With the rise of the Gig economy has come a new way of working for millions around the world. Contracting. For so many, it has become a fulfilling and rewarding experience, with a lot more benefits compared to being a full-time employee. But is it the right move for you? Let’s take a closer look…
For our parent’s generation the working norm – for males anyway – was to finish your education then get a job. Then stay in that same job until you retired.
But times have changed. The gig economy – the direct result of macro-economic pressures such as globalisation, outsourcing and technology – has ushered in a revolutionary, fast-paced business environment where the connection between employers and employees is no longer what it once was. Today, businesses around the world are moving to more flexible employment methods in order to cut costs, with Cloud computing being one of the key driving forces.
All this is benefiting one particular type of worker – the contractor – people who work on a contract basis, not as regular employees. Each contract might span a few months, a few weeks or even a one-off piece of work.
Does this sound appealing to you?
If so, let’s take a closer look at some of the key benefits of being an independent contractor.
17 Benefits to Working as a Contractor
You determine your own work/life balance
Many contractors are able to work from home, which means less commuting time, fewer meetings, no having to put up with office know-alls and know-nothings, and less stress.
You get to invest in a better YOU future, every single day
By working with more clients, you are increasing your own expertise, knowledge and capabilities. Contracting early on can also help you quickly grow your skills and reputation to reach your career goals sooner.
You get paid to expand your network to create bigger and better future opportunities.
If you’re working with various clients, you increase your network. Every single day. That’s probably where your next project will come from.
You have the potential for higher earnings
Since you are becoming a specialist in your field of work, companies are willing to pay more. In addition you can negotiate to be paid hourly, by project, or by retainer.
You’ll enjoy a high degree of lifestyle flexibility
You choose your schedule. If you’re more productive in the mornings then you can get your work done then; in the afternoon you’re at the beach.
You can work remotely in your pyjamas and slippers
As long as you have wifi, you can work from anywhere.
You’ll experience less boredom than you would in a 9 – 5 job
Since you’re always working on different projects, you’ll never sit there clock-watching. Since you choose your projects, you’re never stuck doing something you hate.
You get to determine your compatibility with the company
Contract work is also a great way to determine whether a company may be a good fit before becoming a full-time employee.
You focus on ‘Brand You’, not the company’s brand
Each successful contract assignment you complete builds on your reputation so that your expertise – and profile – becomes more well-known.
You don’t have to put up with any office politics
You can focus on the job and limit your involvement in any stressful, infuriating office politics.
You become your own boss
Contract work provides greater independence and more control over your working life. For many, it also offers greater job security too. Plus you get to take holidays when you want.
You get to test out new fields of endeavour
Is that sector right for you and your particular skillset? Test out a new industry sector without committing yourself to a full-time job. If it doesn’t work out, move on.
You get paid for the hours you actually work
Hourly pay, for example, means you’re properly rewarded for the amount of work you do. You bill accordingly. If you work late, you’ll be compensated for that time. If you plan properly there should be no hidden, unpaid overtime like there is in a full-time job.
You can start part-time
A toe-in-the-water approach to working suits many people. Especially if you’re starting out.
You get to enjoy variety, different experiences and meet new people
Contracting offers diverse experience across industry, technology, company structures, geography, cultures, size, and complexity. You’re exposed to new people and different ways of working. Plus, you’re continually developing your knowledge and professional network.
You get to focus
Contractors are often hired for a specific project and that’s all they’re expected to do. As a contractor, the only meetings you’ll attend, hopefully, are those regarding your project.
You put yourself in control of your employment future
There is no predictability in today’s employment market. Downsizing, upsizing and then downsizing again is common business practice. As a contractor you decide when your project begins and ends.
Contracting offers benefits for employers too
From a company perspective, contracting is a welcome way of working. Reduced costs, greater access to the global talent pool and an enhanced company culture are just some of the benefits companies receive by embracing an ever-increasing number of non-permanent workers as part of their growth strategies.
In fact, a 2022 business survey report from PERSOLKELLY, revealed that 58% of APAC companies are currently using contractors to overcome headcount shortages.
Is contracting right for you? Certainly, this new way of work could equate to a win/win situation for both workers and employers. It’s trend that looks set to grow exponentially in the coming years. Our new norm..
Like to find out more about contracting opportunities in your industry sector? Or are you an employer interested in hiring contractors, or developing a contingent workforce capability? Then don’t hesitate to contact CXC today!
