package by contracting than holding the same position. Your hourly rate will increase as you gain experience.
It is likely that your earning potential will increase faster over time, especially if you are offered back-to-back contracts or if your skills are in high demand.
4. Become More Resilient
It’s not just a job – contracting helps you build resilience and adaptability. Technology rapidly changes the world, making resilience a highly sought-after and transferrable skill.
Exercising your resilience will prepare you to handle whatever life throws you. You won’t have all your eggs in one basket, so that you can move with industry changes instead of against them.
5. Explore the World More
Contractors have more time to travel. If your skills are needed in various cities and countries, you could ‘follow the work’ worldwide.
Traveling more might be possible if your skills are country-specific. Consider negotiating remote working into your contract or planning vacation breaks between projects.
6. Don’t Settle for a Job You Don’t Like
Before committing to a long-term position, consider negotiating a temporary contract.
Even though contract work doesn’t guarantee permanent employment, it’s always possible. You can negotiate a full-time position if you make a great impression – now or in the future.
Attract More Companiesand Get Contract Work.
Companies benefit from contract work in many ways, including cost savings (36% enjoy greater control over staffing costs) and better resource utilization.
The contractor receives a higher hourly rate than a full-time employee but doesn’t have to worry about insurance, holidays, sick leave, equipment, office space, or employee benefits, so that the company can save much money. Several companies will be attracted to your flexibility and transience.
Read Also: Accounting Service in Singapore
Contract work offers a variety of benefits, including greater flexibility, higher earning potential, and the chance to travel.