Going From A Full-time Job To A Contract Position: Is It Worth It?
A job post might catch your eye. It’s everything you’ve been wanting. It’s in your field, it’s closer to home, it’s doing something that you’ll find personally and professionally fulfilling … but it’s a contract job.
Contract jobs in Mississauga are great. They get you experience and a paycheque, which is more than a lot of people have, right? Unfortunately, if you’re currently working full-time in a permanent position, switching to a contract job seems risky. Are you really ready to walk away from job security?
Is it too risky? Or just the right amount of risky to get you out of your comfort zone and into something new? You have to weigh your options.
Contract length
The first thing you need to evaluate when deciding whether moving into a contract position is worthwhile is the length of the contract. The longer the contract, the more worth it it is to apply. If you’ve been at your current full-time job for three years and the contract is for a three-year stint, you know what you can learn and do in that number of years. If it’s a six-month contract, however, you might have to do a bit more soul-searching to decide whether that’s the right path for you.
Compensation
Unfortunately, for many of us, money matters. Taking a pay cut is fine, but only if there are other benefits. Happiness and personal fulfillment are certainly worth trading money for. However, many of us cannot afford to take a significant pay cut, so losing job security for lower pay might not be worth it.
On the flipside, a contract job may offer higher pay than your current full-time job. This is great if you’re looking to pay down some debt, save for a big purchase or negotiate for a higher salary down the road. Higher pay for a contract job is even more important if you will no longer have company-sponsored health benefits. If you have to pay for some health care out of pocket, you will first want to line those pockets with enough to compensate for the loss.
Opportunities
If you feel like your current full-time job has gotten stale and you’re wondering if you have a future in the company, a contract job could be an opportunity. If there’s no room for career advancement in your role, the argument for leaving gets stronger.
In many cases, taking a contract position opens more doors. It could lead to a permanent position, or you could get other contracts or contract extensions. Getting a fresh perspective on something can help invigorate your career, too.
Overall, you will have a more varied and interesting resume going forward.
Want to find a new job? Check out LocalWork.ca to search job postings in your field. There are all types of jobs listed here – including full-time and contract jobs.
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