I haven't posted a blog in almost six months. I have been focusing on my new position as a contract employee. And since that time took on a second job at Weight Watchers.
I thought I would provide a little insight on contract employment. I do believe there can be benefits working as a contract employee. I like the Independence, and the reporting style. I don't have to deal with the typical political BS when you are an employee of a large corporation.
The cons are that I work very hard, but don't reap the rewards for the work I produce, i.e. pay for performance, rewards and recognition. I also often feel like a step child. Some perks employees get, contract employees aren't allowed to get. There definitely is a split between the way you are treated as well.
Then there is the issue on benefits, i.e. medical, vacation, sick leave, 401(k) plans, etc. It's tough seeing what you are missing out on, right in your face.
When I get a chance I will write about my experience at Weight Watchers...
Stay tuned...
Nice to hear from you again. I've been an independent contractor for 18 of the past 20 years and everything you mentioned is true. For me, there are 2 big benefits: higher pay and independence. The longer you do it, the more you can balance the benefits you are lacking. For example, there is a self-employed IRA that lets you put in as much as you want and you can deduct all it from your taxes. Put in $10,000 and you'll save about $4000 in tax liability. Medical benefits are a pain, though. So expensive and getting higher every 6 months. But all of the premiums are tax-deductible. Overall, there are a lot of pros and cons and I think it will mostly depend on your comfort level with not having the security of a full-time job. On the other hand, full-time jobs aren't very secure, either.
ReplyDeleteKeep writing. I'll be interested to see how it works for you.