Fixed-Term Contracts: Can They Turbo-Charge Your Career?

Building Specialisation, Experience, and Skills

Fixed-term contracts are typically in place for a particular timeframe or for a specific task or project.

They’re a great way for employers to gain access to specialists and for you to gain fantastic experience.

The Plus Sides

Flexibility

First up, flexibility. Fixed-term contracts are like the Swiss Army knife of the job world. You’re not tied down to a long-term commitment, giving you the freedom to explore career options. This is particularly beneficial if you’re at a stage in your career where you’re still carving out your niche or if you’re contemplating a career pivot.

Skill Diversification

FTCs are often project-centric, meaning you’ll be diving headfirst into the job. While you’ll certainly receive training, the focus is on immediate contribution. Companies are looking for people who can support the role immediately, but also accept that they may have to compromise on the full skill set they might hold out for in a permanent hire.

It’s a great opportunity to acquire new skills or hone existing ones, and to build your adaptability, risk-positivity, and growth mindset, making you a more versatile and attractive candidate for future roles.

Networking Opportunities

Let’s not underestimate the power of networking. The nature of FTCs means you’re often placed in diverse, sometimes cross-functional teams, exposing you to professionals across various departments and seniority levels. Each contract is a networking goldmine, invaluable for future job searches or even entrepreneurial ventures.

Quick Entry and Exit

The hiring process for fixed-term contracts is often expedited, allowing for quick entry and exit. This is particularly advantageous if you’re looking to start work promptly and prefer not to navigate a lengthy recruitment process. Plus, if the job or company culture isn’t a fit, you have a built-in, legitimate exit strategy.

Portfolio Building

For those in creative or project-based fields, FTCs offer you a chance to build a robust portfolio. Each contract can serve as a showcase of your skills and contributions, adding depth and breadth to your professional profile.

Opportunity for Permanent Placement

It’s worth remembering that fixed-term contracts can often lead to permanent positions.

Employers sometimes use these contracts as a trial period for the role itself before making it permanent, so it’s also a great way to position yourself as a front-runner if it is made permanent. Being part of the existing culture can be a significant advantage.

Bridging Employment Gaps

If you’re between jobs, an FTC can serve as a strategic stopgap, keeping your skills honed and your CV updated. It’s a smarter move than holding out for the elusive ‘perfect’ permanent role, which may take time to materialise.

Financial Incentives

Financially, FTCs can be quite lucrative. Employers often struggle to fill these roles and may offer competitive pay to help that along, sometimes even exceeding permanent positions. This can set a favourable baseline for future salary negotiations..

Considerations

Of course, it’s not all sunshine and rainbows. A few clouds to consider:

Job Security

Fixed-term contracts, by their nature, offer less job security. The predetermined end date means there’s a level of uncertainty that may not be suitable for everyone.

However, consider the risk-reward nature of sectors like biotech, which often operate on a relatively short funding runway.

FTCs may not be as risky as they initially appear.

Career Cohesion

Don’t just take on multiple short-term roles at random – have a clear career path or objective in mind so you avoid a disjointed CV that seems to lack focus, commitment, or depth of expertise.