Leaving a stable permanent job to become a contractor can be a daunting process,
but becoming a contractor needn’t be as intimidating as it seems.
We have debunked four common myths associated with contracting.
1. Contracting is only open to senior candidates
It is a mistake to think that contract roles are only open to senior candidates. Often when clients are short on skills for ‘hands on’ or operational tasks, junior candidates can be much more suitable than senior candidates. In fact, a large proportion of the contractors we place at Concilium Search have less than 5 years of experience. Often, a key advantage for junior candidates is the opportunity to earn much higher levels of income than their permanent counterparts.
2. Contractors must have their own company set up
Understandably, not everybody is comfortable with setting up a limited company; sourcing an accountant, applying for professional insurances and registering a company address are just some of the tasks associated with this. Fortunately, there are payroll services that can make this process significantly smoother; Umbrella companies will help you set up to be a contractor in almost any country and will handle almost all administrative processes for you.
3. Contractors cannot be paid sick/holiday pay
For those who would rather not be self-employed, payroll companies can also offer ‘employed solutions’ via which contractors can become an employee of the umbrella firm and in some instances be entitled to sick/holiday pay. We recommend speaking to an umbrella firm to get an understanding of how this works, please reach out if you would like any recommendations.
4. Contracting is expensive
One of the key benefits of contracting is its flexibility, meaning it can be as expensive or inexpensive as you want it to be. Many consultants opt not to travel for work and instead limit their options to remote working or to companies in the local area. Alternatively, when taking contracts that require you to travel, some clients offer travel expenses to alleviate the cost. Ultimately the cost of a contract is down to the contractor and what they are willing to accept. Before taking any contract you should also research the costs associated thoroughly.
Contracting is not easy, but it may not be as hard as you think!
If you work within the Life Science industry and would like to have a discussion regarding contract opportunities that could be available for you - please reach out at email@example.com.
Principal Consultant within the Life Sciences Contract Division