Contract positions are fantastic (and lucrative) opportunities for many business professionals. However, right now there are many of you that are full-time professionals (who very much prefer this to contract work) who may be considering taking an interim contract job while looking for a permanent position. So this post is not about contract vs full-time work, but rather the pros and cons of taking a short term contract if your full-time job search is taking longer than you thought it would. 

If this describes your situation and you're considering widening your job search to look at a contract job, here's the good news...you'll find that the temp/contract job market is quite good. But before you jump into this decision, let's take a rationale look at the upside and potential downside here...

Pros of taking an interim short-term contract job while looking for full-time:

• Money! Contract positions traditionally pay a lot more with hourly rates that are much higher than the equivalent base salary broken down.  So you will almost always make more on a contract vs. a salaried full-time job for the same skill set.
• Credibility! If you get a short contract with either an impressive company or very cutting edge project, you'll be able to add these things to your resume. Whether it was 4 months or 4 years, this still allows you to discuss this work experience in an interview.
• Avoiding the out-of-work stigma! When employers see someone that's been out of work for anything more than 6 months, they may be wondering what's wrong with them to some extent ( "I know it's a slow job market, but how come nobody else has made this guy an offer?"). A contract job will make the case that you are indeed employable and a desired asset. This will help you avoid coming off as a guy that keeps getting passed over.
• Foot in the door! In many instances, if the project goes well and you make a good impression, the company might want to look for a way to retain you in the long term. We see roughly 20% of our contract placements convert to full-time. And this happens even in situations where the employer was not considering hiring on a full-time employee at all for this role.
• Easier interview process! Contract jobs don't typically involve 3 interview rounds and a slew of in-depth feedback and pre-closure discussions. Things move a lot faster. Companies generally can pull the trigger more easily (even after just one interview) since they know it isn't going to be a long term commitment. That also means you will have only a very brief window to sell yourself. So take full advantage of any phone or in-person interview you are given and assume that is all you will get to sell yourself.

Cons of taking an interim short-term contract job while looking for full-time:

• No benefits! Most contract positions do not offer benefits. This could be a deal breaker for you given the costs of retaining this on your own or may not be a big deal at all if you can jump on your spouse's plan.
• Lost credibility! If you end up taking a short contract with a small/unknown company or doing a project that is beneath you in either skill level or focus, you'll have to add these details to your resume and it will no doubt dilute the value of your background in the eyes of the hiring manager during future interviews. So don't just take any contract job (unless you are in "gotta pay the bills" mode). Remember that anything you do will affect your job search once you resume your serach for a full-time position.
• The consulting "label"! You are either a full-time kinda guy or a contract kinda guy. Once you begin to mix the two, be prepared to cover this with any Hiring Managers that are looking at you for a full-time position down the line. Some (not all) employers don't typically want to approach "contractor" types for their full-time positions because they fear that this person might either jump for more money (a higher rate) down the road or lack the depth and longevity of skill associated with long term employment.  In the back of their mind, they may also be afraid that you really do prefer the constant change and higher income of short term engagements.
• Time off the job market! If it is a very short contract (1 month), you won't have a problem. However, if you sign up for a contract that is 6 months or longer, you can't in good faith maintain your job search for a full-time position since most companies will need you to start within two weeks of making you an offer. You'll have to put your job search on hold with longer contracts until approximately a month before your release date so that you can focus on jobs with an expected start date that you can actually accommodate.