How to Land a Permanent Job Through a Contract Assignment
May 17, 2010
Financial services employers are increasingly viewing temporary contract hires
as a bridge toward permanent work. Here's how to arrive on dry land by the time
your assignment ends.
Hiring in financial services is swinging upward in tandem with activity in other
sectors of the economy. Yet many employers are hedging bets by choosing to
re-staff with contractors rather than restore permanent slots they'd eliminated
during the downturn. In financial technology, for instance, Goldman Sachs,
Morgan Stanley, and Liquidnet are increasingly utilizing contractors
to fill roles in IT, software, operations and project management.
As volumes and revenues return in cyclical fashion, firms are shifting emphasis
from the cost-cutting that dominated recent years toward expanding the permanent
workforce. Today the use of contractors is central to this transition, says
Andrew Dougherty, chief operating officer at BNP Paribas Financial
Services. Staffing firms are seeing increased demand for contract
professionals both for longer-term assignments and senior level roles. Employers
are turning to contractors to observe staff first-hand and determine if they are
a good fit.
Beyond collecting a paycheck and avoiding gaps in a resume, contract work
provides an opportunity to get a foot in the door with a particular company
while showcasing talents to the organization.
Plan Ahead
Any strategy aimed at transitioning to a staff role begins well before the
assignment itself, says John Landers, New York-based regional vice
president at Robert Half International. Prior to taking on a project,
job-seekers should ask about the employer’s track record of hiring temporary
professionals full-time.
Landers recommends choosing a staffing firm that specializes in your field.
"These firms typically are well connected in the industry they serve and can
provide resume and interview guidance," he says. "They can be your advocate and
provide insight into the job market you might not find anywhere else."
Policies on transitioning from contractor to staffer vary from firm to firm,
observes Meghan Conaty, director at Andiamo Partners, a firm that
specializes in technology recruitment at financial firms. "Often it's negotiated
up front that you can move to a staff role in some places," she says. At others,
such as Jefferies, Conaty believes contractors can land permanent
positions because of the visibility they have in the firm - even in instances
where the firm may not have been seeking to fill a staff role.
Don't Get Stuck on Temp-Work Treadmill
Still, some organizations are not structured to handle contract opportunities
due to budgeting constraints or headcount limits. "No firms are adverse to
hiring contractors as staffers, it just simply may not be part of their
recruiting process," she says.
Despite the advantages of contract work, it's not without pitfalls. "Firms raise
a red flag when they see someone moving from one contract role to the next,"
cautions Richard Lipstein, managing director at Boyden Global
Executive Search. "A firm may develop a view early on that you may not be
with them for the long term." To avoid that danger, be selective in the work you
take on and try not to move through a string of contract employers.
Generally, you're more attractive to an employer when you're working. Hiring is
up for both staff and contract roles right now. Lipstein notes: "It's not always
an either-or situation. If the amount of work spikes up at a given moment but
isn't consistent, a firm may turn to contract employees to supplement its
staff."
More Tips For Transitioning to Permanent
In approaching contract work, executives at staffing firms uniformly recommend
that candidates treat an assignment as a working interview. Landers also
suggests:
- Choose a staffing firm that fits your area of expertise and is experienced in
placing contract workers.
- Let your recruiter and potential employer know you’re looking for a full-time
position.
- Follow office protocol and ask questions when you need something clarified.
- Put your personality on display so you and the employer can gauge your
potential fit with the team.
It's wise to treat contract work as an open audition. Frequently these roles
evolve into full-time jobs. Once you and your employer have both had a chance to
test the waters and make sure the position is a fit, contract work could be your
path to a new beginning.
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From May 2010