Which do you prefer: Full-time or contract work?
One of the biggest questions for marketers mid-way into their career is whether to pursuit full-time employment at a company, or take on a contract or consulting role.
I believe it has more to do with your personality type and intended lifestyle. It just depends on what’s important to you.
I’ve navigated both full-time and contract-based work, spending my recent days in the latter. Full-time at startups, agencies, and in retail, and contracted and consulted for dozens of companies, globally.
Between full-time and contract, there’s no right or wrong answer. Let’s explore the differences between the two.
Pros of Full-Time Work
Employee benefits—Contribution matching, health plans, and employee perks, to name a few popular benefits
Easier to manage taxes—Your taxes are already paid up during tax time, plus accounting services are cheaper
Being part of a team—Expanded ideas and a stronger sense of teamwork and camaraderie
Better access when applying for credit—It’s easier to get a mortgage or loan, as banks have preference for T4 income over T1
Cons of Full-Time Work
Less freedom with your time—Your time is under a microscope, since you’re exchanging hours of your day for a salary
Less control over your work—There can be a difference between what you’re working on, and what you want to be working on
Only able to work for one company at a time—It’s generally frowned upon to work for other companies while employed full-time
Working for someone—You’re inevitably working towards someone else’s dream, not your own
Pros of Contract Work
Freedom to work whenever and for whoever—You’re in more control with your time, as you’re managing your own hours
More control over the work you’re doing—Contractors can choose to take on jobs that align with their interests
Can charge more per hour—Typically contractors can make more than full-time employees, both on a per contract basis, and at scale with numerous contracts
Able to write off expenses—As a business owner, you’re able to write off parts of your rent, gas, meals, subscriptions, computer equipment, and more
Cons of Contract Work
Not as consistent pay—There will be ups and downs; you’ll get paid a hefty sum a times, while there will be months where you’re eating instant noodles for dinner
Harder to manage taxes—Tax season is a little more complicated, and accountants charge more for completing business taxes
No employee benefits—You’ll need to source your own health plan, or pay for a root canal in full
Can be lonelier—Contract workers, especially during the pandemic, operate as agents, and as such, are on their own for the most part
Notice how I left job security out?
Prior to the pandemic, the traditional way of thinking is that full-time employment offered a higher level of job security. However, as described in the book Millionaire Fastlane, that way of thinking has since retired with the baby boomer generation. In a world where companies are more prone to fire you than keep you employed for 30+ years, placing your future, and your single source of income, in the hands of your manager actually counters your job security.
Then the pandemic happened, and a lot of people lost their jobs. Whether it’s a rapidly spreading disease, a market downturn, or a manager having a bad day, full-time employment is dependent on external factors. Thank goodness for CERB and employment insurance!
In comparison to working contract, you can arguably have a greater sense of control with your time and income, as you can vary your income sources into multiple streams of revenue.
What’s your main squeeze—do you dig working in-house, or as your own business?
Make your marketing so useful, people will pay you for it.
—Jay Baer
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Your Investments 🚀
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