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Is it time to start thinking about contract work?
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After significant economic turbulence and an unstable job market, many talented Procurement and Supply Chain professionals are considering interim positions to enhance their careers rather than permanent positions.
It can be a great way to broaden your skill set while building experience in changing environments. Not only that, it can be a great way to control your earnings, as contract positions often provide considerably higher rates of pay than the permanent equivalent.
Life working as a contractor in Procurement and Supply Chain
Working as a contractor is a great way to build skills and experience by working in a variety of environments, and particularly suits those who thrive under pressure and love to troubleshoot. After working for long periods as a permanent employee in the same organisation many Procurement and Supply Chain contractors love the variety and challenges that interim work offers.
It is not for everyone however – some employees will always prefer the stability that permanent work offers, and don’t enjoy regularly diving into new environments. Many contractors love this aspect of the job however, the challenge of being thrust into new environments allows them to flourish.
It also offers a little more in the way of autonomy – there is far greater freedom in having the ability to say yes to or decline particular opportunities. Networked contractors who perform well in given roles often find they are in high demand and therefore have the luxury to pick and choose which assignments work best for them.
Becoming a contractor – how to set up and how to find contract jobs in Procurement and Supply Chain
Set yourself up as a limited company or engage an umbrella company
It’s important to be aware of the IR35 regulations and whether you are considered taxable in the same way as a permanent employee (inside IR35), or whether you will work as an independent business offering your services to clients (outside IR35). It can be more tax efficient to set up as a limited company but you will need ensure you can show you are running a business and not working as an employee, so you will be responsible for managing and submitting accounts, any financial risk, be operating autonomously and so on.
If an employee/PAYE status you can work through an umbrella company. They pay your salary and are responsible for paying your tax and NI payments. This removes any hassle of running your own business however does mean you can’t benefit from the same tax efficiency if operating as a limited business. You may also have to wait for pay while the umbrella organisation processes it.
Develop your personal brand
The most effective Procurement and Supply Chain contractors are aware of the importance of personal brand. Make sure your CV, LinkedIn profile and online portfolio are all up to date and have a coherent message.
Build and maintain networks
Work on maintaining and expanding professional networks to increase the number of assignments you hear about – this can range from LinkedIn or other Procurement and Supply Chain social media groups relating to your role and industry, events aimed at your industry and peers and so on. Work on strengthening your relationship with your recruiter – they will play a vital role in expanding your networks when working as a contractor.
How to start looking for a new contract Procurement and Supply Chain job?
SEA Global can assist you in finding the right job move where you can fully utilise your skills and plan for personal growth to ensure a bright future. Our consultants will help you at every step of the way, offering application support, and interview advice so you make the right impression.