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Employment Trends and Contracts for Fresh Graduates and Young PMETs

Hansard, 2012-01-17

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Term contracts are part of the employment landscape. Companies generally hire employees on term contracts for two main reasons. First, contract employees provide greater flexibility for companies to manage their costs in an environment of increased global competition and shorter and less predictable business cycles. This is true globally – outsourcing and non-traditional employment arrangements, including term contracts, have become more common. Second, there are also occasions where companies need to turn to contract employees with specific skill sets not available within the company for fixed-term projects or assignments. Some companies may also place an employee on a term contract for a specific period while they assess the employee's competency and suitability for long-term employment. Further, some employers may pay a premium to their employees to compensate for the short-term nature of certain contracts in certain professions where skills and expertise are in demand. In general, term contracts provide flexibility for the market.

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