Why Contracting Makes Sense
While the job market is slowly making its way back following lockdowns and economic uncertainty due to the pandemic, finding and maintaining employment is still a need for many individuals. More people are becoming aware of the advantages contract work offers and the number of contractors has increased steadily over the past few years. However, we find that much of the population is still unaware of the benefits and scope that contracting offers, and thus are hesitant to pursue such positions. Benefits of contracting include (but are certainly not limited to) flexibility, sometimes higher pay, and the opportunity to expand your skill set. Learn more about these benefits and the additional perks below!
FLEXIBILITY
Oftentimes contractual work can offer more flexibility than traditional positions, since contract labor are able to work when needed and for an agreed amount of time. Having the time table set this way allows for time off between projects. This time off is beneficial for a multitude of reasons, whether it be time to travel, time with family, or just time for a mental reset, the option is all your own. Contract positions may also offer a higher possibility of remote work and/or flexible hours. This allows for more control of your work schedule, which in turn gives your more control over your personal schedule. In terms of flexibility, contracting is a win-win!
HIGHER COMPENSATION
Another little-known fact is that contract positions often offer higher compensation rates compared to “direct employees,” and this is for numerous reasons. Higher compensation is not only there to supplement time-off once the project is completed, but also because employers are willing to pay more for a specific skill set that is necessary to complete their current project. Another common reason for higher compensation is that contract employees are expected to forgo traditional benefits such as health insurance, 401k, and PTO.**
A BROADER SKILL SET
One of the most talked about benefits of contracting is the ability for one to grow their skill set quickly. Working from project to project allows for exposure to a multitude of different technologies, management styles, and even team makeups. Thus, contractors learn to adapt and learn from a multitude of environments. They then leverage these diverse capabilities to provide even more value on future projects and play a more impactful role and earn higher compensation, among other benefits.
We hope that this article was able to shed some light on contracting as a whole- while some may still be hesitant, we certainly think that the benefits far outweigh any negatives when it comes to contracting. These opportunities are not only flexible, often offer above market rates, and broaden your skill set, but they allow you to take control of your professional life. If you have any questions about contracting or contracting opportunities, please don’t hesitate to reach out!
**While this is NOT the case for Alderson Loop employees working on projects because as an Alderson Loop employee, you get to choose whether or not to opt in to insurance and 401k, and everyone accrues PTO. Contractors are usually compensated for their lack of benefits if they are not offered.