Contract positions hold many benefits for both employees and employers. As companies leverage contractor expertise, the consultants gain diverse industry experience while earning top dollar. The number of contractors stands at a record high of 2.8 million people. So why should you consider joining this ever-growing group?
Growth Opportunities and Experience
Many full-time employees may argue that full-time roles offer more opportunities for growth. On the other hand, others feel full-time roles lead to somewhat of a glass ceiling and do not promote the intended growth, leaving workers to stay and settle into their current position. Contract work gives you the ability to constantly pursue the latest and greatest opportunity that comes your way. About 90 percent of contractors noted they were satisfied with their employers. While your time at a company may be more uncertain with a contract role, you are creating more opportunities and potential for growth. Approximately 90 percent of contractors admitted that their willingness to take on a contracted role made them more attractive to hiring managers.
Contract work has seen significant growth within the past number of years. Between 2009 and 2012, the number of contract workers grew by 29 percent. Obviously, many companies are recognizing the benefits associated with hiring contract employees, including more assistance for projects without incurring additional healthcare expenses. Without these additional expenses, more job opportunities are available for contract candidates, making the field more lucrative as a whole.
Contractor Earning Potential
Contractors often earn more than full-time employees while doing the same job. According to the Wall Street Journal, contract employees actually earn 25 to 30 percent more than their full-time counterparts. Companies have the opportunity to pay contract employees more simply because employers do not have to offer Social Security, health or dental benefits. If you decide to pursue contract work, get ready to negotiate, as companies often discuss hourly wages in length to determine the fair amount. Ensure your value and know what you bring to the table to put yourself in a good position to be paid well for your work. In regards to benefits, utilizing a contract staffing agency, such as Profiles, provides healthcare, dental, vision benefits, 401k matching, and paid time-off.
Flexibility and Project Diversity
Four years is the average time a full-time employee stays with their current position before moving on. However, for contract employees, projects can last as little as three months, or as long as three years. Within this time, full-time employees end up forfeiting their ideas, or intellectual property, to their employers. However, this is not the case for contract employees, according to Forbes magazine. More creative roles, such as design or copywriter contract jobs, benefit from contract work in that it allows for strong portfolio building over time, making you more marketable than direct hire candidates