Last updated on Jun 18, 2024

Here's how you can benefit from temporary and contract work in the banking industry.

Exploring temporary and contract work in the banking industry can be a strategic move for your career. It offers a unique opportunity to experience different banking roles, expand your skill set, and build a professional network. In an industry that's constantly evolving with new regulations and technologies, temporary positions can provide you with the flexibility to adapt and the exposure to various banking functions and operations. Whether you're new to the field or looking to transition into a different area of banking, temporary and contract work can serve as a valuable stepping stone.

1 Skill Growth

Temporary and contract roles in banking can significantly accelerate your professional development. You're likely to be exposed to a variety of tasks and projects, which will challenge you to learn quickly and adapt to new environments. This not only enhances your current skill set but also makes you more marketable for future opportunities. By demonstrating your ability to thrive in diverse settings, you'll show potential employers that you possess a wide range of banking skills and the capacity to handle various roles within the industry.

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Chris Barry

Thomas Legal | 🏆 Award Winning 🏆 | 🏡 UK Property 🏡
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We always took temporary staff whether through schemes with countries across Europe such as Spain or Italy, or younger people studying in the UK. We felt it bridged a very important gap for us and allowed our existing teams to take some much needed time off. My advice would be, make sure the initial training is robust and covers all areas of the business.

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2 Networking Edge

Contract and temporary work in banking can be a powerful networking tool. Every new position is a chance to make connections with professionals who might play a pivotal role in your career advancement. You'll interact with different teams and management levels, giving you the opportunity to leave a lasting impression. These connections can lead to recommendations, mentorship, and even permanent job offers. Networking within these roles can open doors that might otherwise remain closed.

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Chris Barry

Thomas Legal | 🏆 Award Winning 🏆 | 🏡 UK Property 🏡
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Offering temporary contracts to staff at different banks from other countries hugely benefits networks on both sides. The most powerful benefit I have seen is the reduction in fraud when those from different banks in different parts of the world can share best practice.

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3 Flexibility Plus

One of the most appealing aspects of temporary and contract work in the banking sector is the flexibility it offers. You get to choose assignments that fit your lifestyle and career goals, and you have the freedom to take breaks between contracts. This flexibility is perfect for those who value work-life balance or are pursuing further education or certifications in banking. It also allows you to avoid the burnout that can come from long-term positions, keeping your career fresh and your motivation high.

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4 Financial Benefits

While permanent roles often come with a sense of security, temporary and contract positions in banking can offer competitive pay rates due to their short-term nature. Employers are willing to pay for your expertise on a project basis, which can sometimes result in higher hourly wages compared to permanent staff. Additionally, these roles can provide a quick financial boost if you're in between jobs or looking to supplement your income.

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Chris Barry

Thomas Legal | 🏆 Award Winning 🏆 | 🏡 UK Property 🏡
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Contracted hours almost always pay more than the salary equivalent. It helps incentivise those who are taking the risk by going for a contract with less longevity

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5 Diverse Experience

Engaging in temporary or contract work allows you to accumulate a diverse range of experiences across different areas in banking. You might work in retail banking, corporate finance, or risk management, to name a few. Each assignment adds a new layer to your resume, showcasing your versatility and ability to adapt to various banking environments. This breadth of experience can be particularly attractive to future employers who are looking for well-rounded candidates.

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6 Career Pathways

Temporary and contract work can often lead to unexpected career pathways in banking. It's not uncommon for such positions to transition into permanent roles if you prove your value to the organization. Moreover, experiencing different areas of banking firsthand can help you identify the niche that you're most passionate about. This can guide your career decisions and help you focus on the positions and specializations that align with your long-term objectives.

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Neha Wadhwa

LinkedIn Top Voice For Team Management | Senior Compliance Professional | Strategic Thinker | Compliance Transformation Specialist | Financial Crime Compliance | Regulatory Compliance | Expert in Backlog Management |
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Always live by one principle, particularly when you are starting your career i.e. No task / No Job / No opportunity is small. Temporary and Contract work can give you the opportunity to demonstrate your skills and the potential to learn and grow. Take that first step, sooner or later it will lead to bigger landmarks.. Just keep it going..! It also gives you an opportunity to explore different areas of the banks that you may otherwise not pursue. And along with that opportunity if you can find a mentor who guide you and motivate you; feel blessed ✨✨

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Here's how you can benefit from temporary and contract work in the banking industry.

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1 Skill Growth

2 Networking Edge

3 Flexibility Plus

4 Financial Benefits

5 Diverse Experience

6 Career Pathways

7 Here’s what else to consider

Banking Relationships

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