Why More People are moving into Contracting
Contracting can be a scary word for some people; thoughts of job insecurity, remaining compliant at all times, loads of paperwork, and a lack of company benefits can be off-putting for those looking for work. However, contracting has distinct advantages that should not be overlooked by those on the job hunt, such as increased job flexibility, more earning potential, and greater control over finances. So read on, and perhaps you will be motivated to take the plunge into the exciting world of contracting!
Better Job Flexibility
As a contractor, you have a fixed end date. This means that you can explore different companies and broaden your knowledge base in a way that wouldn’t be possible for permanent employees. For some people, being in the same job for an indefinite time period is as exciting as having the same dinner for the next 5, 10, or 15 years. They would rather move around regularly, meet new people, continuously build networks, and avoid the pitfalls of company politics. Furthermore, not being tied to a limited number of annual holidays is a blessing for many. Between contracts you can finally take that 2 month holiday to Fiji that you have always dreamed about!
Increased Earning Potential
Contractors are instantly more marketable! Why? Because they have in-demand skills, are more dispensable, and a contractor’s daily or hourly rate has to take into account the lack of company benefits, the cost of up-skilling, and the higher risk a contractor is taking with respect to job security. There is also the snowball effect of contracts: the more varied your experience, the more money you can command! You will also gain confidence with each contract you complete, and generally confidence allows people to command pay increases for themselves with every new contract!
Greater Control over Finances
Have you ever felt that as a permanent employee, your benefits come in a one-size-fits-all package? Sure, the medical coverage is great, but you have never once used your chiropractor allowance, and those childcare benefits mean nothing to you because you have no kids! Wouldn’t you rather just have the cash so you can purchase the private coverage that suits you best? Contractors also have increased control over their own up-skilling; they can choose the training (usually tax deductible) that they want and are motivated to keep learning so that they can land the next contract! With increased earnings, contractors can also budget for holidays and sick days, and essentially tailor their own financial security.
As a contractor, choosing to go through a contractor management company like SDP Solutions means that you don’t need to worry about all the concerns with contracting agreements and administrative headaches that people often associate with contracting. At SDP we provide tailored contractor management solutions, complete contractor compliance and an attractive Contractor Reward Program.
Contracting is easy with SDP Solutions, so why not speak to one of our friendly staff today for more information, contact us here
