The contract employment market seems to be picking up, according to the “2016 Michael Page Greater China Employee Intentions Report”, in which 44 per cent of those surveyed said they would consider contract work.

Companies need contract workers for a variety of reasons, including a lack of manpower and permanent headcount freezes.

In Hong Kong, due to increased tightening of banking regulations, we now see more demand for contract workers in risk and compliance, especially in the areas of KYC (know your customer) and AML (anti-money laundering).

While many prefer the security of a full-time job, accepting a contract position may be beneficial.

If you need more flexibility in your schedule, contracting may be a good solution. It allows you to choose when and where you work, as well as the assignments you prefer, giving you more control over your work-life balance.

Contracting is also an attractive way to enter high-profile multinational corporations that may have few permanent vacancies.

It is also a smart way to diversify your experience, portfolio and contacts. Cultivating a wide network and strong reputation can help you to get further contract work, or open the door to more permanent opportunities.

One perceived drawback is a lack of benefits. However, to make up for this, more companies are offering salaries of up to 20 per cent more. This follows standards set by more mature markets, such as in Australia and the UK.

In addition to the above, you will also need to consider whether there is a market value for your services in your field, and if the demand is sustainable.

This article appeared in the Classified Post print edition as On the dotted line.

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Taking on contract work may be a smart career move