December 4, 2018
Why Do I Want To Work ‘On Contract’ For An Insurance Company?
by Amy Stuntz
How does a contract assignment benefit me? What’s wrong with the job that it can’t be full-time and on-staff? These are the types of questions I field all the time. There’s a lot of confusion in the market from job seekers about terminology used by insurance companies. Contract rises to the top mostly because people aren’t accustomed to seeing underwriting and project management jobs (to name a few) on a contingency basis. They think, “Isn’t that what IT and cat claims roles do?” Staffing shortages, creative work arrangements and multi-generational dynamics have forced insurance companies to think differently about attracting top talent. Sure, contract work might not be for everyone however approximately 15 million people in the U.S. are considered contract or temporary. Let’s look at why!
People leave jobs all the time for work/life balance. In fact, I’d argue in contract more so than permanent positions the reason is work/life balance rather than compensation. Being a contract employee gives you more control over your schedule. It leaves time to travel, dependent care considerations or volunteering that doesn’t always fit an 8-5 schedule with 14 days annual PTO.
Opportunity to Expand Your Skills
Are you someone who likes a challenge? Do you get bored easily? Contract assignments can be like leasing a car. You’re guaranteed to get a new one every so many years (or 36,000 miles!). Time and again you can build up your skill set and diversify your resume. You can try new career paths in completely different industries without fear of reprisal or the added pressure of a long-term commitment.
Contract compensation can be 3x more than permanent staffing. Companies use big numbers as a selling point; plus, its functional given the dynamics of insurance, work comp and tax administration. The bigger the $ amount, the higher likelihood this is a senior role or a consulting arrangement. Long story short, if the company is looking for a purple squirrel, and you’re that squirrel, they will pay for it!