Always pay attention to how long the contract is for and ask about the likelihood of renewing it as you approach the end date. As mentioned earlier, job security is not guaranteed when working as a contractor. This can be a challenge if you are not able to find new projects quickly or if you rely on your income from contracting to support yourself or your family. Each path in the life science industry has its own set of pros and cons. Let’s take a closer look at some of the pros and cons of working as a contractor in the life sciences industry. The life sciences industry is one of the most rapidly growing industries in the world.
- With the rise of AI’s, full-time employment could go the way of the horse and buggy.
- In addition, workers under contract do not usually receive benefits such as health insurance, paid time off, and the like during their contract.
- They are super user-friendly and help you determine the right type of account for your needs.
- You can’t control the annoying people you work within an office environment, the moldy-colored wallpaper, the elevator music, or all of the environmental factors you detest.
As a freelancer myself, I can tell you that most clients don’t know what they want. Although freelancers are making more money, once that contract contract vs full time salary ends – you could be without any cash-flow. Even when you’re ‘off,’ you could be emailed an important deadline to be fixed on that same day.
Advantages of Being an Independent Contractor
Deirdre Orr, talent development expert, speaker and corporate trainer adds to this insight, stating that a contract worker is a person who is usually taking on more temporary work. She also states that contractors must always get a 1099 but in some cases may get a W-2. You’ll have to determine if that is worth it to you based on how many people you’re covering while considering the higher compensation for contract-employees. When people are relying on you, it’s hard to choose the less stable employment option where most gigs will be temporary and have a pre-determined deadline.
The size of the contract workforce has been growing, partially due to the benefits that come from the working arrangement. According to one recent study, nearly 15% of all U.S. employees are considered to have contractor status. Contractors are only paid when working due to the hourly/independent nature of the job. Again, this is something that must be considered in a contract vs. full-time opportunity.
Advantages of Being a Full-time Employee
Experts anticipate the U.S. workforce will be 40% contract workers and freelancers by 2020. If you only hire one type of employee, you could be missing out on some valuable opportunities. If it’s a W-2 contract position, then you can basically compare the full-time and contractor positions directly because the employer is paying the same costs as they would if you worked for them full-time. Our free tool makes it easy to compare the differences between health insurance options. You can easily compare deductibles, premiums, and coverage levels to find the best possible health insurance plan for your employees and your contractors. If you have enough employees for a group health insurance plan and want to offer the best healthcare coverage to your employees and contractors, you should take your time and shop around.