EDCIL Contractual vs. Permanent Jobs: Which One Should You Choose? Companies around the world are hiring more contract workers, and Singapore is fast catching up on this trend. According to a study by Intuit, more than 80% of large corporations plan to substantially increase their use of a flexible workforce.
EDCIL Contractual vs. Permanent Jobs
This perception is gradually changing as companies worldwide are moving towards an integrated workforce model, where they are increasingly hiring more contractors and part-timers over the past few years.
Advantage of being a contractor
1. Build Your portfolio
Most companies are open to engaging contract professionals who do not have a vast amount of work experience for short-term assignments. Companies that hire contractors for longer-term work, usually over six months to a year.
2. Widen your professional network
With the opportunity to work at different companies over a shorter period, you will meet different people – more people, expanding your network. These professional contacts are at your workplace.
3. Learn from a different range of organisations
The other beauty of being a contractor is that you get to experience working for a diverse range of companies. This is a valuable and beneficial opportunity for you to observe the inner workings of various businesses and what would add value to your experience when you move on to the next project.
4. Builds resilience and adaptability
Moving from one company to the next also means adapting to the various work cultures and processes to perform your duties, and that adds value to your professional portfolio.
5. Trail a new Job
When you work at various companies, you get to try out the role before you decide if you want to switch to a similar role in a permanent capacity.
Disadvantages of being a contractor
While working as a contract professional may sound like a jolly ride, it comes with its drawbacks and is no walk in the park. For one, when you work on a contractual basis, you do not have the regular standing of a permanent employee. And the companies can terminate contractors without documentation or recourse options, as there may not be human resource policies to follow
Advantage of having a permanent job
1. Time Off: You would receive annual leave and sick leave as part of your employment package.
2. Money Matters: As mentioned, unlike contractors, a full-timer’s salary is fixed, so you can feel secure that you would have money coming in at the end of the month. Most people face the issue of late payments from their clients.
3. Working Hours: Permanent staff have specified work hours, so clients and colleagues, in ordinary circumstances, will not be calling you after office hours and on weekends.
4. Career Advancement: Another positive factor of being a full-time staff member is that the company will view you as a long-term talent investment.
5. Credit Card Application: This shouldn’t be a deal-breaker, but it is good to know that it is not hard to apply for a credit card when the bank knows you have a full-time job.
Disadvantage
Compared to a contracting role , being in a permanent position does not give you the leeway of trying various jobs or taking on different projects. And if you don’t proactively look for a new role, you can get too comfortable in your current position.
Contracting vs. Permanent jobs.
There is not a definitive answer to this question. It is about weighing the pros and cons, as it comes down to which employment type will suit your stage in life, industry and if it offers career growth. If you take care of elderly folks and require flexibility in terms of working hours. Or, if you were offered an attractive one-year contract role at a top firm in your industry, you could consider leaving your full-time job for it, as it would add tremendous value to your portfolio.
If you are looking to take a break from work to figure out your path, going for short-term contract jobs that run for one to three months is a valuable way to tide over periods without full-time work. However, as stated previously, anything can happen during a contracting period.
Conclusion
In this article we discussed the EDCIL Contractual vs. Permanent Jobs: Which One Should You Choose? Companies around the world are hiring more contract workers, and Singapore is fast catching up on this trend.