How to Choose the Right Work Style for Your Career
Are you considering contract vs. full-time permanent employment? In today’s jobs market, being more flexible will give you more opportunities. However, it’s not really about widening your choice, it’s about making the right choice – for your lifestyle, career goals, and financial needs.
Here at Lakeshore, we speak to jobseekers facing this conundrum every day. The truth is that there is no one-size-fits-all answer. Figuring out the right path is personal. Not only that, but what might be right for you today may change next year.
The best approach is to understand the pros and cons of both contract work and full-time employment. Then you’ll make a fully informed and confident decision about the road to travel.
Contract Vs. Full-Time – What’s the Difference?
Before we discuss the pros and cons, similarities and trade-offs, let’s explore what we mean by contract and full-time employment:
- Contract roles are typically project-based or time-limited. You’re hired to provide expertise for a particular project, or to undertake a role for a set period (usually a few weeks or months). You might be hired in a W-2 position (like the contract roles we offer at Lakeshore Talent) that offers certain benefits, or it may be a 1099 freelance gig (in which you are responsible for your own taxes and insurances).
- Full-time employment is usually a permanent job in which you’ll work set hours for a salary. You’ll receive a package of benefits provided by your employer, and also benefit from opportunities for career advancement within the company for whom you work.
At this point, it’s worth noting that these two types of employment are not necessarily mutually exclusive. Our talent pool includes many candidates who start as a contractor and transition into full-time employment. In fact, around 80% or our contractors end up going full-time with an employer – it can be a fantastic steppingstone into a permanent role.
The Benefits of Contract Roles
If flexibility and variety appeal to you, a contract role might be best.
Indeed, flexibility is one of the most common reasons for professionals choosing to work as a contractor. You’ll have greater control over your schedule, what projects you take on, and when you take time off work. Many of our contractors are ‘lifestyle jugglers’ – students, parents, or those with responsibilities for caring for others.
When it comes to landing a role, the hiring process for contract positions is usually much faster. If you’re keen to get back into work, or you don’t want to hang around for weeks while a prospective employer trudges through a tortuous recruitment cycle, you’ll discover that contracting gives you the immediacy you crave.
Then there are the pay rates, which are usually more generous on an hourly basis – though you don’t receive the long-term benefits given to permanent employees.
If you wish to enhance your resume, contract roles are also a proven strategy to do so. With them, you can gain exposure to different projects, teams, and industries, and pick up skills that might be unavailable to you otherwise.
We’ve helped countless professionals to carve out success and achieve their career goals through structuring their work life with contract roles. Like the candidate who we placed in a series of short-term positions to transition from admin to marketing. At the end of her third contract, she was offered a full-time job in her chosen field.
The Challenges of Contract Work
There’s always a flipside to a coin, and it would be wrong if we didn’t balance the picture with the drawbacks of contract work.
Perhaps the biggest challenge you might face is potential job insecurity. Contracts end, and though many are extended (or converted to a full-time offer), there is always a degree of uncertainty. (We help overcome this by being proactive in our contract search for our candidates.)
Time off is usually unpaid, unless you work with an agency that offers paid time off (PTO) to W-2 contractors (like Lakeshore Talent gives our contractors). If you are freelancing, you’ll need to plan ahead.
As a contractor, you won’t enjoy the same career advancement opportunities as you might in full-time employment. It will be your responsibility to direct your own professional growth (though, again, when placing our contractors in roles, we always consider personal career objectives).
While an agency like ours will offer a benefits package, if you’re a 1099 contractor you’ll be responsible for things like healthcare, taxes, and retirement benefits.
The Benefits of Full-Time Employment
Full-time roles deliver greater security and predictability. If stability and career structure are important to you, this could be the deciding factor.
As a full-time employee, you’ll benefit from a set salary and daily schedule. For many, this makes it easy to budget, take vacations, and develop a career (which may even be mapped out for you). You’re more likely to get mentorship, leadership training, and a clear growth path within the organization.
In-work benefits are a considerable advantage, too. Things like health insurance, PTO, 401(k) contributions, and parental leave are built into compensation packages. Were you to covert these to a monetary value, you’ll see they can add significant value to your salary.
Finally, there’s the sense of belonging to something bigger. You’ll be fully integrated into a team, with colleagues who may become long-term friends. Many full-time employees report that they feel a deep sense of purpose in their work.
One of our candidates recently shared her experience of converting to full-time. “I was offered a promotion that wasn’t available to me as a contractor,” she told us. “I finally felt like I had a place at the table – a role that fulfills my career goals in a team that really values my contribution.”
The Drawbacks of Full-Time Roles
As with contract work, there is a trade-off when you’re employed in a full-time role.
For a start, you’ll forego a lot of flexibility, which could make striking your desired work/life balance more difficult. You become more reliant on your employer when you wish to take time off or switch hours with a colleague.
Receiving an offer is also likely to take a lot longer. It might be weeks – even months – to move from application to offer (though when you partner with a specialist staffing agency this process is often much faster).
You’ll also be dependent on your employer – there is never a guarantee that you won’t be laid off or have your hours constricted – and your salary may not reflect new skills or greater responsibility you are given.
Contract Vs. Full-Time – Which One’s Right for You?
Here are a few questions to answer to help you decide which route is best for you:
- Do you want a flexible schedule that allows you greater autonomy to fit work around life, rather than your life around work?
- Do you want to gain experience in different industries or new roles?
- Are you currently seeking to start work quickly?
- Is pay rate more important to you than in-work benefits?
- Do you desire long-term security, with certainty of how much you will earn?
- Are in-work benefits important to you?
- Do you thrive in an environment in which your career path is identified for you?
- Are you currently working and able to take your time to land the right role for you?
If you have answered mostly yes to questions 1 to 4, contract work might be best for you. On the other hand, if your answers to questions 5 to 8 are yes, you’re more likely to find a full-time job more suitable.
Whichever way you’re leaning toward, remember that the decision you make doesn’t lock you in forever. Life changes, and you can always flex between full-time and contract to fit you. If life throws you a curve ball, we’re here to help you hit it out of the park.
Lakeshore Talent Can Help You Now and Through Your Working Life
Whether you’re looking for the flexibility of a contract role or the long-term security of full-time work, we can help you reach your full potential.
When you submit your resume to Lakeshore Talent, you’ll be assigned an experienced recruiter who specializes in your industry and roles you wish to move into. We’ll discuss your goals with you, and match you with opportunities that move your career forward.
If contracting is your chosen path, you’ll find we’re very different to many staffing agencies. We offer a benefits package to our contractors that includes health insurance, PTO, and more. We can also provide opportunities that take you from contract roles to full-time positions at some of the best companies in Denver, Chicago, and beyond.
Not sure which type of role fits you best? Let’s talk. Submit your resume to Lakeshore Talent, and one of our recruiters will contact you to discuss your lifestyle and career goals as the first step to finding the opportunity that is best for you.