When economists and business analysts discuss the advantages of contract employment, they typically focus on the benefits for the employer. However, contracts can be extremely beneficial for professionals, as well, especially in engineering and other highly-technical fields. Contracts are set for a fixed, temporary time frame, and they offer unique opportunities that simply aren’t available to permanent, full-time employees.
Can Contractors Receive Employer-Sponsored Benefits?
Some contractors choose to work alone, which can be a bit of a hustle. When they aren’t on the clock, they have to spend hours and hours seeking out opportunities and lining up their next assignment. They also must pay self-employment taxes, which can be upwards of 40%, and they do not have the option to choose from other benefits, such as an employer-administered 401(k) plan.
Working with the expert team of recruiters at Selectek is different. Our contract employees are eligible for many of the same benefits as full-time employees, including:
- Paid holidays for qualified employees
- Longevity bonuses granted after a year for qualified employees
- Safe Harbor 401(k) option after a year for qualified employees
- Connection to Selectek’s network throughout the southeast
The “Hidden” Benefits of Contract Employment
Contract assignments last for a fixed period of time, and that arrangement brings some unique benefits:
- Employers typically use contractors to cover very specific skill gaps on their team. This allows you to focus on using the skills you most enjoy.
- Contractors are also able to learn and test out new skills. Each job will have its own unique requirements, exposing you to new systems and processes and provide opportunities to learn new things.
- Contract employees have the benefit of working for a variety of employers in a variety of work environments.
- As a contractor, you are far less likely to get sucked into the distractions of office politics and gossip. You can focus exclusively on producing results.
- You enjoy strong work-life balance by creating your own schedule around your personal commitments. You don’t need to put in five years before you “earn” extra time off.
- You aren’t subject to the stress of annual reviews. After every assignment you’ll give and receive feedback to your recruiter, to help you improve on a regular basis.
- You get paid for the hours you work because your time is handled through your recruiting firm. You won’t get stuck working 60 hours a week for 40 hours of pay, like full-time employees.
One of the biggest “hidden” benefits of contract employment is job security. That may seem like a contradiction, but in truth, contracting is very stable, especially if you work through a recruiting firm. Contractors do not have to fear being laid off with no plan for future work. Your assignments have a start date and an end date, and you can fill your pipeline with new assignments with the help of your recruiter.