What's the Downside of Life as a Contractor?

By Dennis McCafferty  |  Posted 2016-09-27 Email

Have you ever fantasized about being your own boss—cutting the chord to full-time employment to embrace the life of a contractor? If you follow through with such plans, you may find that taking the hired-gun route isn't always what it's cracked up to be, according to a recent survey from Deloitte. In fact, most of the contractors surveyed said they wouldn't choose to work independently in the future, and only a minority reported that they are very satisfied with the experience. Many of them miss the steady paycheck of a full-time job, as well as the other benefits of full-time work, such as health insurance, training and mentorship. They also find it difficult to understand and connect to a company's internal culture when working in the gig economy. The takeaway: Given that full-time employees are now enjoying more flexible arrangements at the office, there's less incentive to take the plunge as a contractor. "Today's workforce wants the ability to choose how they work—full-time or contract work," said Mike Preston, chief talent officer at Deloitte. "Regardless of what they choose, they crave a holistic experience that combines good compensation and benefits with a focus on well-being and career development." Nearly 4,000 professionals who work or have worked as independent contractors, along with those working full-time jobs, took part in the research.   

Dennis McCafferty is a freelance writer for Baseline Magazine.

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