Are you a contractor who’s currently out of work? Whether you’re a project manager, data analyst, engineer, or from any other field, being between contracts can be a challenging time. This article aims to provide actionable advice for UK contractors both Inside IR35 and Outside IR35 on navigating these uncertain periods and strategies to bounce back stronger.
The Reality of Being Between Contracts
Firstly, understand that you’re not alone. Many UK contractors experience dry spells due to market fluctuations, economic downturns, or simply the nature of contract work. While it might feel isolating, remember that this is a common challenge and there are steps you can take to mitigate the impact.
Utilize the Time Effectively
If you find yourself out of contract, consider it an opportunity to upskill or reskill. Identify evergreen skills that are in high demand and align with your career goals. Utilize online courses, workshops, or even formal education to enhance your marketability. Not only does this make you more attractive to future employers, but it also ensures you stay relevant in an ever-changing job market.
You can also use this training to help explain gaps in your work history.
Financial Planning is Key
A crucial aspect of surviving a contract drought is having a solid financial plan. This includes having an emergency fund to cover expenses during lean periods. Consider diversifying your income sources, perhaps with a side business or part-time work. This not only provides financial stability but also keeps you engaged and productive.
Direct Approach vs. Recruiters
Many contractors have expressed frustration with recruiters, especially during quiet periods. If you’re experiencing recruiter ghosting or find that the roles don’t exist, it might be time to take matters into your own hands. Directly approaching companies, showcasing your unique value, and demonstrating how you can solve their problems can be a more effective strategy. Personal networking, attending industry events, or even “accidentally” bumping into decision-makers can open doors that traditional recruitment paths might not.
Taking a proactive approach both online (LinkedIn) and offline will increase your chances of success.
Update Your CV
If you’re applying to roles and not getting interviews, it might be time to revisit your CV. Ensure it’s clear, concise, and tailored to each role you’re applying for. Highlight your achievements and how they’ve positively impacted your previous contracts. Consider professional CV review services if necessary. We’ve written an article here about how to get the best CV you can.
Consider Permanent Positions
For some, the instability of contract work might lead to considering permanent positions. If you’re looking for more security, research and apply for roles that match your skills and experience. Transitioning to a permanent role might provide the stability and benefits you’re seeking. Remember you can always go back to being a Contractor in the future.
Staying Positive and Proactive
Finally, it’s crucial to stay positive and proactive. Regularly update your skills and CV, network within your industry, and keep an eye on market trends. Remember, every dry spell is temporary, and with the right approach, you’ll find your next opportunity.
Conclusion
Being out of contract can be a stressful time, but with effective planning, proactive upskilling, and a solid financial strategy, you can navigate these periods successfully. Embrace the change as an opportunity to grow, and you’ll find yourself back in the game before you know it. Stay positive, stay proactive, and remember, every challenge is an opportunity for growth.