Does becoming a contractor mean better job satisfaction?
From being able to organise your own working day to setting your own hourly pay rate, there are certainly advantages to becoming your own boss.
For instance, one of the most attractive reasons to become a contractor has to be the flexibility to dictate your own working day, meaning its a great option for people with busy families or who might need to fit in their own hours around a partner for childcare reasons.
Gain skills advantages
Recent reports show that some UK industries are experiencing a significant skills gap at the moment. As the economy has begun to steadily recover, firms are starting to increase their recruitment intentions, but there are not enough skilled workers available to fill all of these positions.
However, if you’re a contractor, your flexible working position provides you with the opportunity to take the time to improve your skills, by attending training sessions and studying new aspects of your particular industry.
Make sure you know which terms to use to market your skills on your CV in an attractive manner to ensure you stand out among the contracting crowd!
This could give you an advantage over other workers when it comes to applying for roles, therefore potentially securing your long-term employment and increasing your finances too.
Variety is the spice of life
Working for someone else, or in an office environment can get a little repetitive at times, with the same faces every day, the same tea break time and the same mind-numbing commute.
If you’re a contractor working for a variety of clients though, each day could be different, with a range of people to meet, new places to go and a whole host of interesting tasks that might require your expertise.
Meeting so many different people will also allow you to create new contacts, which could potentially result in exciting opportunities for the future.
And if you happen to have a particularly dull day, there’s bound to be much more stimulating days coming your way that week if you’re working for a range of clients.
In addition, if you’re particularly highly-skilled in your line of work, your services may be coveted by clients throughout the country or even overseas, meaning you could have plenty of opportunities to travel further than you would in a standard nine-to-five role.
There are certain financial advantages to becoming a contractor too, including having the opportunity to set your own pay rate, giving you a greater degree of control over your earnings than most regular workers.
Research carried out by the Professional Representation Network earlier this year revealed some self-employed contractors can earn around three times the average UK wage, with 20,000 London-based workers in this position found to be pocketing £120,000 or more each year.
This further highlights the advantages of possessing sought after skills, as some firms are willing to pay a high price for such expertise.
However, if you’re confused by finances and can’t quite work out how much income tax and national insurance you should be paying, it would definitely be worth chatting to a service like PayStream, which will help you sort out any issues and ensure you’re paying the right amounts to HMRC, giving you peace of mind money-wise.