TrustCapital Global Technologies
Contract work definition
Contract work is when an individual is contracted to perform services for a client for a specified period, whether that’s a few weeks or a few months. It’s a popular way of working in fields like copywriting and IT consultancy.
Unlike permanent employment, contract work is relatively flexible for both employer and worker. Contract workers may work with a number of different firms every year, on a range of different projects. While the variety can appeal to contract workers themselves, employers often value contract workers because they can bring specific skillsets to individual projects, and because it can be a more cost-effective way of filling gaps without increasing headcount.
Contract work is often misunderstood and used to be perceived as less valuable work. The reality is that while full-time roles work for some people, they don’t work for everyone. Furthering education, family support, and additional income to support your new business venture are just a few reasons you may be looking at contract roles over a permanent position.
Types of employment contracts – pros and cons
If you’re considering taking on a temporary contract, or if you’re weighing up the benefits and drawbacks of contract and permanent work, there are some important factors that you should bear in mind.
You’ll be paid much better than a conventional employee doing the same job
You can work flexibly – if you need to take a few months off, you will be able to do so provided that you’ve set money aside
You have the sense that you are your own boss, and you are in control of your own working destiny
You’ll build up a broader base of knowledge and contacts, thanks to working in a wider variety of environments and with a larger range of people
However, you will have to look after your own financial affairs, including taxes
You probably won’t be entitled to any other employment benefits
Before taking a career leap, consider these 7 advantages to contract work.
Contract work is currently in high demand, with most economists predicting this job sector will keep growing. Companies have short-term projects and specialised jobs they need completed that don’t require then to hire a full-time resource. Because of this there are a wealth of opportunities available that fit your skills, experience and interest.
Depending on the type of work you are interested in, there can be a lot less competition for contract work than permanent positions. This allows you to get work experience in a specific industry that may otherwise have been rather elusive. Once you are in a contract role, you also have the opportunity to work with hiring managers and prove your worth. You never know what permanent roles they may be hiring for, and your current position allows them to see all the skills you could bring to a role.
Higher rate of pay
People often associate contract work with a lower rate of pay. While this may be true for entry level roles, it is not the case for skilled employees. Contract placements can often provide an opportunity for a higher rate of pay than a full-time salary. Contract work and freelancing, allows you to take on as many jobs as you can handle, and for you to charge by the hour or by the project.
Scheduled time off
It can be incredibly difficult to disconnect when you are in a full-time job. Especially if you are short of vacation days. With contract work, scheduling time off is as easy as allowing a couple of weeks in-between contracts. You never have to worry if there are coworkers to cover your workload, as the work you are doing has an end date.
Unlike full-time work, contract work allows for great flexibility. Depending on the role, you will have greater control over hours worked, and the duties performed. You may even have the opportunity to sub-contract out work, where full-time employees aren’t able to. You are able to pursue work that doesn’t take over your whole life, while supplementing your income without the commitment required of a full-time job. You are able to take work when it is most convenient for you.
Gaining new skills and experience
As you take on contract work you inevitably learn new skills, and work with new systems. This is a huge advantage in a world filled with ever advancing technology. The ability to adopt new skills is essential to being employable long term. As you will be working in a variety of workplaces you will not only develop your adaptability but also entirely new skill sets.
You are still legally protected
Its important to remember that even as a contractor you have employment rights. While every country will have different rules governing contract employment, those rules are still in place. Make sure to familiarise yourself with employment standard rules for temporary and contract workers. This will make sure you are never taken advantage of in any role you accept.
Is contract work right for you?
While there are many upsides to contract work, it is not ideal for everyone. If you are not interested in constantly looking for new contract opportunities, or will struggle with an unstable income, then you may want to think twice before leaping into contract work.
Find your next contract role today
If all the advantages above sound ideal to you, our recruiters love helping qualified candidates move their career forward in both contract and permanent roles.
TrustCapital Global Technologies
What Is a Tender?
A tender is an invitation to bid for a project or accept a formal offer such as a takeover bid. Tendering usually refers to the process whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline. The term also refers to the process whereby shareholders submit their shares or securities in response to a takeover offer.
Tender usually refers to the process whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline.
A tender offer is a public solicitation to all shareholders requesting that they tender their stock for sale at a specific price during a certain time.
A request for tender (RFT) is a formal and structured invitation to suppliers to submit competitive bids to supply raw materials, products, or services.
The term tender also refers to the process whereby shareholders submit their shares or securities in response to a takeover offer.