Did you know that the number of contractors and freelancers is increasing rapidly? That’s right, more and more skilled workers are taking the self-employed route and offering their services. There are two main reasons at play here. Firstly, the specialists can charge more for freelance work, and they can choose their clients. Secondly, most businesses actually prefer hiring third-party contractors. It’s perfect for both worlds. It means there is no shortage of contractors out there. Today, we’re looking at why you should consider using a contractor.
1. Pay Per Project
Hiring a contractor is a much more cost-effective method than hiring a full-time employee. Rather than paying a full salary, you’ll simply pay for each individual project. Let’s say you need a website designing, and it will cost $2000 to outsource. Now, that might seem like a lot, but within that price you’ll get a full website and ongoing support. Compare that to a year’s salary to hire a developer. That could be anything from $50,000 to $100,000. Paying on a project-by-project basis is much more cost-effective. It will cut your office costs dramatically.
2. Avoid Tax Systems And Associated Payroll Costs
It’s not just the payroll savings that are beneficial here. It’s also the long process of filing tax returns and calculating PAYE on every salary. Hired contractors are responsible for their own tax and earnings. You simply hand over the cheque and move on. You also needn’t worry about sick leave, maternity pay, or other payroll costs.
3. Access To Higher Skills
To hire the most skilled workers on your payroll would cost thousands. To access the best skills, you’d have to pay the top salary. Or, you can simply hire the very best contractor. It also lets you access some very specialist skills. Hiring an electrical contractor, or floor specialists is the only way to get access to very technical skills. It would be useless (and expensive) to hire this quality of employee in a full-time role. By using contractors, you get access to the very best, at an affordable price.
4. Speed And Efficiency
When you hire a contractor, you’re paying for their full attention. In many cases, they can start immediately, and get straight to work. Because they’ve handled hundreds of similar projects, they’ll work with speed, efficiency, and accuracy. If you were to hire a full-time employee, you’d have to go through the long recruitment process. You’d have to train them, and bring them up to speed. By which time, a contractor could have completed the job!
5. Ease Of Terminating Contracts
Contractors are familiar with short projects. They accept that a terminated project is all part of the job. Let’s say you hire a freelance writer to rewrite the copy on your site. Once that is completed, there is no tricky termination process. The job is completed, and everyone moves on. If you had hired an in-house copywriter, it would be difficult (if not impossible) to then terminate that contract.
As you can see, contractors are incredibly useful to most businesses. They are highly skilled, efficient, and cost-effective. The modern economy is adapting in favour of contractors. Take advantage of it!