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Contracting in Financial Services

The Benefits Of Contracting In Financial Services

Contracting in Financial Services

Contracting work is certainly becoming more and more common in Ireland today, and it’s not just in IT. In Financial Services we are seeing a growing demand for contract employees, particularly in the fund servicing industry. Below are several pros and cons to contracting to help jobseekers make an educated decision on their next appointment.

 

Many individuals are open to the idea of more short term, project based work but it depends on whether or not this would be a suitable option for them. Sigmar recruits for a wide range of contracts for a number of clients nationwide ranging from project manager/business analyst implementation roles to operational positions so the sky is the limit in terms of finding a contract positions that would suit you.

 

The premise of this article is not to persuade people to adopt contract work, but to weigh up the pros and cons of contracting and hopefully open up a few minds in the process. Mostly geared towards the fund servicing industry, professionals from other sectors can take some value from this.

 

table

 

Looking at the table we see some good arguments on both sides of the coin. What it really comes down to however, is the individual. Depending on your situation certain points will carry more or less weight. Like, for example, if you’re planning a family or looking for a mortgage, job security and benefits (maternity leave in this case) contract working would not be your best option.

 

Before considering contract employment in your sector though, it’s important to understand the market first. Research trends, and identify the skills that are in demand. A good starting point is checking out salary surveys which are published annually by credible recruitment agencies. Sigmar's Salary Survey 2017 gives expert insights into the market, reviewing trends and offering insight into how things are likely to unfold over the year ahead.

Posted by Recruitment Consultant, Sigmar on 4 December 2017

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Irish jobs market reaches 20-year high, as office re-entry drives unprecedented levels of recruitment activity

Irish jobs market reaches 20-year high, as office re-entry drives unprecedented levels of recruitment activity

Sigmar Recruitment today reports a record high number of job placements over April, May, and June 2021. The number of placements during this period is higher than any other quarter in the recruitment company’s 20-year history. Current figures are up 6% on the previous record set in 2019 before the pandemic. As one of the largest recruiters in Ireland, Sigmar has offices across the country and is present in all professional sectors. The first half of the year saw strong, consistent growth with job placements breaking all records in the month of May, with June accounting for the second-highest month ever. Commenting on the rebound of the labour market, Sigmar founding Director, Robert Mac Giolla Phádraig says: “The jobs market in Ireland has never been stronger or more buoyant than it currently is. We’re seeing several macro trends converge all at once, which is creating significant churn in the market. Remote working has literally opened up a world of new opportunities no longer bound by location. This is coupled with a rising tide of consumer confidence, as many professionals find themselves in a stronger financial position than before the pandemic. “The last 18 months has asked big questions of us all, and the humdrum of lockdown has created a desire for change which is now resulting in unprecedented numbers of people moving jobs. Employee loyalty is increasingly under question, with remote work being less enjoyable, many workers are now committed to the experience of work over the employer, adding further to the current levels of churn.” IT accounted for one-third of all job placements throughout the quarter, followed in order by Financial Services, Sales & Marketing, Accountancy, Life Science & Manufacturing, Office Support, Public Sector, Construction, Professional Services. Business confidence has also grown steadily over the course of the year, as vaccination gathered momentum. The “low-touch economy” is booming is sectors such as e-commerce, digital, and logistics. Says Mac Giolla Phádraig: “The resurgence of permanent recruitment is somewhat unique to how we’ve rebounded from previous downturns, where we typically saw flexible work return quicker.” Although the vast majority of job placement in Q2 were understandably remote, Sigmar reports that the tide is beginning to change with the majority of employers now committing to hybrid work over the coming three months. Mac Giolla Phádraig advises: “As we now choose our workplaces, at a time when the power dynamic has shifted to the employee, employers need to ensure adequate work practices to reconnect the workforce with the workplace equitably. There is an inherent risk that new workforce inequities may emerge, such as “proximity bias”, where those closest to the centre of influence get greater recognition and therefore promotion opportunities as opposed to remote workers. When it comes to individual contribution the opposite could be argued that remote workers get the benefit of having less in-office distractions and their output is therefore greater.” Mac Giolla Phádraig likens remote work to long-distance relationships, which in many cases don’t work out. “We’ve gone from “living” with our employees in an office environment to long-distance relationships, which often sees commitment recede over time. The context of location also opens up new experiences and possibilities, which are now being explored on a scale never before seen.” He adds, “if we thought the war for talent was tough, just wait for the battle of attrition. It’s now emerging as the number one challenge for businesses across the globe.”