Contractors, bringing a desired skillset to client companies, earn high daily rates. While they don’t receive the traditional employee benefits (holiday pay, bonuses etc.), their earnings could be uplifted 20% or more depending on demand. Research has shown annual earnings for project based workers increasing over the last 4 years (ref: Ireland’s Project Economy 2024).
Contractors typically have more control over where and when they work, along with more autonomy and decision over the types of projects they take on. This flexibility can allow Contractors to pursue multiple opportunities, build out their portfolio and continuously upskill.
Working on a project basis allows professionals to gain experience with a variety of companies and teams, enhancing their skill set and exposing them to different technologies, tools, and business models. In turn, this diverse experience is attractive to new clients and can improve long-term career prospects.
Working in different environments helps Contractors build a broader professional network and grow their professional brand and reputation as an expert. These connections can lead to future opportunities, including new contracts, referrals and collaborations.
Many Contractors enjoy better work-life balance, as they have the option to take time off between projects, set their own hours, or work from home (depending on the role of course). Job satisfaction is also reported to be high year on year (ref: Ireland’s Project Economy).
Contractors are often their own bosses, meaning they have greater choice over the projects they take on and the clients and teams that they work with. Avoiding office politics, traditional leadership models and micromanagement have all been reported as key advantages of operating as an Independent Professional.
By working with multiple companies and clients, Contractors can experience many workplace cultures, leadership styles, and team dynamics. This can be valuable for developing strong adaptability skills, learning new problem-solving solutions and building a well-rounded perspective.
Contracting can be a great way for professionals to transition into new roles or industries. Contracts are typically short-term, or can be part-time, so it’s easier for professionals to test new fields or career directions without long term commitment. This can be particularly appealing for those wanting to change careers, develop new expertise, or explore different industries without giving up income or job security entirely.
Setting up a Limited Company can offer Contractors the ability to brand, claim business expense costs related to work, and set up tax efficient pension plans.
Whether you’re seeking variety, autonomy, more money or a better work-life balance, Contracting might be the answer.
If you’re ready to embrace flexibility and new opportunities, give our team a call on 01-6110707 or book a call with us. We’re here to help!
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