MR P. Singh, 45, has not had a full-time job in four years - but there is no need to feel sorry for him.

He still makes a good living from heading challenging corporate projects that each lasts for just a few months, while getting substantial time off to spend with his three young children.

He is among a growing number of senior finance executives in Singapore who are opting for a novel career path to balance their work and other interests - from family to golf training to painting a masterpiece on board a yacht.

This work arrangement, which recruitment agency Robert Half calls independent project-based consulting, is prevalent in the United States and Europe. But it is only just starting to catch on in Asia, where the cultural work ethic tends to favour job stability and permanence.

But since the middle of last year, Robert Half has placed more than 100 experienced finance professionals from Asia - the majority of whom are from Singapore - in regional projects for multinational corporations (MNCs).

This signals that the trend of independent project-based consulting is taking off in 'affluent and sophisticated financial markets' in Asia such as Singapore and Hong Kong, said Mr Tim Hird, managing director of Robert Half Singapore.

The talent crunch and rising salaries of permanent staff in Singapore have made more companies receptive to hiring independent consultants for critical projects, he said.

The projects are in areas such as crisis and risk management, internal audit and business process implementation.

Companies that hire such consultants are looking for 'seasoned professionals who have already handled similar projects in different settings', said Mr Hird.

This saves the companies time and cost training their own permanent staff, said Ms Goh Hwee-Ping, division manager of Robert Half.

In recent years, more MNCs have required local expertise to help them on executive pan-Asian projects, so the 'demand is much greater than supply' for independent consultants, observed Mr Singh.

Meanwhile, more Singapore finance professionals are keen to ditch full-time jobs for more part-time consulting projects that offer flexible hours, varied work scope and more work-life balance.

Robert Half's recent global survey of 5,000 professionals showed that 71 per cent of high-level finance executives in Singapore are open to such independent consulting roles.

This is the highest percentage in Asia and on a par with Hong Kong, which also scored 71 per cent. The US ranked the highest with 77 per cent.

The findings of the survey, which included 300 Singapore-based executives, reflects the openness of professionals in the Republic to this more challenging work arrangement.

This is also a way for older professionals, whose permanent jobs may be under threat by younger executives, to maximise the market value of their extensive experience.

Mr William Wong, 60, a seasoned executive, recently oversaw a three-month risk management project.

'Age is not an issue with these companies because they want someone with a lot of experience,' he said.

The professionals who take up such jobs are typically in their late 30s to 50s, with work experience of between one and three decades.

But younger executives - such as women who want to spend more time raising their children but keep climbing the corporate ladder - may also find this a good way to 'break the glass ceiling', said Mr Hird.

'The project consultants may gain five years of experience in just two projects, because they can get exposure to different industries and companies. They also report directly to the board so they can raise their own profile,' he added.

Consultants are paid a daily rate, and some may make 20 to 40 per cent more for working several months on a project, compared with working for 12 months on a permanent payroll, said Ms Goh.

This is because the companies pay a premium for these consultants who have to bear the risks of a short-term job, such as unpredictable income flows and hours during the project.

Indeed, the risks and demands of such roles are not for the faint-hearted.

'You need a lot of stamina. It's not for everyone. Some consultants may have to travel 90 per cent of their time and juggle multiple tasks,' said Ms Goh.

Best of both worlds

CATCHING ON

• A growing number of senior finance executives in Singapore are opting for a novel career path to balance their work and other interests - from golf training to family to painting a masterpiece.
• This work arrangement, which recruitment agency Robert Half calls independent project-based consulting, is prevalent in the West but is starting to catch on in Asia.
• Since the middle of last year, Robert Half has placed over 100 experienced finance professionals from Asia - the majority of whom are from Singapore - in regional projects for MNCs.

OPENING UP

• The talent crunch and rising salaries of permanent staff in Singapore have made more firms receptive to hiring independent consultants for critical projects in areas such as crisis and risk management, internal audit and business process implementation.
• Such companies look for seasoned professionals who have handled similar projects in different settings as this saves them time and cost in training their own permanent staff.