Redundancy is not the end!
Have you been made redundant or is redundancy on the cards? It’s not a disaster; in fact it could be just the incentive you need to unlock your hidden potential and achieve more than you thought possible, through a new beginning in contracting…
Advantages of contracting include:
- Higher take home pay – even if they actually work less hours than before, contractors can still earn around 2.5 times the earnings of permanent employees.
- Greater career choice and flexibility – You decide which contracts to take, when and for how long so you can have as much or as little variety in your career as you wish. There has been an increase of 7.7% year-on-year in available contract jobs, so you should have plenty of choice.
Remember! Contracting isn’t an easy option but it should make you stronger and more confident in controlling your own career. If you’re willing to put in the groundwork and time, contracting can reward you as much as the effort you put in.
- Design your life around work, not the other way around Once you discover you can earn the same amount working for fewer hours, you can decide whether to use the extra hours to earn more or to take advantage of time for family, hobbies, travel, volunteering, studying or pursuing other passions.
- Work wherever you like Few things are more soul destroying than a two-hour commute each day. Many contractors work from home. Imagine the bliss of getting up and having a one minute commute! You can even work in the garden, park or coffee shop, wherever suits you best.
- Be your own boss When you decide to go contracting, your professional development and career progression are completely up to you and you control your own destiny.
Read our blog “Five Reasons to be Your Own Boss in 2016” to see why now is the perfect time to start contracting.
- Control when you work, for whom and for how long If you only want to work certain hours or days, then you can! You could arrange your contracts so you’re free in term time or all summer, whatever suits you.
It’s also up to you how much time you can give to each contract and whether the work is suitable for you. If it doesn’t interest you, there’s always the option of turning it down!
This freedom empowers you to use your skills and experience on your terms to further your career aspirations and goals.
If you’re interested in contracting, why not speak to people who are already contracting and ask their opinions and advice? There’s lots of support for contractors via online business communities and support groups. Similarly, a good contractor accountant will take away any financial worries.
Who wouldn’t want to wake up every workday full of energy and passion, knowing that you can go as far and as fast as your own efforts will take you?
If you are facing any stage of redundancy, we hope that by bringing them to your attention, we have given you insight into some of the advantages to be gained through contracting.
This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.