What is the difference between permanent, interim and contract jobs?
Let’s consider the following question: What is the difference between permanent, interim and contract jobs?
A permanent position is exactly that a permanent position with a company.
Whereas interim and contract jobs are temporary in nature; providing both the contractor and the hiring company the flexibility both parties desire.
Hiring contract and interim is often the best way to hire highly skilled and experienced people for special projects, or cover for extended absence or busy period, where their niche skills and expertise is required.
Interim hires are similar to contractors, and both often receive similar terms of engagement. Interim is the name often given to non-permanent hires brought in to manage a team or project (e.g. Director, VP, Head etc.)
Contractors are often specialists; also referred to as Subject Matter Experts or SQEP – Suitably Qualified Experienced Personnel, within particular fields across sectors (from project management, to technology software and IT including Cybersecurity jobs, to doctors, nursing, medical within the Health & Social Care jobs sector).
Interim and contract hires do not receive (in most cases) the same benefits as permanent employees such as holiday, pension etc.
The plus side is as a contractor one often receives a higher hourly or daily rate factoring in the lack of permanent employee benefits and the shorter term of the hire recognising your specialist skills and experience.
The rate of pay for a contractor is most often quoted as an hourly or day rate, most often paid either weekly, or monthly.
On many occasions this rate is negotiable – especially if they really want you! There is though a limit so do not price yourself out of the market; however at the same time ensure where you can that they do not get you too cheap and that you are paid what you are worth!
After all you never know the true length of the contract assignment and when that next contract may be!