Contracting Vs Full Time Work - Should You Consider Being A Contractor?

Contracting vs Full Time work - what are the pros and cons to each one? Should you consider being a contractor? If you've been looking for a job you may be wondering if it's worth looking at a contracting role. There are pros and cons to each and in this video I'll be covering them from a recruiter's perspective.
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Are you struggling with your job search? Applying for job after job and not getting any interviews? Perhaps you’ve gotten a few interviews but always seem to get passed over for the job? Or maybe you’re not satisfied with your current career and want a change. Well you’ve come to the right place.

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[CS-zqnh]

As a contractor, be aware of how to submit your taxes properly. You can easily run afoul of the IRS if you're not knowledgeable in this process. I learned the hard way.

[tammiepulley]

Just wanted to share a story with your viewers from a long time contractor. I contracted for most of 25 years in a big city. I was a project manager in tech. It was illegal to contract for more than 18 months at any one company. There had to be a 3 month break. We were in high demand. I bounced around between a very few major companies and had a solid career, and solid contacts with each company. My skills were expanded. My rate was good and I was able to cover health insurance. Because I contracted through agencies who officially employed me (w2) I was eligible for unemployment between contracts. The agencies took a cut but my rate was excellent and it was a win for everyone. Some years I had several months off between projects to do my own personal life projects. My advice would be to keep and pay for your same health insurance policy and do not take the poor policy offered by the agencies. If you live near a big city this could be a great option for you. And now with lots of remote work, even better. Best of luck to everyone.

[zarineminasyan]

There is no commitment and they will let you go as soon as they don’t need you but it’s a great opportunity to work and gain skills in good companies. They usually pay much much better, you get an experience and it’s sort of stepping stone in your career if you don’t have much experience. It’s definitely worth doing at the beginning of your career.

[alanthomasgramont]

I’ve been working essentially a contract role for 15 years and I know many of my friends who do the same thing. The important part of contracting is knowing what you are worth as a contractor. If your salary would be $100k that isn’t just the same as a contract at $50/hr. You need to account for health insurance, PTO, etc. so my contract rate would be closer to $75/hr for a $100k job. And companies are always like “we can’t pay that” but then all my hourly friends seems to get that exception over and over. Know what you are worth and demand it.

[RonaldMcDonald]

Contracting saved my life financially. I got out of sales into a web dev contract in October 2019 just before the pandemic and economic downturn. Talking with HR tomorrow for the conversion. Wish me luck 🤞

Edit: got it! Sorry for the reply a year late 😬.

[davidgonzales-ecbo]

Your content is wonderful. You've helped me immensely. I was and am having a crisis of career. Your videos are like counceling for abused spouses, but in this case for abused employees who no longer feel a sense of self worth. Thank you much.

[saisreagle]

I can see how this perspective on contract work may be applicable to your target audience (people who may have experienced a layoff). However, there is a significant population out there that prefers contract work due to some hefty benefits that you did not mention. This is particularly true for individuals with high-demand and niche skill sets. For these resources, contract work not only pays better, but the tax code allows them to keep more of their money, even after factoring in self-employment taxes. Two good examples of this are Solo 401k's and the QBI deduction, not to mention the ability to deduct ordinary expenses. If you investigate these a bit, I think you'll find that the tax code punishes certain W-2 employees. Beyond the financial benefits, contractors are able to focus their work in areas where they're most interested. They don't have a boss handing them work that they don't want to do. This can lead to more relevant and in-demand skills, which leads to even higher rates. If you've got the right skills, W-2 employment may not be the best option.

[anandj]

Empathy is a gift that this man has got

[firebird]

I had a 40-hour per week. work from home contract market research job for a year and a half between 2018 and 2019. Helped keep my head above water. As work dried up, I found a full-time permanent marketing job just in the nick of time. But the contractor liked my work so much, she offered to feed me work part-time as future projects came up. I'd do four or five projects a year and made some easy extra money doing so in the evenings or weekends for a second income stream that allows me to max out my 401k.

[evilzzzability]

Contracting is a great way to level up your technical skills and professional experience in a short space of time without fearing it looking like you're job hopping around.
I prefer the security of permanent employment, but I did contract around for a year and had a great experience. You don't have to worry about any office politics BS either.

[mjwmontgomery]

I have been a contractor for nearly 20 years, and I think i am better off than most perm staff. I run my own company and it is in my view more rewarding on a personal level than being an employee, especially early in ones career.

[iqbalmatondang]

I started my career as a contractor for seven different multinational companies (Japanese, US, and French). My plan was to be an easy-going employee with reliable teammates. Throw away my pride. And acknowledge that there are certain ethnicities that are very loyal to their teammates (French and Japanese

[addanametocontinue]

The most lucrative contract type work is consulting. My ultimate goal is to become so good at what I do that I can offer consultation services for people who need my skills every now and then.

[casmith]

I find contracts a better way to work, the main reason when looking to see if this good company to work for the recruiters will definitely VET the company.

There are things that recruiters will look for that we may forget: Red flags, looking at the company's history and how people have been treated.

This is clearly a good way to make sure that you are getting into a company that doesn't have a bad reputation.

I've learned since listening to this channel and wonder why I've never heard about these hints. I am very grateful for all the new knowledge. Thank you 😊

[MikeysLab]

Just took the leap to full time open ended contract work, most of my peers have been on contract for 10 years. Paid so much more money, and a lot more freedom.

[Cdictator]

At beginning of a career or a career transition stage, contracting could be excellent opportunity to set a step into the door

[withpikachu]

Contracting is a way to your own business. Get contrats, be good at what you do, establish company and start hiring yourself. If you are taking full-time job, you will never get out of it. Routine will take over. Of course if you are good at your work, your can leave your employer with a nice portfolio of clients. Your clients will most likely follow you to your new business and not stay with your old employer. Business is all about people, not companies. So start planning early, think what clients you can "steal" from your employer. You only need full-time job to establish yourself as an expert in the field. My past employer didn't allow me to give interview to a newspaper. I left that company soon after, because it didn't fit my goals.

[peneloperivas]

I think the problem with contracting is I've noticed that many companies use long-term contractors. I worked for a large company for 3 years as a contractor (they just kept extending my contract) and was never given a full time offer, even though they mentioned that being a possibility.

[bkenneth]

Have been doing contract work for about 2+ yrs now and found that it has expanded my skills incredibly and have been compensated very well. I think this type of employment might start to be more common these days and carries less stigma than in the past. And as mentioned it allows both the employer AND employee (contractor) to test each other out, with much less commitment. Also it has kept me employed during all of Covid, while continuing to grow my skills. Not a bad gig, imho.

[PoohBear]

Love contract because it is a rapid hiring process 😁