When it comes to making a living, today’s job seekers have many options, but the two most common are contract work and full-time employment. Contract work is quickly growing in popularity among both employers and employees because of the flexibility and learning opportunities it provides.
Of course, both working styles have their advantages, and you should consider what type of work will best suit your needs, lifestyle, and career path before making a decision. This article will examine the key differences between contract work and full-time employment.
A Breakdown of Contract Work
A contractor is a person brought onto a company for a specified period of time to complete a task or project. Contract work is gaining speed as job seekers are looking for more flexibility than they were able to enjoy in past work. Companies commonly bring contractors in to take on a project that their full-time staff is not equipped to handle or has the capacity to complete. Depending on the contract, a contractor may be hired for a one-time job or be given consistent work over a designated time.
Here’s what you can expect as a contract worker:
Working as a contractor gives you the freedom to choose long or short-term projects and therefore, manage the hours you might work over the course of a year. This is great for parents who may find it challenging to balance work and family responsibilities or young professionals looking to have a healthy work-life balance.
Ability to Pick Your Own Projects
Project selection is a big reason many people decide to become contractors in the first place—it gives them complete freedom to take on projects that interest them. As a contractor, you can pick and choose based on the work that appeals to you and turn down projects that sound uninteresting or out of your wheelhouse.
Contractors are often hired at a higher hourly rate than salaried employees. This is mainly due to the demand for a specialized skill that a company currently doesn’t have within their current staff.
While contractors are not always privy to all of the benefits full-time employees receive, they are in a unique position of deciding their own hours, taking on projects that interest them, and receiving higher hourly wages, so it makes sense why many professionals would prefer to become contractors in place of full-time employment.
A Breakdown of Full-Time Employment
Full-time employment means you work for a company year-round, getting paid on their established schedule. Most full-time employees work a set amount of hours each week and are paid a fixed salary. There are many types of full-time jobs, but they have one thing in common: They are consistent.
Here’s what you can expect as a full-time employee:
Unlike contractors, full-time employees can expect they will work 40 hours each week and that their work will be consistent month after month.
Full-time employees are often offered company-provided health insurance, paid sick time, vacation days, and oftentimes have their 401k matched by their employer. However, many staffing firms, including ITAC, offer their contract employees benefits based on the assignments they choose.
Salaried employees are paid on a set schedule. So you’ll never wonder what your next paycheck will look like.
While full-time employees receive consistency, they do limit themselves on their earning potential, growth opportunities, and flexibility compared to contract workers.
Contract Work vs Full-Time Employment
Both contract work and full-time employment are viable ways to make a living. In today’s career landscape, we encourage you to keep an open mind about both options and consider contract work if the advantages appeal to you. Deciding on which is the ideal for you depends on your lifestyle, working needs, financial needs, and the type of industry you’re in. At ITAC, we can help job seekers find the perfect fit for their needs. Contact us today to find your next career path.