A contract employee is hired for a specific job and paid a specific rate. Unlike a full-time employee, they are not a regular addition to a company’s team. Why might someone consider contracting? Whether it be a better work/life balance, getting the chance to work on new and exciting projects, or simply expanding your network, contract work gives you this flexibility.
This type of work might not be a right fit for everyone, so it’s important to weigh the pros and cons of contracting before you proceed with making the switch from full-time.
Contract employees are more common today than ever before, especially in the IT industry. If you are an IT professional and are wondering whether or not contract IT work is a good option for you, this list of pros and cons is sure to help you out.
Pros of Contract IT Work
The advantages of working in IT as a contractor include:
The Chance to Work for an Employer Full-Time
If your end goal is full-time employment, performing contract IT work can give you the chance to prove yourself to an employer. In the event you do a good job and the employer is pleased with your work, they may very well extend you a full-time offer.
Since you’ll be a contractor rather than employer, you’ll be able to deduct some of your expenses from your taxes. Some examples of common contractor deductions include internet, phone, office supplies, and gas.
Working as a contract IT professional can give you a flexible work schedule. You won’t have to sit in an office from 8 to 5 and will likely be able to work whenever your schedule allows you to. This is a huge perk if you have kids and other responsibilities.
In most cases, contract employees earn 30 to 100% more money than full-time employees. This is mainly because as a contract employee, you have the freedom to set your own rates and do not require insurance, 401k, and other benefits. You can also collect overtime pay, which can boost your wages as well.
Cons of Contract IT Work
Some drawbacks of contract IT work are as follows:
When you work as an IT contractor, taxes won’t be deducted from your paychecks. Therefore, it will be your responsibility to meet with a tax professional or use a tax software to figure out how much taxes you need to pay every quarter.
As a contractor, you won’t receive the benefits that are often given to full-time employees. These include things like a company-sponsored 401k plan, tuition reimbursement, and health insurance.
If you work as a full-time employee, you can expect your employer to provide you with your office space, computer, and everything else you need to perform your job. As a contractor, however, you’re personally responsible for these expenses.
While you may land a contract IT gig that goes on for a long-period of time, many of them are only for several months. This may be an issue if you need long-term, consistent income as there is no guarantee.
Contact New England Staffing
For more information on contract IT work, contact New England Staffing. We look forward to hearing from you!
ABOUT THE AUTHOR
Christopher Connolly has been involved with the information technology and staffing field for over 20 years. He has worked for some of the largest staffing firms as well as smaller, niche firms before starting New England Staffing in 2017. He can be contacted at (toll-free) (833) 337.1614