Contracting vs. Full-Time: Which Path Suits You Best?

Unlocking Your Potential: Exploring the Advantages of Contract Work

In today’s rapidly changing job market, professionals are increasingly discovering opportunities that disrupt the conventional ideas of accepting full-time positions. They are now acknowledging the advantages of contracting as an alternative career path. According to a study by the Pew Research Center, a striking 65% of self-employed individuals find their work enjoyable or fulfilling, surpassing the 51% satisfaction rate among those in traditional employment. Whether you are a seasoned professional or just embarking on your career journey, grasping the benefits of contracting has the potential to reshape your perspective and unlock exciting avenues for both professional and personal growth. Additionally, it can empower you to broaden your skills and knowledge while engaging in diverse industries. In this article, we will explore both the pros and cons of contract employment and when accepting a contract role may be right for you.

Companies Rely on Contractors

In most sectors, contract positions are widely accepted as a standard component of their workforce, especially in fields such as semiconductor manufacturing, software development, and systems architecture. Notably, many companies will allocate a distinct budget for contract work, potentially enhancing job security, especially when the need arises to downsize the regular workforce. Engineers who specialize in these industries often favor contracting roles for the tangible advantages it can provide. According to data from the American Staffing Association, nearly 3 million temporary and contract employees are employed by staffing agencies in a typical week. So, it is safe to say that there is no shortage of contract opportunities out there.

20-40% Higher Pay Rates

Unlike full-time employees who receive a fixed salary, contractors often command premium hourly rates. This increase in compensation reflects the value contractors bring to clients and can result in a substantial increase in your potential income.

Flexible Employment

In the realm of contract opportunities, you aren't bound to take on every assignment that comes your way, giving you the flexibility of deciding what projects to engage in and when. Depending on the contract's terms, contractors often possess more autonomy over their schedule and the range of tasks they undertake. Instead of being handed tasks by a manager that may not align with your personal interests, you have the freedom to actively pursue projects that truly spark your enthusiasm. Moreover, you enjoy the liberty to take extended breaks between roles without being constrained by accrued leave or the bureaucratic process of requesting time off.

Ability to Expand Your Knowledge

As a contractor, you assume a variety of responsibilities and roles, thereby enriching your expertise and skillset. The ability to work on a range of projects provides you with the unique opportunity to grow your professional network and enhance your attractiveness to potential employers.

Diversify Your Resume

If you are just beginning in your career, you may contemplate contracting as a means to enrich your résumé with high-caliber professional experience. Contracting offers a valuable avenue to collaborate with leading companies, bypassing the rigorous interviewing procedures typically faced by full-time employees. In fact, establishing a history of contract work can prove one of the most strategic pathways to securing a permanent position with a leading company down the road.

No More Office Politics

Office politics frequently serve as a source of stress and discontent for many employees, particularly when internal competition intensifies for promotions and salary increases. In the realm of contracting, you enjoy the advantage of being an integral part of a team while largely avoiding the entanglements of office politics.

How Do You Know If Contracting Is the Right Choice for You?

Although contracting presents a range of advantages and can be remarkably fulfilling, it necessitates adjustments to one's lifestyle. Senior Recruiter Andrew Roessler underscores this point, noting that “candidates often are motivated by the potential to make more money but overlook the impact contracting can have on their way of life. For some, the demands of family dynamics may dictate the importance of a dependable income structure and access to healthcare benefits.” Contract work is gaining more popularity, and as a result, the benefits it offers are now on par with those typically provided to full-time employees. Nonetheless, it remains crucial to engage in a conversation with a recruiter to explore your choices before formally accepting a contract position.

Having the Right Mindset

Andrew further emphasizes, "The contractors I consistently place, are those who express excitement about their current projects and enjoy opportunities that test and enhance their skills. Their constant willingness to acquire new knowledge distinguishes them from the rest of my contractor pool, and they are the engineers I regularly assign to new projects."

What Happens When the Contract Ends?

As we previously discussed, the demand for contractors remains consistently high, with an abundance of open opportunities. Building a rapport with a trusted recruiter provides you with privileged access to information about prospective employers who are actively hiring – ensuring a smooth transition to your next opportunity.

Are you prepared to embark on a new journey?  Reach out to one of our recruiters and schedule a time to delve deeper into the possibilities contracting has to offer.