IT Contractor Jobs - Finding IT Contract Work

For many contractors, the very thought of having to take a permanent role again is usually enough encouragement to try extra hard to find work when out of contract. But what do you do when the contract market for your skills has dried up?

An email we received from one of our visitors this weeks pretty much sums up the predicament many contractors find themselves in currently:

"I am out of contract at the moment and I have been looking around for the last few weeks. I have definitely noticed an upsurge myself (although the agents that I speak to are still claiming anything up to 150 applications per contract which is slightly alarming).

"I wanted to ask you whether you had a view on how the contract market will shift over the next few months. I am trying to decide whether to hold out for a contract, or consider a permanent role for the time being."

For contractors in this situation, there are a number of factors to consider - which will vary depending on your individual circumstances:

1. State of the economy

Clearly, the main question is what is likely to happen to the contract market over the coming 6 months to one year? Despite the upcoming public sector cuts, many leading economists now think that the UK will avoid an double dip recession, and growth is likely to continue in 2011, albeit at a gentle pace.

The majority of job-related reports we have received at Contract Eye since the start of 2010 have been positive about the recovery in the contract market. The latest, from SSL, shows that the number of contract vacancies has risen by over 20% since January 2010. Rates have also increased.

2. Market for your skills

Your decision on whether or not to wait for a new contract or take a permanent role will also depend to a great extent on your personal skills, experience, and the demand for any industry or sector specific skills. Public sector contractors are clearly likely to have a harder time of it in 2011, for example.

3. Making hay while the sun shines

One of the golden rules of contracting is to make sure you save money while the going is good, to tide you through difficult times (such as these). If your rainy day fund is healthy, clearly you have more time to play with.

4. Security

A lack of job security is something career contractors must accept in order to succeed. In fact, many thrive on it. In addition, permanent roles are less secure than at any time in the past, as working patterns have changed so much. Just how 'secure' is a permanent job anyway?

5. Overall picture

Overall, the main factor in your personal decision to go permanent or not will depend on your financial situation. If you have plenty of savings, you may well be tempted to wait for that next contract and a general recovery in market conditions.

If you are low on funds, and particularly if you have dependents to take care of, taking a permanent role for a period of time could well provide the answer to your needs.

There's nothing stopping you leaving the permanent role if a juicy contract turns up in the meantime - it is not a 'job for life'!