What's the Downside of Life as a Contractor?
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What's the Downside of Life as a Contractor?
Most of the contractors surveyed said they wouldn't choose to work independently in the future, and only a minority are very satisfied with the experience. -
Regrets … They Have a Few
67% of the survey respondents who have worked as an independent contractor would not choose to do so in the future. -
Dissatisfaction
Less than half of the respondents who worked as an independent contractor were very satisfied with the experience. -
Flex Benefits
41% of the professionals think that independent contracting offers more flexibility about where, when and how to work than full-time employment does. -
Cultural Concern
Nearly half said a company's culture is extremely important when choosing where they want to work. -
Generational Divide
53% of Millennials but only 40% of Baby Boomers said that an organization's culture is extremely important in deciding where they want to work. -
Degree of Separation
45% of the respondents believe it would be difficult for an independent contractor to understand and connect to a company's internal culture. -
Regular Paycheck
56% said the most important benefit of full-time employment is the steady income. -
He Said/She Said
50% of the men surveyed said they are satisfied with independent contract work, but only 45% of women said they are.
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.