The rising trend of contingent labor is a global phenomenon. Currently, 20% of American jobs are held by a 1099 contractor. It is estimated that by 2050, 50%-75% of the U.S. workforce will be made up of freelance or contingent workers. The era of a singular career is over. The new on-demand economy provides ample opportunity to find a contract position in your field, and then move from one contract to another. For many, working as an independent contractor is a very satisfying and rewarding experience, with more work-life balance than a comparable full-time job. If you’ve been thinking about contracting, consider the following benefits.
Flexibility
One of the biggest advantages of working as a contractor is greater flexibility in setting your own work schedule and place of work. Working remotely is probably the biggest factor in work-life balance and has been shown to increase job satisfaction, mental and physical health, and save precious time and money commuting to and from work.
Be your own manager
Contract work provides greater independence, it can give you more predictable control of your work, and for many people, greater job security than traditional full-time employment. However, you are responsible for your own taxes, contracts, benefits, liability insurance, and time off.
Earn more money
Being a contractor means you get paid for every hour of work you do, at the market rate. If your skills are in demand, your income could be higher.
Try new roles
Do you have a versatile set of skills and abilities? You can try new roles more rapidly than you could as a permanent employee. Experiencing variability in contracting roles may help you find the “sweet spot” you’ve always been looking for in your career.
Test out a company
If you’re not sure a new company is offering the right full-time employment opportunity for you, suggest first working for them as an independent contractor. In this way, you can see how the company operates and what type of culture the organization has, and more importantly, whether are you a fit or not.
Experience
Moving around contract roles is a good thing as you will increase project experiences. You will get to learn new tools, and meet new people on new projects with different problems and solutions. This will build up your capabilities and make you a more desirable contractor for the next opportunity, and you don’t always have to do the same type of work.
Balance the benefits with the downsides
If these benefits sound appealing, you might have the right mindset and skills to become a contractor. There are some disadvantages to being a self-employed contractor. You are only paid for work you do, and you’ll have no income during temporary lulls in workload. You also may not be covered under equal opportunity employment laws and there are no employment benefits as a 1099 contractor.
But with the right skills and attitude, being a self-employed contractor can be liberating and empowering. It’s likely you’ll have more freedom than you ever had in your previous working life. Contract work involves responsibility, drive, the ability to act on your own, commitment and initiative. Contracting requires that you’re fully responsible for your own successes and failures, and that you listen and respond to the needs of your clients.
Partner with VisionCor
With all these benefits, you can make your contracting experience even better by partnering with VisionCor. Instead of spending your time finding and negotiating contracts, let us do the work so you can focus on what you do best. Our talented staff is ready and waiting to hear from you!
