Freelance verses Contract Employment - Which It for You?
There is a rise in the U.S. of the independent worker and the decline of the full-time employee. This paradigm shift is making more and more of us into realists when it comes to looking for employment. Due to this shift the chances of us having an employer who will manage our career path is becoming less and less.
“Today, about one-third of U.S. workers belong to a growing sector of the labor force that is comprised of contractors, consultants, part-time employees, freelancers and the like, and this group is expected to grow at three to four times the rate of traditional workforces. In addition, the number of people doing more than one job is on the rise. In this emerging reality, people are networking with other people and employers to pursue the work they want to do for who they want, when they want and how they want.”
By Rudy Karsan, Co-founder and CEO of Kenexa (www.kenexa.com), an IBM company, Nooruddin. Karsan built the company to its current standing as a leading global provider of business solutions for human resources. He firmly believes in the power of continuous learning, and Kartasan’s blog is his personal platform for sharing his views on a wide variety of topics.
Let’s take a look at two forms of Independent Employment that may be of benefit to you, your talents and circumstances: Freelancing and Contracting Employment.
The common values offered by these two opportunities are Freedom and Flexibility!
In addition, you must really enjoy the work that you will be doing and be willing to more actively manage time, money and networks.
You must have a super understanding of your knowledge, skills abilities in order to choose the independent employment path best suited for your “style.”
Freelancers must be more enterprising, want to work with small or medium companies or organizations, be a self starter and already have a high potential of clients or customers.
In comparison, if you need to get income quickly you may want to research contracting work. With this opportunity you don’t have to be as much of a self-starter, will want to work for a larger company and work on site, and be more technical/scientific in your work (less people oriented).
Both of these types of Independent Employment require a positive attitude and more self-management such as time, benefits, and $$. Freelancing will also require management of your client flow.
Why should you look more closely at Freelancing and Contracting Work?
Temp/staffing recruitment agencies now provide organizations with workers in all skill levels for short-term work
Contract jobs have made up almost 25% of the jobs that have been created since 2010
Of the big U.S. firms, 34.3% said they expect more temporary and contigent workers in the next five years (McKinsey Global Institute Job Creastion and the American Future, 2011)
Analysis of the growth in the staffing industry indicates that it may be poised to add to its overall portion of workers employed nation-wide which currently is 3-4%
Freelance work opportunities are also increasing: 57% of freelancers on-line reported that their income increased last year with 19% saying it doubled 43% expect to earn more in 2013 with 35% experiencing between 20-40% more money (2012 Elance report)
A nation-wide survey of independent workers by MBO partners in 2012 found that almost 17 million met their definitions of independent workers (i.e., working at least 15 hours in “non-traditional, non-permanent full or part time employment)
Resource: Sally J. Power Ph.D
Sylvie G. Says:
The Money Book for Freelancers
Amazon Amazon Says:
This is a book for people like us, and we all know who we are. We make our own hours, keep our own profits, chart our own way. We have things like gigs, contracts, more...
This is a book for people like us, and we all know who we are. We make our own hours, keep our own profits, chart our own way. We have things like gigs, contracts, clients, and assignments. All of us are working toward our dreams: doing our own work, on our own time, on our own terms. We have no real boss, no corporate nameplate, no cubicle of our very own. Unfortunately, we also have no 401(k)s and no one matching them, no benefits package, and no one collecting our taxes until April 15th. It’s time to take stock of where you are and where you want to be. Ask yourself: Who is planning for your retirement? Who covers your expenses when clients flake out and checks are late? Who is setting money aside for your taxes? Who is responsible for your health insurance? Take a good look in the mirror: You are. The Money Book for Freelancers, Part-Timers, and the Self-Employed describes a completely new, comprehensive system for earning, spending, saving, and surviving as an independent worker. From interviews with financial experts to anecdotes from real-life freelancers, plus handy charts and graphs to help you visualize key concepts, you’ll learn about topics including: • Managing Cash Flow When the Cash Isn’t Flowing Your Way • Getting Real About What You’re Really Earning • Tools for Getting Out of Debt and Into Financial Security • Saving Consistently When You Earn Irregularly • What To Do When a Client’s Check Doesn’t Come In • Health Savings Accounts and How To Use Them • Planning for Retirement, Taxes and Dreams—All On Your Own less...
Sylvie G. Says:
Start and Run a Consulting Business
Amazon Amazon Says:
Consulting has become a multimillion-dollar industry in North America. As society becomes more complicated, people in business, healthcare, education, government, and other fi more...
Consulting has become a multimillion-dollar industry in North America. As society becomes more complicated, people in business, healthcare, education, government, and other fields are calling on specialists to provide answers to complex problems. This practical step-by-step success guide shows how anyone can turn knowledge and experience into a profitable consulting business. Concerns unique to the consulting industry are covered in detail, including:Assessing yourself and your skillsDetermining market opportunitiesRegulations and laws affecting the consulting businessSelecting business and professional advisersPreparing your business planSetting fees and billing clientsKeeping recordsMinimizing taxesAvoiding professional liability and preventing lossesWriting a successful proposalMaintaining healthy client relationsRunning your office smoothlyHiring sub-consultantsThis practical step-by-step success guide shows how anyone can turn knowledge and experience into a profitable consulting business.Understand why people will pay you for your opinionLearn from the author of 15 bestsellersConvert your knowledge into incomeA bestseller through nine editions and 24 printings during the past 25 years! less...
Sylvie G. Says:
Sylvie G. Says:
When Talent Isn't Enough
Amazon Amazon Says:
"If you're creative and want to build a business around your talents, then you have to read Kristen's new book. It provides a clear path for taking your talent and turning it more...
"If you're creative and want to build a business around your talents, then you have to read Kristen's new book. It provides a clear path for taking your talent and turning it into a full-time career." --Dan Schawbel, author of Me 2.0: Build a Powerful Brand to Achieve Career Success "Kristen Fischer's book is crammed with practical, road-tested tips, strategies, and real-world examples for creating a successful solo business. If you want to start earning more doing the work you love for clients who truly value your worth, read and apply the information in this wonderful guide." --Ed Gandia, coauthor of The Wealthy Freelancer, founder of the International Freelancers Academy "Kristen has written an essential and timeless knowledge resource for the freelancing community." --Von Glitschka, illustrative designer, author of Vector Basic Training Many creative professionals focus too much on their artistic abilities and too little on their business interests. In When Talent Isn't Enough, copywriter and journalist Kristen Fischer offers powerful strategies and practical stories from some of today's most prominent creative leaders to help you thrive. The result: an easy-to-read guide that covers all aspects of launching and managing a successful business for any creative entrepreneur or solo practitioner. When Talent Isn't Enough offers savvy and easy-to-apply business advice for writers, designers, and artists who want to: Run a profitable, fulfilling businessMarket themselves alongside seasoned pros, in-house talent and established agenciesUnderstand the legalities of doing businessSpearhead hassle-free accounting and bookkeeping practicesOvercome challenging situations with clientsEmbrace self-promotion as a solo professionalCultivate lasting client partnerships less...