Try before you buy - contractor hiring soars

Want to work on a contract basis? Ireland's fund administrators are increasingly embracing contractors.

A perverse combination of challenging hiring targets at some firms and restrictions on permanent headcount increases at others is encouraging fund admin companies to turn to temporary workers to fill the void.

Paul Cotter, director at recruiters Joslin Rowe in Ireland, reckons firms are having to work a bit harder to justify permanent hires: "We're still seeing high numbers of vacancies, but the reality is that there aren't as many as there were six to nine months ago. Contractors are seen as a balance sheet cost rather than a headcount cost."

Such is the demand for contractors that firms are now offering completion bonuses to stop them hopping off to a more lucrative project, says Jean O'Donovan, manager of the contracts division at recruiters Brightwater.

"This is typically a month's salary or 10% of the pay for the fixed-term contract," she says.

O'Donovan reckons the contractor trend extends beyond the fund admin space, and is prevalent in both the banking and accounting areas.

"Senior financial professionals are increasingly being hired on an interim basis," she says.

Strangely, this boom-time hasn't transferred across to pay, which has seen paltry increases over the year. For example, a fund accountant with one to two years' experience can earn €15 to €18 an hour, according to recruitment firm Robert Walters, up from €14 to €16 last year.

Starting as a temp can be a route to permanent employment, too - at least according to a recent survey by Robert Walters.