It seems that every day you pick up the paper you’re bombarded with poor economic news and news on the deepening recession. Record losses for banks, record lows in sales for retailers, and thousands of jobs being lost each month. It certainly isn’t a pretty picture! Is there any hope?

According to Statistics Canada, the number of job losses has reached 295,000 as of February 2009. A devastating number to say the least! So what do you do if you have found yourself out of a job as a result of the poor economic condition? Who would hire in this economy? What opportunities are there for job seekers in this market?

The reality of the situation is that there is hope. If you find yourself out of work and looking for options, consider looking at a contract employment opportunity. In this time of economic uncertainty, companies are opting to hire contractors as it provides them with more options than hiring a full time employee.

First off, contract may be the only option for a hiring manager in their company. More and more organizations today are faced with a company wide hiring freeze that prohibits any full time hires because it will add head count. In certain circumstances a company may lose a full time hire as that person has decided to leave the company for another opportunity, creating a gap, for which the manager is not authorized to refill. In this case, the most popular course of action is to bring in a contractor who will essentially “fill the gap” until the hiring freeze is lifted and a full time employee can be brought in.

Secondly, hiring a contractor provides the client with a tremendous amount of flexibility during the “Doom and Gloom.” The reality of the situation is that during these times, the future vision or picture of what the company will look like in the next 6-12 months is unknown. Rather than bringing in a full time hire where that person may be terminated in six months should the business not turnaround, bringing in a contractor provides a hiring manager with alternatives. Hiring managers will benefit from having a person in the role to ensure that work is being completed and at the same time is able to assess the impact of the role and whether the role is needed.

Finally, the projects that were planned months and months ago are still moving forward. Specifically in accounting and finance, there are some major projects that require completion regardless of the face of today’s economy. For example, the conversion to International Financial Reporting Standards (IFRS) is still scheduled to take effect by January 1, 2011. This large project will likely require additional resources to either lead the projects or backfill existing staff while they work on the conversion. Also, system implementations planned for this year are still moving ahead despite the poor economic conditions. Such systems are paramount to the future success of businesses. These types of projects require additional resources, and as mentioned above, contractors provide the most viable option to hiring managers looking to balance workload versus resources and costs.

If you’re one of the unlucky that find yourself unemployed during this recession, and the job search isn’t progressing as you had hoped, then perhaps it is time to look at the opportunity to work on a contract assignment. The immediate benefits are obvious. First off, if you’re able to secure a contract, your income will begin to flow again. You will get paid for every hour you work. If you set yourself up as a sole proprietor, you may be eligible to deduct certain business expenses.

By securing a contract assignment, you will be exposed to a new company, perhaps even a new industry which will allow you to broaden your skills and experiences. Particularly with accounting and finance contract opportunities, you might have an opportunity to learn a new accounting system, work under new accounting policy, or in some cases gain some exposure to IFRS.

A contract assignment can also provide you with flexibility and a competitive edge. Some people look at a contract as an opportunity to quickly gain experience within a specific assignment in order to move on to more challenging contracts or even into a full time role. It can give you an edge in a competitive job market and allow you to pick up added experience in a relatively swift way. The advantage here is increasing your work experience and building on your career path.

Some may find that the contract lifestyle is for them and choose to continue working on contract assignments. These individuals will tend to enjoy the flexibility that contracts provide. If you like to take summers off, travel in the winter months, or not get involved in corporate politics, then this lifestyle may be just what you are looking for.

The outlook looks grim. Unemployment continues to rise month after month and it may seem as though there is no end in sight, but don’t let this discourage you. When looking for employment, make sure you look at all opportunities available to you and evaluate what works best. Focus on industries that are growing or are stable such as infrastructure and pharmaceutical, and keep an open mind to all opportunities. The contract market is stable and will continue to be through the recession as it provides not only clients but candidates a value added, cost effective, flexible alternative to traditional permanent employment.


Robert Fletcher, Client Relations Manager, PTC Accounting & Finance. Extensive industry experience and understanding of the candidate market