In today’s working world, one word is echoed above all others: contract. With the current candidate-driven market, more and more employers across an increasing number of industries are embracing the flexibility and utility of hiring contract labor over full-time labor. In fact, a recent study found that the hiring outlook for contract workers is increasing by a whopping 71% in 2022.
In this blog, we’ll explore just what contract work is, why businesses are using it at an all-time rate, and why we believe it holds great potential for you.
What Is Contract Work?
Contract work is a flexible form of employment, with two key differences that set it apart from standard full-time employment.
The first difference is flexibility – because contract talent is hired on an as-needed basis, you are only expected to commit for the duration of the project. You’ll enjoy this flexibility if you can’t commit to working full-time and want to supplement your income or pick up income for a specific period.
The second difference is the clarity of expectations – in a full-time job you are expected to be on call for your entire shift, and sometimes longer, regardless of what happens. With contract work, you’re paid for the hours you work and are not expected to make last-minute scheduling changes for meetings and happy hours.
How Do They Work?
Contract work is becoming more widely used in big industries like IT, as well as smaller industries where employees can work remotely. In many cases, contract workers are hired for a specific task or project and are then able to move on to something else when the task is done. This gives businesses flexibility while making it easier for people who want to supplement their income with some extra hours of work.
Why Do Businesses Use Contractors?
Businesses choose to use contract work for a number of reasons, especially in the current candidate-driven market. Most importantly, it gives businesses more flexibility in the workforce. While having a dedicated team of full-time workers is ideal, it’s not always practical or cost-effective.
Other reasons businesses use contract workers include:
- Minimizing the risk of employee turnover.
- Using contract talent gives businesses the option to bring in expertise for project needs.
- Contract workers can be hired as needed, as opposed to full-time workers. This gives businesses the freedom they need while managing their employee-related expenses.
Contract Work vs. Freelancing
Freelance work requires that the freelancer manage and report their income taxes and other federal and state withholdings but a contract employee is able to focus on their work while the staffing agency manages the rest.
Is Contract Work Right for You?
The key question to ask yourself when considering contract work is whether you value flexibility or benefits more. To answer this, you should look at your current lifestyle, the types of jobs or industries you’re interested in, and what your priorities are.
For people who want to supplement their income but aren’t interested in pursuing a full-time career, contract work may be the best option for them because of its flexibility and ability to test out a certain role or industry without committing to the long haul.
For people who want to pursue a career in an industry they are passionate about, contract work is still an ideal choice because it gives them the flexibility they need while also giving them opportunities to build their skills and develop new ones.
Interested in Contract Work? ITAC Solutions Can Help.
At ITAC Solutions, we make it our mission to connect great professionals with ideal opportunities at top companies. Get started by contacting our team today.