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Is executive contracting a good career move?

Kristina Thomas • May 16, 2024

Executive Contracting, is it a good career move?

In today's dynamic business landscape, the traditional career trajectory is evolving rapidly. Gone are the days of spending decades climbing the corporate ladder within a single organisation. Instead, professionals are increasingly turning to executive contracting as a flexible and rewarding career option. But is it the right choice for you?


The Rise of Executive Contracting


Across Australia, the demand for executive contractors is on the rise. Organisations are recognising the need for specialised skills at specific points in their growth journey. Whether it's navigating digital transformation, leading a restructuring effort, or spearheading expansion into new markets, executives with niche expertise are in high demand.


Pros of Executive Contracting


1. Flexibility: One of the biggest advantages of executive contracting is the flexibility it offers. Contractors have the freedom to choose their projects, work on their own terms, and maintain a healthy work-life balance.


2. Expansion of Network: Contracting exposes executives to a diverse range of industries, companies, and professionals. This expands their network significantly, opening doors to new opportunities and collaborations.


3. Varied Projects: Executive contractors thrive on variety. Each project brings new challenges and opportunities for growth, allowing contractors to continuously expand their skill set and knowledge base.


4. Recognition as a Specialist: By focusing on specific pain points or areas of expertise, executive contractors become recognised as specialists in their field. This enhances their marketability and positions them as go-to experts for tackling critical business issues.


Cons of Executive Contracting


1. Uncertainty: Contracting can bring a level of uncertainty compared to traditional employment. Contractors may face periods of downtime between projects and must be proactive in securing new opportunities. However, with continuous stream of redundancies made on an ongoing basis, one would argue that even permanent employment is no longer secure. According to McCrindle, the average tenure in a job in Australia is now 3.3 years.


2. Lack of Benefits: Unlike full-time employees, contractors typically do not receive benefits such as holiday, parental leave, sick leave, or superannuation contributions. So, contractors must account for these factors in their compensation negotiations.


In summary:

Despite the potential drawbacks, executive contracting offers numerous benefits for the right individual. In today's rapidly evolving business environment, organisations require specialised expertise to address specific challenges and opportunities. Executive contractors fill this need by bringing their unique skills and experience to the table, helping companies navigate complex issues and drive growth.


As the market for executive contracting continues to grow, now is an opportune time for professionals to explore this rewarding career path. Whether you're seeking greater flexibility, expanded opportunities for networking and skill development, or the chance to make a meaningful impact across multiple organisations, executive contracting could be a highly fulfilling and lucrative career option in today's dynamic business landscape.



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