Posted by I used to work as a contractor at a big corporation and one day they decided to go through a huge restructure. Everyone’s job, from the top down, was on the table.
Peoples terms of employment weren’t a factor in whether they would stay. The value their role contributed to the business would be the main factor.
As it happened, one permanent staff member in my team was let go.
He supported a legacy system which involved following processes defined in a massive Word document. While he knew the processes, he didn’t know what they were for. He also didn’t know anything about the system itself or its technology.
When he started applying for jobs, he had the technology of the system listed in his CV. But unfortunately when he was quizzed on the technology he knowledge was found wanting and never got hired.
Eventually he studied up and, after nearly a year, he found a job. Albeit at a more junior level.
While this wasn’t a great thing to happen to him, it serves as a good lesson.
Job security is your ability to be rehired
In this day and age, no matter if you’re a contractor or a permanent employee, there is no job security. You can’t rely on having a job for life, because if times get tough they can let go you. Just. Like. That.
The value the market places on your technical skills is your where you’ll find security.
There will always be a demand for top performers and skilled professionals, no matter what the market conditions are.
You may not get the rate you want, but you’ll always have work.