1 in 5 jobs is a contract role.
These odds are only increasing. Many professionals seem to identify unique benefits to contract work, leading to a growth in US-based contract workers.
But if you’re unaware of the benefits of full-time employment versus contractor work, it isn’t easy to know which one is right for you.
This knowledge can help you make smarter career moves. So keep reading to learn more. Below, we’ll briefly compare full-time employment and contract work.
What is Full-Time Employment?
Full-time employees complete a specific set of duties every business day. They are guaranteed full-time hours, defined by the Internal Revenue Service (IRS) as at least 30 hours of work per week or 130 hours per month. We’ve listed the top benefits of doing full-time work.
1. Consistent Income
Full-time work prevents you from wondering whether you’ll have an income after weeks, months, or years. This makes it easier to budget and predict your finances. It also offers a sense of security that can reduce your financial anxieties.
2. Higher Benefit Guarantee
Contractors can earn benefits too. But it’s more likely with full-time employment since it’s a great incentive to get employees to remain in the company.
Full-time work prevents you from wondering whether you’ll have an income after weeks, months, or years. This makes it easier to budget and predict your finances. It also offers a sense of se
What is Contract Work?
By doing contract work, contractors complete a job for an agreed-upon period usually specified in a contract. Many contract opportunities are also attached with possibilities of extension or full-time employment. Here are its top perks.
1. Work-Life Balance
Contractors can enjoy a lot more flexibility than full-time workers and enjoy better work-life balance. Remote workers can set their own hours and enjoy more free time if they work with particular efficiency.
2. Work Versatility
If you enjoy taking on many different types of work at once, then doing contract work is your best bet. Full-time contract work might make it more difficult to diversify your workload. But with contract work that doesn’t bill hours or is part-time, finding exciting opportunities to take on at once is much easier.
3. Fast Income Growth
You might earn the same income for years by taking on a full-time role. But by jumping from contract to contract, you have more frequent opportunities to scale your pay according to your constantly growing expertise and skills.
Full-Time Employment Versus Contractor
When considering the full-time employment versus contractor debacle, the answer ultimately comes down to lifestyle compatibility and individual professional priorities. Whether you decide to become a contractor or a full-time employee, it’s essential to know what the next step in your career entails.
Our vision at TheStaffed is to foster a culture that combines traditional management consulting and contingent workforce staffing. That’s why we offer services that help candidates like you get hired. Contact us today to learn more.
TheStaffed is a visionary organization that fosters an environment where equal importance is placed on our clients – their success, and our staff – their professional and personal wellbeing. Headquartered in Florida, we support hiring from coast-to-coast supporting national, regional, and local finance companies. We specialize in Financial Services, focusing on Corporate & Investment Banking, Wholesale/Retail Banking, Asset & Wealth Management, and Commercial Banking.
Our differentiated approach entails utilizing industry leading tools and processes along with direct industry experiences to eliminate current staffing challenges, and to connect hiring managers with fully vetted, highly qualified job seekers.