Pros and Cons of Being an Independent Contractor
With the job market in this day and age, more and more people are deciding to take the leap over into the independent contractor world. Sadly, they are doing this because most permanent jobs are not readily available, but being an independent contractor has both its pros and cons.
Working off a contract
Many independent contractors are only temporary; they are often staffed through a staffing agency. They work off a contract, which is good because it guarantees them that they will have a job for that certain amount of time, but it also is bad because they do not know for certain they will be needed after the contract is up.
If you go through a staffing agency most of them will offer health insurance, but there selection is sometimes the bottom of the barrel meaning you may not get exactly what you are looking for. If you want better health insurance, you are completely on your own with that. Staffing agencies does not typically help their contractors grab better insurance than they are offering.
Since most companies higher staffing agencies to contract workers, the agencies will play low than the average rate, so they can make some profit. Yes, this helps staffing agencies stay in business, but it does not help the little man who is trying to make ends meet for his family. However, the plus to all of this is contractors can work overtime and will be paid for it, while seasoned employees will more than likely be on a salary.
Some staffing agencies will pay their contractors for holidays after they have been with the agency for a few years, but others will not do such a thing. Working unpaid holidays can be quite hard, especially around the holidays when one is needing money more than ever. Plus they do not offer paid time off, or vacations. However, on the bright side one does not have the same schedule obligation as employees, which is good for those you may have a busy family life or for those who need a little bit of flexibility in their lives.
As one can see there is both pros and cons when deciding to take the leap into becoming an independent contractor. Yes, one may not get holiday pay, vacation, great benefits, but they do get flexibility, know they will be employed until their contract is up, and be able to work overtime and get paid for it.