Snapshot of the New Independent Contractor
There has been a large upswing in the number of people choosing to be contract workers; taking on short term projects or time based work instead of full-time employment. Many in the staffing industry agree that the rate of growth in contract positions will more than double that of traditional employment. Contractors are predicted to make up roughly a quarter of the overall workforce worldwide.
There are a number of reasons that help to explain the contract workforce’s increased popularity. A small part of the increase can be accounted for by the lack of full time jobs. Some are involuntarily becoming contract workers out of consequence, but many are making a clear choice and going out on their own as independent contractors.
People are entering the contract workforce in search of a better work/life balance and to have more control over creating their career. With the freedom to select the projects they take on, contractors can choose the opportunities that best develop the skill sets they desire to strengthen. Contract projects usually expose workers to a variety of challenges, requiring consistent learning and the development of new skills. For many, this style of work is more interesting and rewarding.
As the contract workforce grows, contractors are discovering services to make their transition to independence or continued career path easier. Long time deterrents to contract work such as insurances; business, health, life and disability, can be easily obtained from a portable employer-of-record like IProfessional, who provide an attractive and economical alternative to self-incorporating. As a member of an employer-of-record, contractors maintain a continuity of benefits when they are between projects.
New technologies have allowed contractors to effectively build a network of prospective clients, giving workers more confidence to start or continue their contracting career. With many staffing firms focusing on specific industries or skill sets, the majority of contractors are making them a good resource for obtaining projects.
Many talented individuals are stepping out to provide their unique experiences and new approaches in problem solving to a large array of companies that are seeking instant expertise.