The modern contractor in Yorkshire works to live, not lives to work
In the aftermath of the COVID-19 pandemic, we've observed a significant shift in career dynamics, particularly among young finance professionals. Traditionally, candidates in this sector would be climbing the corporate ladder within permanent roles, driven by aspirations of progression and long-term stability. However, my recent experiences suggest a growing trend: many young professionals are now actively seeking interim and contract finance opportunities. This change is not just a blip on the radar; it represents a broader transformation in how we perceive work and career progression.
A New Generation of Contractors
Historically, contracting in finance was often the domain of senior professionals. These individuals, having achieved a certain level of financial security—often symbolised by paying off their mortgage—opted for contracting as a lifestyle choice. The flexibility of interim roles offered them a reprieve from the pressures of senior permanent positions while still allowing them to leverage their expertise at a premium rate.
However, the pandemic has catalysed a shift in this narrative. Young professionals, who would traditionally be on a path of steady progression within permanent roles, are now showing interest in fixed-term contracts (FTCs) with the intention of interspersing work with periods of travel. This new generation of contractors is redefining career trajectories, prioritising flexibility and work-life balance over the conventional climb up the corporate ladder.
The Influence of COVID-19 on Career Choices
The COVID-19 pandemic has indisputably altered our approach to work. Lockdowns and social distancing measures forced many to reassess their work-life balance and consider what truly matters to them. Consequently, the notion of "working to live" has gained prominence over "living to work".
This paradigm shift is particularly evident among younger professionals who have witnessed the challenges and uncertainties brought about by the pandemic. They are increasingly valuing experiences, personal growth, and mental well-being over traditional markers of success, such as job titles and long-term job security. Interim and contract roles offer a unique solution, providing both the professional engagement and the flexibility to pursue personal interests outside of work.
Business Adaptability and the Rise of Remote Work
The pandemic has also compelled businesses to become more agile and adaptive. Remote working, once considered a perk, has become the norm, as evidenced by our latest research, which found that 90% of employers in Yorkshire offer remote/hybrid working options. This shift has made interim and contract roles more viable and attractive. Organisations have realised the benefits of flexible work arrangements, such as reduced overhead costs and access to a broader talent pool unconstrained by geographic limitations.
As businesses embrace this new flexibility, they are more willing to accommodate interim professionals, recognising the value they bring in terms of expertise and adaptability. This has created a fertile ground for young professionals to explore interim opportunities without the fear of career stagnation.
Financial Incentives and the Appeal of Premium Rates
Another compelling reason for the rise in interim and contract roles is the financial incentive. Contracting typically offers higher rates compared to permanent positions, compensating for the lack of long-term job security and benefits. For young professionals, this means the opportunity to earn more in a shorter period, enabling them to fund their travels and other personal pursuits.
Moreover, the experience gained through diverse interim roles can be invaluable. It allows young professionals to build a robust portfolio, demonstrating their ability to adapt and thrive in various settings—a quality highly sought after in today's dynamic job market.
Conclusion: Embracing a New Way of Working
The rise of young people opting for interim and contract finance opportunities post-COVID signifies a fundamental shift in career preferences. This movement reflects a broader change in societal values, prioritising flexibility, personal growth, and work-life balance over traditional career progression.
For businesses, this shift presents both opportunities and challenges. Adapting to this new workforce dynamic requires flexibility, but it also promises access to a diverse pool of talented professionals who bring fresh perspectives and adaptability to the table.
As we navigate this evolving landscape, it is crucial for both employers and professionals to remain open to change, embracing the new possibilities that interim and contract roles present. In doing so, we can create a more dynamic, resilient, and fulfilling work environment for all.
By understanding and adapting to these trends, we not only enhance our professional lives but also align our careers with our personal values and aspirations. So, whether you are a young professional contemplating your next move or a business looking to tap into this new talent pool, the future is certainly looking flexible and promising.
Explore new fixed-term contract opportunities with Marks Sattin
At Marks Sattin, our consultants make sure to keep abreast of the latest trends in their markets.
Ultimately, FTCs are a great opportunity to learn new skills, undertake project work, and take on a new challenge in a business you may not have considered previously.
As a specialist recruitment and executive search firm with over 30 years of experience, we've helped many professionals find their next exciting opportunity, whether that's within global organisations or growing SMEs.
And across different sectors such as finance, technology and transformation.
If you are considering your options, please reach out to one of our qualified consultants, who are best placed to advise you on your next steps. Or register your details to shortlist jobs and sign up for job alerts so you're the first to hear about our latest opportunities.
