Benefits of Being a Contractor [INFOGRAPHIC]

Time to Read: 4 mins

Benefits of Being a Contractor Summary:

Contract positions are more popular now than ever as the workforce has shifted even further into a remote space following the onset of COVID-19.
Both employers and employees reap many benefits through contract work.
Benefits of Being a Contractor Infographic

Contract positions offer many benefits for both employees and employers. As companies leverage contractor expertise, the consultants gain diverse industry experience while earning top dollar. Currently, the IRS shows that about 42% of the workforce are independent contractors or freelancers. So why should you consider joining this ever-growing group?

Growth Opportunities and Experience

Many full-time employees may argue that full-time roles offer more opportunities for growth. On the other hand, others feel that full-time roles do not always promote the intended growth, leaving workers feeing stagnant as they settle into their current positions.

Contract work gives you the ability to constantly pursue the latest and greatest opportunities that come your way. About 90 percent of contractors noted they were satisfied with their employers.

Although your time spent at a company may be more fluid with a contract role, you are ultimately growing your network and creating more opportunities for future growth. Approximately 90 percent of contractors admitted that their willingness to take on a contracted role made them more attractive to hiring managers.

Significant Growth

Contract work has seen significant growth within the last few years. The already booming popularity of contract work over the last decade was only further exasperated by the onset of COVID-19 in 2020. With ongoing uncertainty surrounding the state of the workforce, now more than ever, companies are recognizing the benefits and flexibility associated with hiring contract employees.

Additionally, as remote work models have been widely adopted, companies can now easily access employees from all over, gaining expert-level assistance on projects without incurring additional healthcare expenses.

Contractor Earning Potential

Contractors often earn more than full-time employees while doing the same jobs. According to the Wall Street Journal, contract employees actually earn 25 to 30 percent more than their full-time counterparts. Companies are able to pay contract employees more simply because employers do not have to offer Social Security, health, or dental benefits.

If you decide to pursue contract work, get ready to negotiate, as companies often discuss hourly wages in length to determine a fair amount. Recognize your value and know what skills you bring to the table, that way you can properly advocate for yourself and get the pay rate you deserve.

Regarding benefits, utilizing a contract staffing agency, such as Profiles, provides healthcare, dental, vision benefits, 401k matching, and paid time-off.

Flexibility and Project Diversity

Four years is the average time a full-time employee stays in their current position before moving on. In this time, full-time employees often end up forfeiting their ideas, or intellectual property, to their employers.

This is not the case for contract employees, where their projects may last anywhere from three months to three year. With varying contract lengths, contract employees are able move more freely amongst companies, giving them diverse experience, broader insights, and vast industry knowledge.

Creative professionals, such as designers and copywriters, especially benefit from contract work. The flexibility and diversity of contract jobs allows for strong portfolio building over time, making you more marketable than direct hire candidates.