To go or not to go, that is the question.
Are you tired of nurturing the technological child you built for your company? Contract work is starting to look like the way forward… But is this grass greener on the other side?
Read this and you’ll know!
We know from the off-start that contract work is typically paid better than the salary of permanent roles. Contractors are paid more to compensate for lack of additional benefits. So ask yourself, how great are your benefits and how secure is your company in the market? Work out the cost of those benefits like a retirement fund, gym memberships or a car allowance. Does it make financial sense?
Contract work also entails better pay to compensate for job insecurity. You become the master of your own stability if your skills and reputation precede you. Do you have an existing professional fan club, or are you prepared to start a marathon to gain work? Tax savings of contract work calling seductively? Work out how much tax you would save if you strode down this path. Remember you can’t claim location based business expenses, if your contract is more than two years. According to the contract calculator, contractors take home over £7000 more on a £40 000 salary than a permanent worker. (2007) Is this enough to form a sizeable nest egg for those rainy days?
For the IT legends out there, contract work boasts huge appeal as it enables experimentation with different technologies. Are you growing your skill set where you are right now? If not, you could also take on greater responsibilities in other directions, or find a role at a company that will demand a good dose of tech courage.
Are you planning your holidays like you plan your dentist appointments? Far in advance…Then contract work is a great option. For those lovers of last minute flight deals and for people who have family responsibilities elsewhere, contract work may not hold the right kind of freedom for you, as you often can’t take a few days off to attend that fantastic bachelor party without taking a financial hit. A permanent role at a more flexible company may provide a better solution.
Does the idea of job searching every few months make you want to place your head in a bucket of ice? As a contract worker, you will always be on the lookout unless you network or your work speaks for itself.
Contract work is a great opportunity to boost skills and diversify experience in a short space of time, but do you have the right temperament, situation and experience to jump ship?
Either way, if you are asking yourself these questions, then you probably aren’t that happy in your job and already know the answer.