Pros & cons different employee types, Full-time, Contract & Independent
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Posted on: 16-07-10 00:54:45
Hi CDs,
Trying to scour the board for a similar comparison but can't seem to find that elusive thread (if it does exist). So I would feel that it would be of great help to new immigrants coming over from India who are exposed more with Full-time employment than of any other kind. Can you please contribute, and in the process enlighten me too, on the pros & cons of these employment types i.e.
1. Full-time employee on employer’s payroll.
2. Contract employee.
3. Independent contractor.
Can you please try to include the benefits, tax implications, convenience factor, etc.?
Thanks! 
Quote:
Originally posted by unitz
Hi CDs,
Trying to scour the board for a similar comparison but can't seem to find that elusive thread (if it does exist). So I would feel that it would be of great help to new immigrants coming over from India who are exposed more with Full-time employment than of any other kind. Can you please contribute, and in the process enlighten me too, on the pros & cons of these employment types i.e.
1. Full-time employee on employer’s payroll.
2. Contract employee.
3. Independent contractor.
Can you please try to include the benefits, tax implications, convenience factor, etc.?
Thanks!
Please specify general area of working. Contract have different meaning in different industries. IT have highly paid contractors while in other jobs it is not as much as permanent employees.
Quote:
Originally posted by imwhoever
Please specify general area of working. Contract have different meaning in different industries. IT have highly paid contractors while in other jobs it is not as much as permanent employees.
You got it spot on .... it is Information Technology.
Can we focus on that industry while generally focussing on others as well?
Thanks!
Without any special skillset or strong prior experience I would doubt for any IT Contract jobs, they will even bother to shortlist you.
Quote:
Originally posted by imwhoever
Without any special skillset or strong prior experience I would doubt for any IT Contract jobs, they will even bother to shortlist you.
imwhoever,
Not sure whether you got the intention of the original post right. You post comes through as though it is a verdict on me.
Can we focus on the pros & cons of each type? If you haven't got anything to add .. can you please refrain from being the 'know all' types?
Quote:
Originally posted by unitz
Hi CDs,
Trying to scour the board for a similar comparison but can't seem to find that elusive thread (if it does exist). So I would feel that it would be of great help to new immigrants coming over from India who are exposed more with Full-time employment than of any other kind. Can you please contribute, and in the process enlighten me too, on the pros & cons of these employment types i.e.
1. Full-time employee on employer’s payroll.
2. Contract employee.
3. Independent contractor.
Can you please try to include the benefits, tax implications, convenience factor, etc.?
Thanks!
I am going through similar thought process and I have been talking to numerous friends who are on contracts. My view is as follows:
1. Full-time employee-
Advantages
a. Safety net of benefits for self and family.
b. With time you develop your cushion and work becomes easier.
c. Chances of rising in corporate ladder.
d. Flexibility in working hours
e. Life/Work balance
f. Politically and socially aware since you get involved in more initiatives within organization.
g. Lastly but not least you get to browse internet and post on canadian desi.
Disadvantages
a. Pay more taxes.
b. Creativity and new skills start to rust.
c. Less cash in hand.
d. Get stuck in office politics (People may disagree with me but I think there is no escape here if you want to move ahead).
2. Contract Employee
Advantages
a. Good to gain experience
b. More cash in Hand
Disadvantages
a. No benefits
b. Work Harder
c. No Life/Work balance.
d. Worries about getting out of work.
e. First Targets for layoffs.
3. Independent contractor (i see this more of as a business and would require skills in demand and experience)
Advantages
a. More money in hand.
b. More Job Satisfaction.
c. Stay on creative edge as you work on wide range of technologies and use your brain more often
Disadvantages
a. Pay for your own benefits.
b. Work Harder
c. No Life/Work Balance.
d. Worries about getting out of work.
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Manjeet Singh
Manjeet,
Great set of points for each type. Thanks!!
I feel that Contract employee is the least preferred type?
Full-time & Independent contractor shares the top honours (depending on the person's likes / dislikes).
Thanks again.
